financial accounting

ACT 200 Spring 2020

Tap 3(15%) – V3

Name ____________________________________ ID______________________

Exerisice 1. (85 points). The adjusted trial balance for Ali Bowling at December 31, 2020, contains the following accounts:

Account title Amount Account title Amount Buildings 128,800 Share capital - ordinary 100,000

Accounts receivable 14,520 Retained earnings 13,000

Prepaid insurance 4,680 Accumulated depreciation-Buildings 42,600

Cash 18,040 Land 65,000

Equipment 62,400 Accumulated depreciation-Equipment 18,720

Instructions Prepare a classified statement of financial position – Assets part only.

Exercise 2. (15 points) Define current assets and give examples. Bonus question. (10 points) All of the following are property, plant, and equipment except

a. supplies. b. machinery. c. land. d. buildings.