Submitted by: Submitted by wallet
Views: 441
Words: 1119
Pages: 5
Category: Business and Industry
Date Submitted: 10/31/2011 07:34 PM
IRAH KRISTINA SUNATRA
1401117551
e5-9
AGINCOURT COMPANY
Statement of Financial Position (Partial)
December 31, 2010
Current assets
Inventories .......................................... $161,000*
Accounts receivable........................ $91,300**
Less: Allowance for doubtful
accounts................................. 7,000 84,300
Prepaid expenses ............................. 9,000
Cash ...................................................... 30,476***
Total current assets .................. $284,776
*Inventories ....................................................................... $171,000
Less: Inventory received on consignment .......... 10,000
Adjusted inventory........................................................ $161,000
**Accounts receivable balance .................................... $ 89,000
Add: Accounts reduced from January
collection ($23,324 ÷ 98%)............................. 23,800
112,800
Deduct: Accounts receivable in January ............. 21,500
Adjusted accounts receivable................................... $ 91,300
***Cash balance .................................................................. $ 40,000
Add: Cash disbursement after discount
[$35,000 X 98%)] ............................................... 34,300
74,300
Less: Cash sales in January
($30,000 – $21,500) .............................................