DRILL 3

Presented below are the assets of Rod Neddie Trading. Prepare the assets section of the
balance sheet for year ended December 31, 2016 together with the supporting notes.

Cash on Hand P 200,000

Accounts Receivable 100,000
Allowance for Bad Debts 5,000
Notes Receivable 40,000
Interest Receivable 12,000
Advances to Employees 20,000
Accrued Income 10,000
Supplies 1,000
Prepaid Rent 7,000
Land 400,000
Building 700,000
Accumulated Depreciation - Building 50,000
Equipment 100,000
Accumulated Depreciation - Equipment 30,000
Furniture & Fixtures 80,000