LEARNING IS FUN COMPANY

STATEMENT OF FINANCIAL POSITION

AS OF DECEMBER 31, 2016

Assets
Current Assets
Cash 100,000
Accounts Receivable 500,000
Less: Allowance for Doubtful Accounts (50,000) 450,000
Accrued Income 300,000
Inventory 200,000
Prepaid Expenses 50,000
Total Current Assets 1,100,000
Non-current Assets
Long Term Investments 1,250,000
Intangible Assets 500,000
Property, Plant and Equipment 1,000,000
Less: Accumulated Depreciation (300,000) 700,000
Total Noncurrent Assets 1,450,000
Total Assets 3,550,000.00

Liabilities and Owner’s Equity

Current Liabilities
Accounts Payable 250,000
Accrued Expenses 100,000
Unearned Income 80,000
Notes Payable 1,150,000
Total Current Liabilities 1,580,000
Noncurrent Liabilities
Mortgage Payable 500,000
Loans Payable 1,000,000
Total Noncurrent Liabilities 1,500,000
Total Liabilities 2,080,000
Owner’s Equity 470,000
Total Liabilities and Owner’s Equity 3,550,000