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2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019 Assets       Noncurrent Assets           $fill in the blank f024defdf051fa4_2       fill in the blank f024defdf051fa4_4       fill in the blank f024defdf051fa4_6     $fill in the blank f024defdf051fa4_8       fill in the blank f024defdf051fa4_10 fill in the blank f024defdf051fa4_11     $fill in the blank f024defdf051fa4_13       fill in the blank f024defdf051fa4_15 fill in the blank f024defdf051fa4_16       fill in the blank f024defdf051fa4_18   Total noncurrent assets     $fill in the blank f024defdf051fa4_19 Current Assets           $fill in the blank f024defdf051fa4_21     $fill in the blank f024defdf051fa4_23       fill in the blank f024defdf051fa4_25 fill in the blank f024defdf051fa4_26       fill in the blank f024defdf051fa4_28   Prepaid items         $fill in the blank f024defdf051fa4_30       fill in the blank f024defdf051fa4_32 fill in the blank f024defdf051fa4_33   Total current assets     fill in the blank f024defdf051fa4_34 Total Assets     $fill in the blank f024defdf051fa4_35         Shareholders' Equity       Contributed Capital           $fill in the blank f024defdf051fa4_37       fill in the blank f024defdf051fa4_39       fill in the blank f024defdf051fa4_41       fill in the blank f024defdf051fa4_43   Total contributed capital   $fill in the blank f024defdf051fa4_44   Retained earnings   fill in the blank f024defdf051fa4_45   Total contributed capital and Retained earnings   $fill in the blank f024defdf051fa4_46       fill in the blank f024defdf051fa4_48   Total Shareholders' Equity     $fill in the blank f024defdf051fa4_49         Liabilities       Noncurrent Liabilities           $fill in the blank f024defdf051fa4_51       fill in the blank f024defdf051fa4_53       $fill in the blank f024defdf051fa4_54       fill in the blank f024defdf051fa4_56   Total noncurrent liabilities     $fill in the blank f024defdf051fa4_57 Current Liabilities           $fill in the blank f024defdf051fa4_59       fill in the blank f024defdf051fa4_61       fill in the blank f024defdf051fa4_63       fill in the blank f024defdf051fa4_65       fill in the blank f024defdf051fa4_67   Total current liabilities     $fill in the blank f024defdf051fa4_68 Total Liabilities     $fill in the blank f024defdf051fa4_69 Total Shareholders' Equity and Liabilities     $fill in the blank f024defdf051fa4_70

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019 Assets       Noncurrent Assets           $fill in the blank f024defdf051fa4_2       fill in the blank f024defdf051fa4_4       fill in the blank f024defdf051fa4_6     $fill in the blank f024defdf051fa4_8       fill in the blank f024defdf051fa4_10 fill in the blank f024defdf051fa4_11     $fill in the blank f024defdf051fa4_13       fill in the blank f024defdf051fa4_15 fill in the blank f024defdf051fa4_16       fill in the blank f024defdf051fa4_18   Total noncurrent assets     $fill in the blank f024defdf051fa4_19 Current Assets           $fill in the blank f024defdf051fa4_21     $fill in the blank f024defdf051fa4_23       fill in the blank f024defdf051fa4_25 fill in the blank f024defdf051fa4_26       fill in the blank f024defdf051fa4_28   Prepaid items         $fill in the blank f024defdf051fa4_30       fill in the blank f024defdf051fa4_32 fill in the blank f024defdf051fa4_33   Total current assets     fill in the blank f024defdf051fa4_34 Total Assets     $fill in the blank f024defdf051fa4_35         Shareholders' Equity       Contributed Capital           $fill in the blank f024defdf051fa4_37       fill in the blank f024defdf051fa4_39       fill in the blank f024defdf051fa4_41       fill in the blank f024defdf051fa4_43   Total contributed capital   $fill in the blank f024defdf051fa4_44   Retained earnings   fill in the blank f024defdf051fa4_45   Total contributed capital and Retained earnings   $fill in the blank f024defdf051fa4_46       fill in the blank f024defdf051fa4_48   Total Shareholders' Equity     $fill in the blank f024defdf051fa4_49         Liabilities       Noncurrent Liabilities           $fill in the blank f024defdf051fa4_51       fill in the blank f024defdf051fa4_53       $fill in the blank f024defdf051fa4_54       fill in the blank f024defdf051fa4_56   Total noncurrent liabilities     $fill in the blank f024defdf051fa4_57 Current Liabilities           $fill in the blank f024defdf051fa4_59       fill in the blank f024defdf051fa4_61       fill in the blank f024defdf051fa4_63       fill in the blank f024defdf051fa4_65       fill in the blank f024defdf051fa4_67   Total current liabilities     $fill in the blank f024defdf051fa4_68 Total Liabilities     $fill in the blank f024defdf051fa4_69 Total Shareholders' Equity and Liabilities     $fill in the blank f024defdf051fa4_70

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2019
Assets      
Noncurrent Assets      
    $fill in the blank f024defdf051fa4_2  
    fill in the blank f024defdf051fa4_4  
    fill in the blank f024defdf051fa4_6  
  $fill in the blank f024defdf051fa4_8    
  fill in the blank f024defdf051fa4_10 fill in the blank f024defdf051fa4_11  
  $fill in the blank f024defdf051fa4_13    
  fill in the blank f024defdf051fa4_15 fill in the blank f024defdf051fa4_16  
    fill in the blank f024defdf051fa4_18  
Total noncurrent assets     $fill in the blank f024defdf051fa4_19
Current Assets      
    $fill in the blank f024defdf051fa4_21  
  $fill in the blank f024defdf051fa4_23    
  fill in the blank f024defdf051fa4_25 fill in the blank f024defdf051fa4_26  
    fill in the blank f024defdf051fa4_28  
Prepaid items      
  $fill in the blank f024defdf051fa4_30    
  fill in the blank f024defdf051fa4_32 fill in the blank f024defdf051fa4_33  
Total current assets     fill in the blank f024defdf051fa4_34
Total Assets     $fill in the blank f024defdf051fa4_35
       
Shareholders' Equity      
Contributed Capital      
    $fill in the blank f024defdf051fa4_37  
    fill in the blank f024defdf051fa4_39  
    fill in the blank f024defdf051fa4_41  
    fill in the blank f024defdf051fa4_43  
Total contributed capital   $fill in the blank f024defdf051fa4_44  
Retained earnings   fill in the blank f024defdf051fa4_45  
Total contributed capital and Retained earnings   $fill in the blank f024defdf051fa4_46  
    fill in the blank f024defdf051fa4_48  
Total Shareholders' Equity     $fill in the blank f024defdf051fa4_49
       
Liabilities      
Noncurrent Liabilities      
    $fill in the blank f024defdf051fa4_51  
    fill in the blank f024defdf051fa4_53  
    $fill in the blank f024defdf051fa4_54  
    fill in the blank f024defdf051fa4_56  
Total noncurrent liabilities     $fill in the blank f024defdf051fa4_57
Current Liabilities      
    $fill in the blank f024defdf051fa4_59  
    fill in the blank f024defdf051fa4_61  
    fill in the blank f024defdf051fa4_63  
    fill in the blank f024defdf051fa4_65  
    fill in the blank f024defdf051fa4_67  
Total current liabilities     $fill in the blank f024defdf051fa4_68
Total Liabilities     $fill in the blank f024defdf051fa4_69
Total Shareholders' Equity and Liabilities     $fill in the blank f024defdf051fa4_70
Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $ 800 Accounts Payable $ 17,000 Accounts Receivable 14,500 Prepaid Insurance 1,590 Dividends Payable 1,590 Discount on Bonds Payable 3,000 Buildings 74,900 Common Stock, $10 par 17,000 Bonds Payable (due 2022) 28,600 Equipment 32,800 Retained Earnings 82,570 Allowance for Doubtful Accounts 640 Office Supplies 1,830 Preferred Stock, $50 par 5,000 Current Income Taxes Payable 3,320 Accumulated Depreciation: Buildings 13,500 Accumulated Depreciation: Equipment 7,800 Current Interest Payable 2,700 Patents (net) 4,500 Investment in Held-to-Maturity Bonds 13,800 Notes Payable (due January 1, 2025) 14,900 Cash 9,500 Inventory 31,200 Treasury Stock (at cost) 1,700 Additional Paid-In Capital on Common Stock 6,800 Accrued Wages 2,900 Sinking Fund for Bond Retirement 3,000 Land 12,800 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet 010
Transcribed Image Text:Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $ 800 Accounts Payable $ 17,000 Accounts Receivable 14,500 Prepaid Insurance 1,590 Dividends Payable 1,590 Discount on Bonds Payable 3,000 Buildings 74,900 Common Stock, $10 par 17,000 Bonds Payable (due 2022) 28,600 Equipment 32,800 Retained Earnings 82,570 Allowance for Doubtful Accounts 640 Office Supplies 1,830 Preferred Stock, $50 par 5,000 Current Income Taxes Payable 3,320 Accumulated Depreciation: Buildings 13,500 Accumulated Depreciation: Equipment 7,800 Current Interest Payable 2,700 Patents (net) 4,500 Investment in Held-to-Maturity Bonds 13,800 Notes Payable (due January 1, 2025) 14,900 Cash 9,500 Inventory 31,200 Treasury Stock (at cost) 1,700 Additional Paid-In Capital on Common Stock 6,800 Accrued Wages 2,900 Sinking Fund for Bond Retirement 3,000 Land 12,800 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet 010
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