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Additional Info 1. The LIFO mthod of inventory is usedi 2. The Cost and fair Value Of the long-term invest, that Consist of stocks (with ownershie less than 20%0 of total Shares) are the same 3. The amount of the Construction in Progress account represents the Costs eXPpended to date on a bilding in the Process of Construction (The Company rents factorY SPace at the Present time) The land on Which the building is being constrycted Cost $85000, 95 shown in the trigl bal. 4. The Patents were Purchased by the Company at a Cost of $40000 and are being amortized on a Straight-line basisa 5.0f the discount on bonds PaY., $23000 wilL be amortized in 2021. E The notes Pay, represent bank loans that gre secured by Jong-tem invest. Carried at $I2g000. These bank loans gre due in 2021. 1 The bonds PaY. bear interest at g0% Pay. every Dec.3I, and are due January 1,2031. & 60goo0 Sheres of Common stock of a par Value of $1 were sutterized of which Sogo00 Shares Were issyed and outstanding. Instructions: Prepare a balance Shtet as o DEG 37,2020, So that Sil imPortant info. is fully disclosed

Additional Info 1. The LIFO mthod of inventory is usedi 2. The Cost and fair Value Of the long-term invest, that Consist of stocks (with ownershie less than 20%0 of total Shares) are the same 3. The amount of the Construction in Progress account represents the Costs eXPpended to date on a bilding in the Process of Construction (The Company rents factorY SPace at the Present time) The land on Which the building is being constrycted Cost $85000, 95 shown in the trigl bal. 4. The Patents were Purchased by the Company at a Cost of $40000 and are being amortized on a Straight-line basisa 5.0f the discount on bonds PaY., $23000 wilL be amortized in 2021. E The notes Pay, represent bank loans that gre secured by Jong-tem invest. Carried at $I2g000. These bank loans gre due in 2021. 1 The bonds PaY. bear interest at g0% Pay. every Dec.3I, and are due January 1,2031. & 60goo0 Sheres of Common stock of a par Value of $1 were sutterized of which Sogo00 Shares Were issyed and outstanding. Instructions: Prepare a balance Shtet as o DEG 37,2020, So that Sil imPortant info. is fully disclosed

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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ll important info. is fully disclosed Additional Info:i n runtineA Pt 1. The LIFO Mmethod of inventorY is usedi 2. The Cost and fair Value Of the long-term invest, that consist of stocks (with owNnershie less than 20%0 of total Shares) are the same. 3. The amount Of the Construction in Progress account represents the Costs PXPended to date on a (The ComPany rents factory SPace at the Present time) The land on Which the building is being constructed cost $85, 000, 95 shown in byilding in the Process of Construction. the trigl bal. 4. The Patents were Purchased by the Company at a cost of $40,000 and are being amortized on a Straight-line basis. 5.Of the discount on bonds PaY, $2,000 Will be amortized in 2021. E The notes Pay. represent bank loans that gre secyred by Ioog-tem invest. Carried at $ I2g000. These bank loans gre due in 2013. 1 The bonds PaY. bear interest at 8% Pa, every Deci31, and are due January I,231. 600,000 Shares of common stock of a par Value of $I were qutherized of which Sogoo0 Shares were issyed and outstanding. Instructions: Prepare ģ balance Sheet ac oE 0R637,2020, 5o that
Transcribed Image Text:ll important info. is fully disclosed Additional Info:i n runtineA Pt 1. The LIFO Mmethod of inventorY is usedi 2. The Cost and fair Value Of the long-term invest, that consist of stocks (with owNnershie less than 20%0 of total Shares) are the same. 3. The amount Of the Construction in Progress account represents the Costs PXPended to date on a (The ComPany rents factory SPace at the Present time) The land on Which the building is being constructed cost $85, 000, 95 shown in byilding in the Process of Construction. the trigl bal. 4. The Patents were Purchased by the Company at a cost of $40,000 and are being amortized on a Straight-line basis. 5.Of the discount on bonds PaY, $2,000 Will be amortized in 2021. E The notes Pay. represent bank loans that gre secyred by Ioog-tem invest. Carried at $ I2g000. These bank loans gre due in 2013. 1 The bonds PaY. bear interest at 8% Pa, every Deci31, and are due January I,231. 600,000 Shares of common stock of a par Value of $I were qutherized of which Sogoo0 Shares were issyed and outstanding. Instructions: Prepare ģ balance Sheet ac oE 0R637,2020, 5o that
P 5.3 (L02) Balance sheet Adlustment and Preparation) The adjusted trigl balance of East Wood Company and other related infor for the Year zoo gre presented as followse Egst Wood CompPany iM) 1h (ash $4],000 fratth lT Accounts Receiv. aft A63500 Allowance for Doubtful Allounts Prepaid Insurance 208,500 InventorY Equity Invest. Clong-term) 33,000 Land 85,000 Construction in Process (bullding) 124,000 36,000--uA 1409000 m a Patents Accum. DePrec-EquiR n Discount on Bonds PaY. 20,000 148,000 48200/ 94,000 200,000 50g 000 45,000 Accounts PaY. Accrued Liab 14 4 Notes Pay Bonds PaY Common Stock Paid-in CAPital in Excess of Par Common Stock Retained Earn. 138,000 す1472,900 I422,900
Transcribed Image Text:P 5.3 (L02) Balance sheet Adlustment and Preparation) The adjusted trigl balance of East Wood Company and other related infor for the Year zoo gre presented as followse Egst Wood CompPany iM) 1h (ash $4],000 fratth lT Accounts Receiv. aft A63500 Allowance for Doubtful Allounts Prepaid Insurance 208,500 InventorY Equity Invest. Clong-term) 33,000 Land 85,000 Construction in Process (bullding) 124,000 36,000--uA 1409000 m a Patents Accum. DePrec-EquiR n Discount on Bonds PaY. 20,000 148,000 48200/ 94,000 200,000 50g 000 45,000 Accounts PaY. Accrued Liab 14 4 Notes Pay Bonds PaY Common Stock Paid-in CAPital in Excess of Par Common Stock Retained Earn. 138,000 す1472,900 I422,900
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