I need help with this work. ll important info. is fully disclosedAdditional Info:i n runtineA Pt1. The LIFO Mmethod of inventorY is usedi2. The Cost and fair Value Of the long-term invest, that consist ofstocks (with owNnershie less than 20%0 of total Shares) are the same.3. The amount Of the Construction in Progress account represents theCosts PXPended to date on a(The ComPany rents factory SPace at the Present time) The land onWhich the building is being constructed cost $85, 000, 95 shown inbyilding 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 byIoog-tem invest. Carried at $ I2g000. These bank loans gredue in 2013.1 The bonds PaY. bear interest at 8% Pa, every Deci31, and aredue January I,231.600,000 Shares of common stock of a par Value of $I werequtherized 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 otherrelated infor for the Year zoo gre presented as followseEgst Wood CompPany iM) 1h(ash$4],000fratth lTAccounts Receiv. aft A63500Allowance for Doubtful AllountsPrepaid Insurance208,500InventorYEquity Invest. Clong-term) 33,000Land85,000Construction in Process (bullding) 124,00036,000--uA1409000m aPatentsAccum. DePrec-EquiR nDiscount on Bonds PaY.20,000148,00048200/94,000200,00050g 00045,000Accounts PaY.Accrued Liab 14 4Notes PayBonds PaYCommon StockPaid-in CAPital in Excess of ParCommon StockRetained Earn.138,000す1472,900I422,900

Balance sheet shows the position of a firm. It is prepared at the year end and depicts the true and…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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