P14 Balance SheetAs at April 30, 2020AssetsCurrent AssetsCashAccounts ReceivablePrepaid RentMerchandise InventoryTotal Current AssetsProperty, Plant and Equipment (net)Total AssetsLiablitiesCurrent LiabilitiesAccounts PayableUnearned RevenueNotes Payable, Current PortionTotal Current LiabilitiesLong-Term LiabilitiesNotes Payable, Long-Term PortionTotal LiablitiesShareholders EquityContributed CapitalPreferred Shares,authorized,issuedCommon Shares, unlimited authorized,issuedTotal Contributed CapitalRetained EarningsTotal Shareholders' EquityLiabilities & Shareholders' Equity Sigmund Corporation has the following account balances at April 30, 2020.Using this information, prepare a classified balance sheet as at April 30,2020 under ASPE.Account TitleBalanceAccounts PayableAccounts ReceivableAccumulated Depreciation$47,000$41,300$10,500Cash$16,800Common SharesMerchandise Inventory$43,100$61,600Notes Payable$120,000Preferred Shares$55,800Prepaid Rent$14,100Property, Plant and Equipment $247,000Retained Earnings$101,200$3,200Unearned RevenueNotes:Unlimited common shares are authorized and 2,800 have been issued andare currently outstanding.For preferred shares, 11,000 shares are authorized and 4,400 have beenissued and are currently outstanding. Each share pays a cumulative dividendof $6 annually.The notes payable is payable over 4 years and $30,000 will be paid by April30, 2021.

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Balance Sheet As at April 30, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Rent Merchandise inventory Total Current Assets Property, Plant and Equipment (net) Total Assets Liablities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion Total Liabilities Shareholders' Equity Contributed Capital Preferred Shares, authorized, issued Common Shares, unlimited authorized, issued Total Contributed Capital Retained Earnings Total Shareholders Equity Liabilities &Shareholders' Equity

Balance Sheet As at April 30, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Rent Merchandise inventory Total Current Assets Property, Plant and Equipment (net) Total Assets Liablities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion Total Liabilities Shareholders' Equity Contributed Capital Preferred Shares, authorized, issued Common Shares, unlimited authorized, issued Total Contributed Capital Retained Earnings Total Shareholders Equity Liabilities &Shareholders' Equity

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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Q.22
P 15
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it say 43,636.36 is incorrect
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