Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 1,920 Accounts Payable $ 10,500 Accounts Receivable 13,800 Prepaid Insurance 1,130 Dividends Payable 1,780 Discount on Bonds Payable 2,100 Buildings 58,200 Common Stock, $10 par 20,000 Bonds Payable (due 2019) 26,400 Equipment 49,300 Retained Earnings 88,280 Allowance for Doubtful Accounts 610 Office Supplies 2,580 Preferred Stock, $50 par 12,000 Current Income Taxes Payable 2,620 Accumulated Depreciation: Buildings 8,200 Accumulated Depreciation: Equipment 7,500 Current Interest Payable 2,560 Patents (net) 5,400 Investment in Held-to-Maturity Bonds 9,100 Notes Payable (due January 1, 2019) 11,000 Cash 8,200 Inventory 35,000 Treasury Stock (at cost) 2,000 Additional Paid-In Capital on Common Stock 5,600 Accrued Wages 2,240 Sinking Fund for Bond Retirement 4,700 Land 9,700 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 1,920 Accounts Payable $ 10,500 Accounts Receivable 13,800 Prepaid Insurance 1,130 Dividends Payable 1,780 Discount on Bonds Payable 2,100 Buildings 58,200 Common Stock, $10 par 20,000 Bonds Payable (due 2019) 26,400 Equipment 49,300 Retained Earnings 88,280 Allowance for Doubtful Accounts 610 Office Supplies 2,580 Preferred Stock, $50 par 12,000 Current Income Taxes Payable 2,620 Accumulated Depreciation: Buildings 8,200 Accumulated Depreciation: Equipment 7,500 Current Interest Payable 2,560 Patents (net) 5,400 Investment in Held-to-Maturity Bonds 9,100 Notes Payable (due January 1, 2019) 11,000 Cash 8,200 Inventory 35,000 Treasury Stock (at cost) 2,000 Additional Paid-In Capital on Common Stock 5,600 Accrued Wages 2,240 Sinking Fund for Bond Retirement 4,700 Land 9,700 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Balance Sheet
The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company:
Additional Paid-In Capital on Preferred Stock $ 1,920
Accounts Payable
$ 10,500
Accounts Receivable
13,800
Prepaid Insurance
1,130
Dividends Payable
1,780
Discount on Bonds Payable
2,100
Buildings
58,200
Common Stock, $10 par
20,000
Bonds Payable (due 2019)
26,400
Equipment
49,300
Retained Earnings
88,280
Allowance for Doubtful Accounts
610
Office Supplies
2,580
Preferred Stock, $50 par
12,000
Current Income Taxes Payable
2,620
Accumulated Depreciation: Buildings
8,200
Accumulated Depreciation: Equipment
7,500
Current Interest Payable
2,560
Patents (net)
5,400
Investment in Held-to-Maturity Bonds
9,100
Notes Payable (due January 1, 2019)
11,000
Cash
8,200
Inventory
35,000
Treasury Stock (at cost)
2,000
Additional Paid-In Capital on Common Stock
5,600
Accrued Wages
2,240
Sinking Fund for Bond Retirement
4,700
Land
9,700
Required:
1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1908dd21-cc72-4760-9c90-35855c870384%2F7941159c-3495-420b-b0d7-cd7c5b297f7b%2Fn3o1gyj_processed.png&w=3840&q=75)
Transcribed Image Text:Balance Sheet
The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company:
Additional Paid-In Capital on Preferred Stock $ 1,920
Accounts Payable
$ 10,500
Accounts Receivable
13,800
Prepaid Insurance
1,130
Dividends Payable
1,780
Discount on Bonds Payable
2,100
Buildings
58,200
Common Stock, $10 par
20,000
Bonds Payable (due 2019)
26,400
Equipment
49,300
Retained Earnings
88,280
Allowance for Doubtful Accounts
610
Office Supplies
2,580
Preferred Stock, $50 par
12,000
Current Income Taxes Payable
2,620
Accumulated Depreciation: Buildings
8,200
Accumulated Depreciation: Equipment
7,500
Current Interest Payable
2,560
Patents (net)
5,400
Investment in Held-to-Maturity Bonds
9,100
Notes Payable (due January 1, 2019)
11,000
Cash
8,200
Inventory
35,000
Treasury Stock (at cost)
2,000
Additional Paid-In Capital on Common Stock
5,600
Accrued Wages
2,240
Sinking Fund for Bond Retirement
4,700
Land
9,700
Required:
1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
![2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1908dd21-cc72-4760-9c90-35855c870384%2F7941159c-3495-420b-b0d7-cd7c5b297f7b%2Fgg2jx7_processed.png&w=3840&q=75)
Transcribed Image Text:2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016.
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