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.

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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