BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material purchases 1,730,540 Building 5,145,000 Accumulated depreciation- building 1,029,000 Direct labor 813,900 Notes receivable (from trade customers) 325,000 Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL 85,750 Unrealized loss on investment in equity securities- FVPL 103,870 Finished goods inventory 245,660 Unrealized gain on investment in debt securities- FVOCI 230,350 Distribution cost 217,940 Manufacturing overhead 346,920 Advances to officers and employees (current) 50,280 Accrued utilities expense 292,750 Income tax payable 154,621 Office supplies 45,710 Administrative cost 163,455 Finance cost 65,382 Accounts payable 326,900 Share capital 8,125,000 Share premium 2,057,590 Gain on sale of equipment 164,370 Purchase return and allowance 68,452 Sales discount 290,011 Freight in 173,054 Share dividends payable 2,437,500 Income tax expense 618,485 Amortization of patent 40,000 Income summary 686,780 TOTALS 29,048,027 29,048,027 Raw materials, beginning Goods in process, beginning Finished goods, beginning Total Beginning 256,000 105,720 325,060 686,780 Ending 358,500 56,280 245,660 660,440 REQUIRED: Prepare and present the following financial statements: Statement of Changes in Equity Statement of Financial Position

BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense 304,000 Raw materials inventory 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1, 2022) 435,100 Investment in equity securities- FVPL 525,910 Machinery and equipment 6,200,500 Accumulated depreciation- machinery and equipment 1,860,150 Accounts receivables 227,350 Goods in process inventory 56,280 Bonds payable- at fair value 350,100 Bonds payable 1,200,000 Investment in debt securities- FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable 96,000 Retained earnings (beginning) 3,714,024 Raw material purchases 1,730,540 Building 5,145,000 Accumulated depreciation- building 1,029,000 Direct labor 813,900 Notes receivable (from trade customers) 325,000 Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL 85,750 Unrealized loss on investment in equity securities- FVPL 103,870 Finished goods inventory 245,660 Unrealized gain on investment in debt securities- FVOCI 230,350 Distribution cost 217,940 Manufacturing overhead 346,920 Advances to officers and employees (current) 50,280 Accrued utilities expense 292,750 Income tax payable 154,621 Office supplies 45,710 Administrative cost 163,455 Finance cost 65,382 Accounts payable 326,900 Share capital 8,125,000 Share premium 2,057,590 Gain on sale of equipment 164,370 Purchase return and allowance 68,452 Sales discount 290,011 Freight in 173,054 Share dividends payable 2,437,500 Income tax expense 618,485 Amortization of patent 40,000 Income summary 686,780 TOTALS 29,048,027 29,048,027 Raw materials, beginning Goods in process, beginning Finished goods, beginning Total Beginning 256,000 105,720 325,060 686,780 Ending 358,500 56,280 245,660 660,440 REQUIRED: Prepare and present the following financial statements: Statement of Changes in Equity Statement of Financial Position

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021

ACCOUNT TITLES	DEBIT	CREDIT
Patent	160,000
Prepaid rent expense	304,000
Raw materials inventory	358,500
Cash and cash equivalents	817,300
Notes payable (due April 1, 2022)		435,100
Investment in equity securities- FVPL	525,910
Machinery and equipment	6,200,500
Accumulated depreciation- machinery and equipment		1,860,150
Accounts receivables	227,350
Goods in process inventory	56,280
Bonds payable- at fair value		350,100
Bonds payable		1,200,000
Investment in debt securities- FVOCI	748,950
Land	8,450,000
Sales		5,800,210
Accrued interest income	51,500
Allowance for doubtful accounts		45,470
Premium on bonds payable		96,000
Retained earnings (beginning)		3,714,024
Raw material purchases	1,730,540
Building	5,145,000
Accumulated depreciation- building		1,029,000
Direct labor	813,900
Notes receivable (from trade customers)	325,000
Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL	85,750
Unrealized loss on investment in equity securities- FVPL	103,870
Finished goods inventory	245,660
Unrealized gain on investment in debt securities- FVOCI		230,350
Distribution cost	217,940
Manufacturing overhead	346,920
Advances to officers and employees (current)	50,280
Accrued utilities expense		292,750
Income tax payable		154,621
Office supplies	45,710
Administrative cost	163,455
Finance cost	65,382
Accounts payable		326,900
Share capital		8,125,000
Share premium		2,057,590
Gain on sale of equipment		164,370
Purchase return and allowance		68,452
Sales discount	290,011
Freight in	173,054
Share dividends payable		2,437,500
Income tax expense	618,485
Amortization of patent	40,000
Income summary	686,780
TOTALS	29,048,027	29,048,027

Raw materials, beginning

Goods in process, beginning

Finished goods, beginning

Total

Beginning

256,000

105,720

325,060

686,780

Ending

358,500

56,280

245,660

660,440

REQUIRED: Prepare and present the following financial statements:

Statement of Changes in Equity
Statement of Financial Position

Expert Solution

Step by step

Solved in 3 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.