REQUIRED: Prepare and present the following financial statement:Statement of financial position BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021ACCOUNT TITLESDEBITCREDITPatent160,000Prepaid rent expenseRaw materials inventoryCash and cash equivalentsNotes payable (due April 1, 2022)Investment in equity securities FVPLMachinery and equipmentAccumulated depreciation - machinery and equipmentAccounts receivablesGoods in process inventoryBonds payable - at fair valueBonds payableInvestment in debt securities - FVOCI304,000358,500817,300435,100525,9106,200,5001,860,150227,35056,280350,1001,200,000748,950Land8,450,000Sales5,800,210Accrued interest income51,500Allowance for doubtful accounts45,470Premium on bonds payableRetained earnings (beginning)Raw material purchasesBuildingAccumulated depreciation - buildingDirect laborNotes receivable (from trade customers)Loss on change in fair value attributable to credit risk of afinancial liability designated as FVPLUnrealized loss on investment in equity securities - FVPLFinished goods inventory96,000ww w ww wwwww3,714,0241,730,5405,145,0001,029,000813,900wwwww325,00085,750103,870245,660Unrealized gain on investment in debt securities - FVOCIDistribution cost230,350217,940Manufacturing overheadAdvances to officers and employees (current)Accrued utilities expenseIncome tax payableOffice suppliesAdministrative cost346,92050,280292,750154,62145,710163,455Finance cost65,382Accounts payableShare capitalShare premiumGain on sale of equipmentPurchase returns and allowanceSales discounts326,9008,125,0002,057,590164,37068,452290,011173,054Freight inShare dividends payable2,437,500Income tax expense618,485wwwAmortization of patent40,000Income summary686,78029,048,027660,44029,048,027ТОTALSBeginningEndingRaw materials, beginning256,000358,500Goods in process, beginningFinished goods, beginning105,72056,280325,060686,780245,660Total660,440

Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balance…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q