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Business
Accounting
Discount on loan payable Interest payable (due in 20x2) Provision for probable loss on lawsuit Ordinary share capital Share premium Retained earnings Revaluation surplus Translation loss on foreign operation 740,000 340,000 430,000 4,000,000 600,000 1,640,000 90,000 30,000 Totals 12,700,000 12,700,000 Requirements: Prepare the statement of financial position of Morning Co. Make a proper heading for the financial statement. Apply the general feature of "materiality and aggregation."

Discount on loan payable Interest payable (due in 20x2) Provision for probable loss on lawsuit Ordinary share capital Share premium Retained earnings Revaluation surplus Translation loss on foreign operation 740,000 340,000 430,000 4,000,000 600,000 1,640,000 90,000 30,000 Totals 12,700,000 12,700,000 Requirements: Prepare the statement of financial position of Morning Co. Make a proper heading for the financial statement. Apply the general feature of "materiality and aggregation."

FINANCIAL ACCOUNTING
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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Discount on loan payable Interest payable (due in 20x2) Provision for probable loss on lawsuit Ordinary share capital Share premium Retained earnings Revaluation surplus Translation loss on foreign operation 740,000 340,000 430,000 4,000,000 600,000 1,640,000 90,000 30,000 Totals 12,700,000 12,700,000 Requirements: a Prepare the statement of financial position of Morning Co. Make a proper heading for the financial statement. Apply the general feature of "materiality and aggregation."
Transcribed Image Text:Discount on loan payable Interest payable (due in 20x2) Provision for probable loss on lawsuit Ordinary share capital Share premium Retained earnings Revaluation surplus Translation loss on foreign operation 740,000 340,000 430,000 4,000,000 600,000 1,640,000 90,000 30,000 Totals 12,700,000 12,700,000 Requirements: a Prepare the statement of financial position of Morning Co. Make a proper heading for the financial statement. Apply the general feature of "materiality and aggregation."
The trial balance of Morning Co. prepared as of December 31 20x1 is shown below: Debits Credits Cash on hand 60,000 Cash in bank 1,000,000 Accounts receivable 2,000,000 Allowance for doubtful accounts 300,000 Advances to employees 40,000 1,200,000 Inventories Advances to suppliers Held for trading securities Investment in equity securities- FVOCI Investment property 30,000 800,000 300,000 900,000 2,200,000 3,400,000 Land Building Accumulated depreciation - Bldg. Accounts payable Accrued liabilities Income tax payable Deferred tax liability Loans payable (due in 20x3) 700,000 720,000 80,000 500,000 300,000 3,000,000
Transcribed Image Text:The trial balance of Morning Co. prepared as of December 31 20x1 is shown below: Debits Credits Cash on hand 60,000 Cash in bank 1,000,000 Accounts receivable 2,000,000 Allowance for doubtful accounts 300,000 Advances to employees 40,000 1,200,000 Inventories Advances to suppliers Held for trading securities Investment in equity securities- FVOCI Investment property 30,000 800,000 300,000 900,000 2,200,000 3,400,000 Land Building Accumulated depreciation - Bldg. Accounts payable Accrued liabilities Income tax payable Deferred tax liability Loans payable (due in 20x3) 700,000 720,000 80,000 500,000 300,000 3,000,000
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