On 31/12/2020, the balances of the Adjusted Trial Balance of KLM were the following: Balance (in thousand euros) Account Salaries paid in advance 1. 150 2. Notes Receivable 210 3. Interest Revenue 45 Electricity Expenses Interest Payable 4. 210 70 6. Land 4,000 7. Accounts Payable 280 8. Rent received in advance 110 9. Interest Expense 65 10. Buildings Furniture 3,650 1. 1,200 12. Bank Deposits 540 13. Share Capital 6,000 14. Merchandise 85 15. Depreciation Expense 200 16. Gain on machine disposal 200 17. Notes Payable 350 18. Depreciated Computers 160 Depreciated Machines Depreciated Furniture Depreciated Buildings 19. 400 20. 350 21. 600 22. Loss of Damaged Furniture 70 23. General Expenses 125 24. Insurance paid in advance 50 25. Marketable securities 160 26. Accounts receivables 2,900 27. Cash 5,200 Salaries payable Mortgage loans Cost of Goods Sold 28. 30 29. 6,000 30. 2,900 31. Таx Payable 43 32. Insurance Expense 40 33. Sales Revenue 3,600 34. Computers 900 35. Rent revenue 180 36. General expenses payable 200 37. Licenses 80 38. Checks Payable 300 39. Salaries Expense 200 40. Machines 1,800 41. Retained Earnings 3,860 42. Revaluation Reserve 2,000 43. Таx Expense 43 The following information is also available: 1. Net Income (after taxes) for fiscal year 2020 is equal to 172 thousand Euros. 2. ABC wants to declare dividends 40 thousand Euros from Net Income. 3. Land was revalued 400 thousand Euros during the fiscal year. This is because ABC follows the revaluation model for land and presents it at fair value. Required: 1. Prepare a Statement of Comprehensive Income. 2. Prepare a classified Balance Sheet.
On 31/12/2020, the balances of the Adjusted Trial Balance of KLM were the following: Balance (in thousand euros) Account Salaries paid in advance 1. 150 2. Notes Receivable 210 3. Interest Revenue 45 Electricity Expenses Interest Payable 4. 210 70 6. Land 4,000 7. Accounts Payable 280 8. Rent received in advance 110 9. Interest Expense 65 10. Buildings Furniture 3,650 1. 1,200 12. Bank Deposits 540 13. Share Capital 6,000 14. Merchandise 85 15. Depreciation Expense 200 16. Gain on machine disposal 200 17. Notes Payable 350 18. Depreciated Computers 160 Depreciated Machines Depreciated Furniture Depreciated Buildings 19. 400 20. 350 21. 600 22. Loss of Damaged Furniture 70 23. General Expenses 125 24. Insurance paid in advance 50 25. Marketable securities 160 26. Accounts receivables 2,900 27. Cash 5,200 Salaries payable Mortgage loans Cost of Goods Sold 28. 30 29. 6,000 30. 2,900 31. Таx Payable 43 32. Insurance Expense 40 33. Sales Revenue 3,600 34. Computers 900 35. Rent revenue 180 36. General expenses payable 200 37. Licenses 80 38. Checks Payable 300 39. Salaries Expense 200 40. Machines 1,800 41. Retained Earnings 3,860 42. Revaluation Reserve 2,000 43. Таx Expense 43 The following information is also available: 1. Net Income (after taxes) for fiscal year 2020 is equal to 172 thousand Euros. 2. ABC wants to declare dividends 40 thousand Euros from Net Income. 3. Land was revalued 400 thousand Euros during the fiscal year. This is because ABC follows the revaluation model for land and presents it at fair value. Required: 1. Prepare a Statement of Comprehensive Income. 2. Prepare a classified Balance Sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On 31/12/2020, the balances of the Adjusted Trial Balance of KLM were the following:
Balance (in thousand euros)
Account
1.
Salaries paid in advance
150
2.
Notes Receivable
210
3.
Interest Revenue
45
Electricity Expenses
Interest Payable
4.
210
70
6.
Land
4,000
7.
Accounts Payable
280
8.
Rent received in advance
110
Interest Expense
Buildings
9.
65
10
3,650
1.
Bank Deposits
Share Capital
Furniture
1,200
12.
540
13.
6,000
14.
Merchandise
85
15.
Depreciation Expense
200
16.
Gain on machine disposal
200
17.
Notes Payable
350
18.
Depreciated Computers
160
19.
Depreciated Machines
400
20.
Depreciated Furniture
350
21.
Depreciated Buildings
600
22.
Loss of Damaged Furniture
70
23.
General Expenses
125
24.
Insurance paid in advance
50
25.
Marketable securities
160
26.
Accounts receivables
2,900
27.
Cash
5,200
Salaries payable
Mortgage loans
Cost of Goods Sold
28.
30
29.
6,000
30.
2,900
31.
Tаx Payable
43
32.
Insurance Expense
40
33.
Sales Revenue
3,600
34.
Computers
900
35.
Rent revenue
180
36.
General expenses payable
200
37.
Licenses
80
Checks Payable
Salaries Expense
38.
300
39.
200
40.
Machines
1,800
41.
Retained Earnings
3,860
42.
Revaluation Reserve
2,000
43.
Таx Expense
43
The following information is also available:
1. Net Income (after taxes) for fiscal year 2020 is equal to 172 thousand Euros.
2. ABC wants to declare dividends 40 thousand Euros from Net Income.
3. Land was revalued 400 thousand Euros during the fiscal year. This is because ABC follows the
revaluation model for land and presents it at fair value.
Required:
1. Prepare a Statement of Comprehensive Income.
2. Prepare a classified Balance Sheet.
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