P5.4 issued and outstandingInstructionsPrepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed.P5.4 (LO 2) Gro upwork (Preparation of a Corrected Balance Sheet) The balance sheet ofKishwaukee Corporation as of December 31, 2020, is as follows.Kishwaukee CorporationBalance SheetDecember 31, 2020AssetsGoodwill (Note 2)Buildings (Note 1)Inventory$ 120,0001,640,000312,100Land950,000170,000Accounts receivableTreasury stock (50,000 shares)Cash on handAssets allocated to trustee for plant expansion87,000175,900Cash in bank70,000Debt investments (held-to-maturity)138,000$3,663,000EquitiesNotes payable (Note 3)Common stock, authorized and issued, 1.000,000 shares, no parRetained earningsNoncontrolling interestAppreciation capital (Note 1)Income taxes payableReserve for depreciation recorded to date on the building$ 600,0001,150,000803,00055,000570,00075.000410,000$3,663.000Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value.The excess of appraisal value over cost was $570,000. Depreciation has been recorded based on cost.Note 2: Goodwill in the amount of $120,000 was recognized because the company believedthat book value was not an accurate representation of the fair value of the company. The gain of$120,000 was credited to Retained Earnings.Note 3: Notes payable are long-term except for the current installment due of $100,000.MacBook Air

Particulars Amount Amount Assets: Current Assets Cash $ 175,900.00 Accounts…

Answered: Prepare a balance sheet as of December…

Prepare a balance sheet as of December 31, 2020, so that all important information is fully disclosed.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Similar questions

10078+0987=
E14.7
E14.2
E10.15
Problem 20-96 from pic.
Calculate: (1+)" m m where m=132, and r=0.102
Required: Below is a payroll sheet for Riverbed Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug.31 $6,900 6,700 7,600 14,800 130,000 135,000 September Income Tax Earnings Withholding $900 800 1,100 1,800 13,900 16,500 FICA Unemployment Tax State Federal 1. Complete the payroll sheet in Excel and make the necessary entry to record the payment of the payroll. 2. Make the entry to record the payroll tax expenses of Riverbed Imports. 3. Make the entry to record the payment of the payroll liabilities created in parts a and b.…
Question 4 Listen Which of the following points are on the unit circle? Select all that apply. A (--) B (33.3) C 12 (1/13. 31/3)