Question-1: Presented below are the numbers of statement of financial position items for KishwaukeCorporation, for the current year 2022.Buildings RO 1,640,0001,600,000$125,000Unsecured notes payable(long-term)GoodwillRetained EarningsPayroll taxes payableLand177,591480,000490,000285,000265,000Accumulated depreciation-buildings RO 270,000Accumulated depreciation-equipment292,0001,470,000239,800480,00087,92045,000445,700360,00097,630EquipmentInventoriesLong-term rental obligationsPrepaid ExpensesAccounts PayableBonds payableNotes Payable to BanksNotes receivableCashIncome taxes receivablePrepare a classified statement of financial position in good form. Share capital- authorized was400,000 shares, and share capital-preference authorized was 20,000 shares. Assume that notesreceivable and notes payable are short term. unless otherwise. Cost and fair value of tradingsecurities are the sameRent payable-short-termShare Capital- preference, $ 10 par valueShare Capital-ordinary, $ Ipar valueTaxes payableTrading securities150,000200,00098,362121,000

Statement of Financial Position, also known as the Balance sheet, gives the understanding to its…

Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for the current year 2022. Buildings Unsecured notes payable (long-term) Goodwill Retained Earnings Payroll taxes payable Land Accounts Payable Bonds payable Notes Payable to Banks Notes receivable RO 1,640,000 1,600,000 $125,000 ? 177,591 480,000 490,000 285,000 265,000 445,700 360,000 97,630 Accumulated depreciation-buildings Accumulated depreciation- equipment Equipment Inventories Long-term rental obligations Prepaid Expenses Rent payable-short-term Share Capital- preference, $ 10 par value Share Capital-ordinary, $ Ipar value Taxes payable Trading securities RO 270,000 292,000 1,470,000 239,800 480,000 87,920 45,000 150,000 200,000 98,362 121,000 Cash Income taxes receivable Prepare a classified statement of financial position in good form. Share capital-authorized was 400,000 shares, and share capital- preference authorized was 20,000 shares. Assume that notes receivable and notes payable are short term. unless otherwise. Cost and fair value of trading securities are the same

Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for the current year 2022. Buildings Unsecured notes payable (long-term) Goodwill Retained Earnings Payroll taxes payable Land Accounts Payable Bonds payable Notes Payable to Banks Notes receivable RO 1,640,000 1,600,000 $125,000 ? 177,591 480,000 490,000 285,000 265,000 445,700 360,000 97,630 Accumulated depreciation-buildings Accumulated depreciation- equipment Equipment Inventories Long-term rental obligations Prepaid Expenses Rent payable-short-term Share Capital- preference, $ 10 par value Share Capital-ordinary, $ Ipar value Taxes payable Trading securities RO 270,000 292,000 1,470,000 239,800 480,000 87,920 45,000 150,000 200,000 98,362 121,000 Cash Income taxes receivable Prepare a classified statement of financial position in good form. Share capital-authorized was 400,000 shares, and share capital- preference authorized was 20,000 shares. Assume that notes receivable and notes payable are short term. unless otherwise. Cost and fair value of trading securities are the same

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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