Statement of Financial Position For Year Ended December 31, 2020 urrent Assets nventory Current Liabilities P 600,000 Accounts payable P 1,100,000 ccounts receivable 590,000 Allowance for doubtful accounts 30,000 Cash reasury shares (at cost) ong Term Investments "emporary investments in 180,000 Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) 380,000 330,000 250,000 1,100,000 marketable securities 580,000 120,000 nvestments in held-to- maturity bonds 1,030,000 lant and Equipment Land Office supplies Suildings and equipment ntangibles Patents (net) Prepaid insurance (6 months) 810,000 80,000 Owners' Equity Retained earnings Accumulated depre ciation on 3,560,000 2,420,000 470,000 buildings and equipment 920,000 120,000 Premium on ordinary shares 930,000 Discount on bonds payable 100,000 8,450,000 Ordinary share capital, P10 par 1,200,000 8,450,000 otal Assets Total Credits P tequired: ou ascertained that the account balances listed on the statement of financial position are correct, ut, in certain cases, incorrectly dassified. Prepare a properly classified statement of financial
Statement of Financial Position For Year Ended December 31, 2020 urrent Assets nventory Current Liabilities P 600,000 Accounts payable P 1,100,000 ccounts receivable 590,000 Allowance for doubtful accounts 30,000 Cash reasury shares (at cost) ong Term Investments "emporary investments in 180,000 Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) 380,000 330,000 250,000 1,100,000 marketable securities 580,000 120,000 nvestments in held-to- maturity bonds 1,030,000 lant and Equipment Land Office supplies Suildings and equipment ntangibles Patents (net) Prepaid insurance (6 months) 810,000 80,000 Owners' Equity Retained earnings Accumulated depre ciation on 3,560,000 2,420,000 470,000 buildings and equipment 920,000 120,000 Premium on ordinary shares 930,000 Discount on bonds payable 100,000 8,450,000 Ordinary share capital, P10 par 1,200,000 8,450,000 otal Assets Total Credits P tequired: ou ascertained that the account balances listed on the statement of financial position are correct, ut, in certain cases, incorrectly dassified. Prepare a properly classified statement of financial
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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