The bookkeeper of XYZ COMPANY prepared the following statement of financial position:XYZ COMPANYStatement of Financial PositionFor Year Ended December 31, 2020Current AssetsCurrent LiabilitiesInventory600,000Accounts payableAllowance for doubtful accountsP1,100,000Accounts receivable590,00030,000CashSalaries payableTaxes payableLong Term LiabilitiesBonds payable (due 2022)Unearned rent (3 months)180,000380,000Treasury shares (at cost)Long Term InvestmentsTemporary investments in330,000250,0001,100,000marketable securities580,000120,000Investments in held-to-maturity bonds1,030,000Plant and EquipmentLand810,000Owners' EquityRetained earningsOffice suppliesBuildings and equipmentIntangiblesPatents (net)80,0003,560,0002,420,000Accumulated de preciation on470,000buildings and equipment920,000Prepaid insurance (6 months)120,000Premium on ordinary shares930,000Discount on bonds payable100,000Ordinary share capital, P10 parTotal Credits1,200,0008,450,0008,450,000Total AssetsPPRequired:You ascertained that the account balances listed on the statement of financial position are correct,but, in certain cases, incorrectly dassified. Prepare a properly classified statement of financialposition for XYZ COMPANY. Observe correct report format.

XYZ COMPANY Statement of Financial Position For the Year Ended December 31, 2020 Assets…

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

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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Subject : Accounting