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The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits 62,350 Cash on hand Cash in bank - BPI (Savings) Cash in bank - BPI (Current) Cash in bank - BDO (Current) Accounts receivable Allowance for doubtful accounts Advances to employees Loans receivable (due in 20x4) Unearned interest income Raw materials inventory Work in process inventory Finished goods inventory Prepaid income tax Prepaid supplies Advances to suppliers Held for trading securities Investment in equity securities - FVOCI Investment in associate Interest receivable (due on Mar. 1, 20x2) Land Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 1,720,500 1,890,234 567,891 8,341,689 347,182 57,610 9,827,341 1,234,819 1,237,398 7,987,908 12,892,309 234,125 890,239 34,981 2,834,079 987,234 1,290,347 946,013 8,980,751 3,419,877 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387 44 Chapter Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 918,732 8,000,000 746,252 341,782 712,788 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI Totals 432,187 20,000,000 6,000,000 15,144,664 1,200,000 873,984 123,412 66,958,902 66,958 902 Requirements: a. Prepare the statement of financial position of Friendships Co. like a pro. b. Prepare notes showing the breakdown of line items in the financial statement. Make proper cross-referencing of those notes; use "Note.4" as your first cross-reference.

The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits 62,350 Cash on hand Cash in bank - BPI (Savings) Cash in bank - BPI (Current) Cash in bank - BDO (Current) Accounts receivable Allowance for doubtful accounts Advances to employees Loans receivable (due in 20x4) Unearned interest income Raw materials inventory Work in process inventory Finished goods inventory Prepaid income tax Prepaid supplies Advances to suppliers Held for trading securities Investment in equity securities - FVOCI Investment in associate Interest receivable (due on Mar. 1, 20x2) Land Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 1,720,500 1,890,234 567,891 8,341,689 347,182 57,610 9,827,341 1,234,819 1,237,398 7,987,908 12,892,309 234,125 890,239 34,981 2,834,079 987,234 1,290,347 946,013 8,980,751 3,419,877 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387 44 Chapter Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 918,732 8,000,000 746,252 341,782 712,788 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI Totals 432,187 20,000,000 6,000,000 15,144,664 1,200,000 873,984 123,412 66,958,902 66,958 902 Requirements: a. Prepare the statement of financial position of Friendships Co. like a pro. b. Prepare notes showing the breakdown of line items in the financial statement. Make proper cross-referencing of those notes; use "Note.4" as your first cross-reference.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
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The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand Cash in bank - BPI (Savings) Cash in bank - BPI (Current) Cash in bank - BDO (Current) Accounts receivable Allowance for doubtful accounts Advances to employees Loans receivable (due in 20x4) Unearned interest income Raw materials inventory Work in process inventory Finished goods inventory Prepaid income tax Prepaid supplies Advances to suppliers Held for trading securities Investment in equity securities - FVOCI Investment in associate Interest receivable (due on Mar. 1, 20x2) Land Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 62,350 1,720,500 1,890,234 567,891 8,341,689 347,182 57,610 9,827,341 1,234,819 1,237,398 7,987,908 12,892,309 234,125 890,239 34,981 2,834,079 987,234 1,290,347 946,013 8,980,751 3,419,877 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387 44 Chapter1 Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 918,732 8,000,000 746,252 341,782 712,788 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI 432,187 20,000,000 6,000,000 15,144,664| 1,200,000 873,984 123,412 66,958,902 66,958 902 Totals Requirements: a. Prepare the statement of financial position of Friendships Co. like a pro. b. Prepare notes showing the breakdown of line items in the financial statement. Make proper cross-referencing of those notes; use "Note.4" as your first cross-reference.
Transcribed Image Text:The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand Cash in bank - BPI (Savings) Cash in bank - BPI (Current) Cash in bank - BDO (Current) Accounts receivable Allowance for doubtful accounts Advances to employees Loans receivable (due in 20x4) Unearned interest income Raw materials inventory Work in process inventory Finished goods inventory Prepaid income tax Prepaid supplies Advances to suppliers Held for trading securities Investment in equity securities - FVOCI Investment in associate Interest receivable (due on Mar. 1, 20x2) Land Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 62,350 1,720,500 1,890,234 567,891 8,341,689 347,182 57,610 9,827,341 1,234,819 1,237,398 7,987,908 12,892,309 234,125 890,239 34,981 2,834,079 987,234 1,290,347 946,013 8,980,751 3,419,877 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387 44 Chapter1 Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 918,732 8,000,000 746,252 341,782 712,788 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI 432,187 20,000,000 6,000,000 15,144,664| 1,200,000 873,984 123,412 66,958,902 66,958 902 Totals Requirements: a. Prepare the statement of financial position of Friendships Co. like a pro. b. Prepare notes showing the breakdown of line items in the financial statement. Make proper cross-referencing of those notes; use "Note.4" as your first cross-reference.
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