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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) 62,350 1,720,500 1,890,234 567,891 Accounts receivable 8,341,689 Allowance for doubtful accounts 347,182 Advances to employees Loans receivable (due in 20x4) 57,610 9,827,341 Unearned interest income 1,234,819 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 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 Interest receivable (due on Mar. 1, 20x2) Land 8,980,751 3,419,877 Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387

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) 62,350 1,720,500 1,890,234 567,891 Accounts receivable 8,341,689 Allowance for doubtful accounts 347,182 Advances to employees Loans receivable (due in 20x4) 57,610 9,827,341 Unearned interest income 1,234,819 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 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 Interest receivable (due on Mar. 1, 20x2) Land 8,980,751 3,419,877 Building Accumulated depreciation - Bldg. Equipment Accumulated depreciation - Equipt. Accounts payable Accrued liabilities Income tax payable Deferred tax asset 712,930 917,387 234,125 9,071,239 889,712 721,346 1,092,387

FINANCIAL ACCOUNTING
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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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) 62,350 1,720,500 1,890,234 567,891 Accounts receivable 8,341,689 Allowance for doubtful accounts 347,182 Advances to employees Loans receivable (due in 20x4) 57,610 9,827,341 Unearned interest income 1,234,819 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 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 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 712,930 917,387 234,125 9,071,239 889,712 721,346 Deferred tax asset 1,092,387
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) 62,350 1,720,500 1,890,234 567,891 Accounts receivable 8,341,689 Allowance for doubtful accounts 347,182 Advances to employees Loans receivable (due in 20x4) 57,610 9,827,341 Unearned interest income 1,234,819 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 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 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 712,930 917,387 234,125 9,071,239 889,712 721,346 Deferred tax asset 1,092,387
Chapter 1 44 918,732 8,000,000 Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 746,252 341,782 712,788 432,187 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI 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:Chapter 1 44 918,732 8,000,000 Deferred tax liability Loans payable (due in 20x2) Discount on loan payable Interest payable (due on July 1, 20x2) Deferred credits 746,252 341,782 712,788 432,187 Provision for warranty obligations Ordinary share capital Share premium Retained earnings - unrestricted Retained earnings - appropriated Revaluation surplus Unrealized gains on equity securities - FVOCI 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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