The following information was provided for Rose company. The purpose of presenting  these account balances is for you to prepare a statement of financial position as of December 31, 2018. Use the report form in your presentation and provide a supporting schedule or notes to financial statements. Explain also the importance of presenting this statement of financial position and the usefulness of these to users of financial statements.  Accounts Receivable                                               600,000   Unearned rent income                                             60,000   Advances to officers-not currently collectible          150,000   Retained Earnings (Deficit)                                     (2,700,000)   Sinking Fund                                                            600,000   Share premium-preference                                      750,000   Building                                                                    7,500,000   Premium on bonds payable                                     1,500,000   Long-term refundable deposit                                  75,000   Preference share capital                                          3,000,000   Cash and cash equivalents                                      750,000   Share premium – ordinary                                       300,000   Cash surrender value                                              90,000   Notes payable                                                          450,000   Equipment                                                               1,500,000   SSS payable                                                           15,000   Lease Rights                                                           150,000   Accounts payable                                                    600,000   Accrued interest on Notes Receivable                    15,000   Accrued salaries                                                     150,000   Inventories                                                              1,950,000   Accumulate depreciation-building                           3,000,000   Land                                                                        2,250,000  Accumulated depreciation-equipment                    300,000 Land Held for speculation                                       750,000 Allowance for doubtful accounts                             30,000 Notes Receivable                                                    375,000 Bonds payable                                                        7,500,000 Computer Software                                                4,875,000 Dividends payable                                                  180,000 Prepaid Expenses                                                  105,000 Ordinary share capital                                            7,500,000  Trading Securities                                                  420,000 Withholding tax payable                                         45,000 Preference share redemption fund                        525,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information was provided for Rose company. The purpose of presenting 
these account balances is for you to prepare a statement of financial position as of December 31, 2018. Use the report form in your presentation and provide a supporting schedule or notes to financial statements. Explain also the importance of presenting this statement of financial position and the usefulness of these to users of financial statements. 

Accounts Receivable                                               600,000  
Unearned rent income                                             60,000  
Advances to officers-not currently collectible          150,000  
Retained Earnings (Deficit)                                     (2,700,000)  
Sinking Fund                                                            600,000  
Share premium-preference                                      750,000  
Building                                                                    7,500,000  
Premium on bonds payable                                     1,500,000  
Long-term refundable deposit                                  75,000  
Preference share capital                                          3,000,000  
Cash and cash equivalents                                      750,000  
Share premium – ordinary                                       300,000  
Cash surrender value                                              90,000  
Notes payable                                                          450,000  
Equipment                                                               1,500,000  
SSS payable                                                           15,000  
Lease Rights                                                           150,000  
Accounts payable                                                    600,000  
Accrued interest on Notes Receivable                    15,000  
Accrued salaries                                                     150,000  
Inventories                                                              1,950,000  
Accumulate depreciation-building                           3,000,000  
Land                                                                        2,250,000 
Accumulated depreciation-equipment                    300,000
Land Held for speculation                                       750,000
Allowance for doubtful accounts                             30,000
Notes Receivable                                                    375,000
Bonds payable                                                        7,500,000
Computer Software                                                4,875,000
Dividends payable                                                  180,000
Prepaid Expenses                                                  105,000
Ordinary share capital                                            7,500,000 
Trading Securities                                                  420,000
Withholding tax payable                                         45,000
Preference share redemption fund                        525,000

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