The following is a list (in random order) of KIP International Products Company's December 31, 2016, balance sheet accounts: Additional Paid-in Capital on Preferred Stock 1,600 Accounts Payable 16,500 Accounts Receivable 13,800 Prepaid Insurance 900 Dividends Payable 1,800 Discount on Bonds Payable 2,000 Buildings 50,000 Common Stock, $10 par 15,000 Bonds Payable (due 2019) 29,000 Equipment 29,000 Retained Earnings 25,800 Allowance for Doubtful Accounts 700 Office Supplies 1,900 Preferred Stock, $50 par 10,000 Current Income Taxes Payable 4,200 Accumulated Depreciation: Buildings 12,400 Accumulated Depreciation: Equipment 8,300 Current Interest Payable 2,900 Patents (net) 2,400 Investment in Held to Maturity Bonds 9,000 Notes Payable (due January 1, 2019) 17,000 Cash 8,200 Inventory 24,400 Treasury Stock (at cost) 1,500 Additional Paid-in Capital on Common Stock 7,700 Accrued Wages 3,700 Sinking Fund for Bond Retirement 4,000 Land 9,500 Required: Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
The following is a list (in random order) of KIP International Products Company's December 31, 2016,
|
Additional Paid-in Capital on |
1,600 |
Accounts Payable |
16,500 |
|
|
13,800 |
Prepaid Insurance |
900 |
|
Dividends Payable |
1,800 |
Discount on Bonds Payable |
2,000 |
|
Buildings |
50,000 |
Common Stock, $10 par |
15,000 |
|
Bonds Payable (due 2019) |
29,000 |
Equipment |
29,000 |
|
|
25,800 |
Allowance for Doubtful Accounts |
700 |
|
Office Supplies |
1,900 |
Preferred Stock, $50 par |
10,000 |
|
Current Income Taxes Payable |
4,200 |
|
12,400 |
|
Accumulated Depreciation: Equipment |
8,300 |
Current Interest Payable |
2,900 |
|
Patents (net) |
2,400 |
Investment in Held to Maturity Bonds |
9,000 |
|
Notes Payable (due January 1, 2019) |
17,000 |
Cash |
8,200 |
|
Inventory |
24,400 |
|
1,500 |
|
Additional Paid-in Capital on Common Stock |
7,700 |
Accrued Wages |
3,700 |
|
Sinking Fund for Bond Retirement |
4,000 |
Land |
9,500 |
Required:
- Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
