The trial balance of Zhang Ltd. at December 31, 2020, follows: Instructions a. Prepare a classified statement
Question:
The trial balance of Zhang Ltd. at December 31, 2020, follows:
Instructions
a. Prepare a classified statement of financial position as at December 31, 2020. Ignore income taxes.
b. Digging Deeper Is there any situation where it would make more sense to have a statement of financial position that is not classified? If so, explain what it is and why.
Credits Debits $ 205,000 Cash Sales revenue $ 8,010,000 FV-NI investments (at fair value) 153,000 4,800,000 Cost of goods sold Bond investment at amortized cost FV-OCI investments (fair value $345,000) 299,000 277,000 Notes payable (due in six months) Accounts payable Selling expenses 98,000 645,000 1,860,000 13,000 Investment income or loss* Land 260,000 Buildings Dividends payable Income tax payable Accounts receivable Accumulated depreciation-buildings 1,040,000 36,000 96,000 515,000 152,000 Allowance for doubtful accounts 25,000 Administrative expenses Interest expense Inventory Gain on disposal of land 900,000 211,000 687,000 60,000 Dividends 40,000 Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares 900,000 600,000 1,000,000 60,000 160,000 809,000 Intangible assets-patents (net) Retained earnings Accumulated other comprehensive income 195,000 218,000 80,000 Totals $12,202,000 $12,202,000
Step by Step Answer:
a Zhang Ltd Statement of Financial Position December 31 2020 Assets Current assets Cash 205000 FV NI investments 153000 Accounts receivable 515000 Les...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The trial balance of Zhang Ltd. at December 31, 2017, follows: Instructions (a) Prepare a classified statement of financial position as at December 31, 2017. Ignore income taxes. (b) Is there any...
-
The trial balance of the Jason Company Ltd. shown below does not balance. Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The...
-
Presented below is the trial balance of Thompson Ltd. at December 31, 2019. A physical count of inventory on December 31 resulted in an inventory amount of £64,000; thus, cost of goods sold for...
-
It has been reported that the 49,600 employees of United Airlines are distributed among the following corporate functions: For the sample space consisting of United employees: a. Draw a Venn diagram...
-
Why are effective planning and control of capital expenditures important?
-
Find the monthly adjusted prices for Tyco International LTD (TYC). If the stock appreciates 11 percent per year, what stock price do you expect to see in five years? In 10 years? Ignore dividends in...
-
Redesign the VOCs adsorber of Example 9.15 for a breakthrough time of \(4.0 \mathrm{~h}\). The pressure drop through the bed [calculated using the Ergun equation (2-95)] should not exceed \(1.0...
-
Arquitectos Interiores of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Alfonso Jiminez, Arquitectos...
-
What are some similarities and differences between the Microsoft SQL Server, Oracle Database, Amazon Aurora, IBM Db2, and MySQL relational database vendors?
-
A crate of mass 300 kg is raised by an electric motor through a height of 60 m in 45 s. Calculate: a. The weight of the crane (g = 10 N/kg) b. The useful work done. c. The useful power of the motor...
-
Aero Inc. had the following statement of financial position at the end of operations for 2019: During 2020, the following occurred: 1. Aero liquidated its FV-NI investments portfolio at a loss of...
-
Jia Inc. applies ASPE and had the following statement of financial position at the end of operations for 2019: During 2020, the following occurred: 1. Jia Inc. sold some of its trademarks. The...
-
August 8, 2019, was a grim day at the San Francisco headquarters of Uber, the global leader in ride-hailing companies. That day it announced a staggering loss of $5.2 billion in just the previous 3...
-
The Fair Debt Collection Practices Act applies to anyone who attempts to collect a debt. (True/False)
-
How can research performance be measured?
-
To be negotiable, an instrument must include an unconditional promise to pay. (True/False)
-
Are only unconditional promises or orders negotiable? If yes, why? If no, why not?
-
Rich Foods Company advertises that its cereal, Fiber Rich, reduces cholesterol. After an investigation and a hearing, the FTC finds no evidence to support the claim. To correct the publics impression...
-
Kowloon Ltd. purchased land and a building on January 1, 2017. Management's best estimate of the value of the land was HK$1,000,000 and of the building HK$2,000,000. However, management told the...
-
Graph one period of each function. y = 4 cos x
-
Opsco Corp. provides the following information about its post-retirement health-care benefit plan for the year 2020: Instructions a. Assuming Opsco follows IFRS, calculate the post-retirement benefit...
-
Refer to BE19.16 and Saver Corporation's one-person defined benefit pension plan. If the change in the January 1, 2020 defined benefit obligation had been the result of an actuarial revaluation...
-
Refer to the information in E19.16 and assume Opsco Corp. applies IFRS. Instructions Complete a post-retirement work sheet for 2020, and prepare all required journal entries related to the plan made...
-
Driving 30 miles per hour involves a ratio of two numbers. It can be written as a fraction: (30 miles)/(1 hour), or the way we most commonly see it: 30 mph. Let's start the discussion this week by...
-
Digital Fingers Glovers bought 347 pairs of gloves at $27 per pair. 200 pairs were sold in the first month, at the regular price of $43 per pair. Another 57 pairs were sold in the second month at a...
-
Optimization: Please use KKT conditions for solving all three problems 1. Minimize x2 subject to |x| = constant. Show that the answer is "flat"! 2. Solve the following min f(x, y) = y x2 subject to...
Study smarter with the SolutionInn App