Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for the current year 2022 Buildings R.O 1,640,000 1,600,000 Unsecured notes payable (long-term) Goodwill Retained Earnings Payroll taxes payable Land $ 125,000 ? 177,591 480,000 Accumulated depreciation-buildings R.O 270,000 Accumulated depreciation equipment Equipment Inventories Long-term rental obligations Prepaid Expenses 292,000 1,470,000 239,800 480,000 Accounts Payable 490,000 Bonds payable 285,000 Rent payable-short-term Notes Payable to Banks 265,000 Share Capital-preference, $ 10 par value Share Capital-ordinary, $ Ipar value Notes receivable 445,700 Cash 360,000 Income taxes receivable 97,630 Prepare a classified statement of financial position in good form. Share capital- authorized was 400,000 shares, and share capital- preference authorized was 20,000 shares. Assume that notes receivable and notes payable are short term. unless otherwise. Cost and fair value of trading securities are the same Taxes payable Trading securities 87,920 45,000 150,000 200,000 98,362 121,000 Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for the current year 2022 Buildings R.O 1,640,000 1,600,000 Unsecured notes payable (long-term) Goodwill Retained Earnings Payroll taxes payable Land $ 125,000 ? 177,591 480,000 Accumulated depreciation-buildings R.O 270,000 Accumulated depreciation equipment Equipment Inventories Long-term rental obligations Prepaid Expenses 292,000 1,470,000 239,800 480,000 Accounts Payable 490,000 Bonds payable 285,000 Rent payable-short-term Notes Payable to Banks 265,000 Share Capital-preference, $ 10 par value Share Capital-ordinary, $ Ipar value Notes receivable 445,700 Cash 360,000 Income taxes receivable 97,630 Prepare a classified statement of financial position in good form. Share capital- authorized was 400,000 shares, and share capital- preference authorized was 20,000 shares. Assume that notes receivable and notes payable are short term. unless otherwise. Cost and fair value of trading securities are the same Taxes payable Trading securities 87,920 45,000 150,000 200,000 98,362 121,000
Expert Answer:
Answer rating: 100% (QA)
Statement of Financial Position also known as the Balan... View the full answer
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Posted Date:
Students also viewed these accounting questions
-
N balls labeled 1 through N are placed in Box 1 while a Box 2 is initially empty. At each time instant, one of the N balls is chosen (with equally probability) and moved to the other box. Let X [k]...
-
N sources of current with different emf's are connected as shown in Fig. 3.40. The emf's of the sources are proportional to their internal resistances, i.e. ε = aR, where a is an assigned...
-
N = the set of natural numbers, W = the set of whole numbers, Z = the set of integers, Q = the set of rational numbers, I = the set of irrational numbers, and R = the set of real numbers. Classify...
-
In Exercises show that the two formulas are equivalent. tan x dx = - In cos x + C tan x dx = In|sec x] + C
-
Below are line items included in recent statements of cash flows prepared by a national retailer. For some items, the direction of the change in the account is also indicated. 1. Accounts payable,...
-
Which of the following items would be considered strong AI? a. A robot that can beat the best human chess player in the world. b. A robot that can perform a bank reconciliation of millions of...
-
Thermal conductivity of a material may be defined as the: (a) Quantity of heat flowing in one second through one cubic meter of material when opposite faces are maintained at a temperature difference...
-
Below is a summary of all transactions of Mason Furniture for the month of August 2015. Cash Transactions Cash collections from: Customers ................ $82,300 Sale of unused land ................
-
Explain Demings quality principles? with Example
-
Tele Telcom, Inc. is a medium-sized company that produces automotive parts. The company has been in business for over 50 years and has a workforce of approximately 500 employees. Recently, some...
-
Gladstown Manufacturing has added two new products to its range. Its accountant has produced the following summarised financial statement showing the profit earned on these products for the first...
-
box is pulled over a frictiantess surface as shown by pull force Fp , an angle o above the horizontal.If the box's mass is m , and it the upward component of fi is just enough to cause the normal...
-
If there is more than one key for relation schema, then each key in relational schema is called as _ _ _ _ _ _ _ _ .
-
Ashley owned rental property that was deemed substandard by the City of Sacramento. She incurred $50,000 of depreciation expense related to that substandard rental property. How much of the $50,000...
-
If Sharon's parents wanted to accumulate an account balance of $17,500 by her 18th birthday, then how much should they have placed on deposit on her first birthday? $6,499 $6,131 $1,750 $10,980 Now...
-
A square diffraction grating of width 1.7 cm contains 6500 slits. At what angle does light with a wavelength of 380 nm produce the first order maximum? Answer in degrees, . Attach your work for full...
-
Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions. Their...
-
The diagram shows the two forces acting on a small object. Which of the following is the resultant force on the object? A. 8 N downwards B. 8 N upwards C. 2 N downwards D. 2 N upwards 3 N 5 N
-
You are an accountant in the budgetary, projections, and special projects department of Fernetti Conductor, Inc., a large manufacturing company. The president, Richard Brown, asks you on very short...
-
Kirby Corporation had the following transactions. 1. Issued $160,000 of bonds payable. 2. Paid utilities expense. 3. Issued 500 shares of preferred stock for $45,000. 4. Sold land and a building for...
-
The budget committee of Litwin Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2013. 1. Sales for May are expected to be...
-
A small stone is fastened to the top of a standard cart of inertia \(1 \mathrm{~kg}\) to form a combination of unknown inertia \(m_{1}\). A second standard cart is then launched with an initial...
-
Compare the magnitude of the momenta of a \(0.010 \mathrm{~kg}\) bullet fired from a rifle at \(1300 \mathrm{~m} / \mathrm{s}\) and a \(6.5-\mathrm{kg}\) bowling ball lumbering across the floor at...
-
(a) A red cart with an initial speed of \(0.35 \mathrm{~m} / \mathrm{s}\) collides with a stationary standard cart \(\left(m_{\mathrm{s}}=1.0 \mathrm{~kg} ight)\). After the collision, the standard...
Study smarter with the SolutionInn App