Question

While on assignment you discover that you have misplaced the balance sheet of Bird Corporation as of January 1, Year 1. However, you do have the following data on Bird Corporation:
BIRD CORPORATION
Postclosing Trial Balance
December 31, Year 1
Debit balances
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000
Accounts receivable. . . . . . . . . . . . . . . . . . 120,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000
Property, plant, and equipment . . . . . . . . . 550,000
Other noncurrent investments . . . . . . . . . . 200,000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,100,000
Credit balances
Accounts payable. . . . . . . . . . . . . . . . . . $ 100,000
Current portion of long-term debt. . . . . . . . 80,000
Accumulated depreciation. . . . . . . . . . . . . 270,000
Long-term debt . . . . . . . . . . . . . . . . . . . . . 200,000
Common stock. . . . . . . . . . . . . . . . . . . . . . 300,000
Retained earnings. . . . . . . . . . . . . . . . . . . 150,000
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,100,000

BIRD CORPORATION
Statement of Cash Flows
For Year Ended December 31, Year 1


Required:
Using the available data and information, prepare the balance sheet of Bird Corporation as of
January 1, Year 1. T-accounts can be helpful in reconstructing the individual accounts. (Equipment sold had accumulated depreciation of$50,000.)


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  • CreatedJanuary 22, 2015
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