1. Problem 8-1(IAA)

Make and prepare a properly classified statement of financial position on December 31, 2020, with brief a explanation.

2. Problem 8-2(IAA)

Make and prepare a properly classified statement of financial position on December 31, 2020, with a brief explanation.

Problem 8-1 (IAA) Problem 8-2 (IAA) Simple Company provided the following account balances on December 31, 2020: Exemplar Company provided the following account balances Share capital on December 31, 2020: Share premium 5,000,000 Accounts receivable 400,000 Retained earnings 500,000 Advances to officers-not currently collectible 100,900 Serial bonds payable (P500,000 due every July 1 880,000 Sinking fund 400,000 of each year) Building 5,000,000 50,000 Employees income tax payable 2,500,000 Long-term refundable deposit Notes payable 20,000 Cash and cash equivalents 500,000 Cash surrender value 60,000 Accrued expenses 100,000 Equipment 1, 000,000 Accrued interest on note payable 30,000 Patent 100,000 10,000 Accrued interest on notes receivable 10,000 Income tax payable 60,000 Inventories 1,300,000 Allowance for doubtful accounts 1,500,000 Advances from customers 50,000 Land 500,000 Accounts receivable 100,000 Land held for speculation Notes receivable 250,000 Accumulated depreciation-building 500,000 1, 600,000 Computer software 3,250,000 1, 300,000 Prepaid expenses 70,000 Accumulated depreciation-machinery Trading securities 280,000 Investment in bonds 40,000 Land 1, 500,000 1,500,000 Unearned rent income Retained earnings (deficit) (1,800,000) Machinery Share premium - preference 500,000 Factory supplies 2,000,000 50,000 1,000,000 Notes receivable 150,000 Premium on bonds payable Preference share capital 2, 000,000 Building 4,000,000 Share premium - ordinary 200,000 Cash 420,000 Notes payable 300,000 Claim receivable 20,000 SSS payable 10,000 Finished goods 400,000 Accounts payable 400,000 Franchise 200,000 Accrued salaries 100,000 Goods in process 600,000 Accumulated depreciation-building 2,000,000 Prepaid insurance 20,000 Accumulated depreciation-equipment 200,000 Raw materials 200,000 Allowance for doubtful accounts 20,000 Trading securities 250,000 Bonds payable 5,000,000 Tools 40,000 Dividends payable 120,000 Goodwill 100,000 Ordinary share capital 5,000,000 Plant expansion fund 500,000 Withholding tax payable Accounts payable 300,000 Preference share redemption fund 30,000 350,000 Required: Required: Prepare a properly classified statement of financial position Prepare a properly classified statement of financial position on December 31, 2020. on December 31, 2020