Question: Good day! Can someone help me to answer this, asap? Thank you so much! :> Chapter 1 - Exercise 1. The trial balance of ABC

Good day! Can someone help me to answer this, asap? Thank you so much! :>

Good day! Can someone help me to answer this, asap? Thank you

Chapter 1 - Exercise 1. The trial balance of ABC Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand 20,000 Cash in bank 980,000 Accounts receivable 2,000,000 Allowance for doubtful accounts 300,000 Advances to employees 40,000 Advances to officers (due in 20x3) 130,000 Advances to affiliates (no agreed due date) 670,000 Inventories 200,000 Dairy cattle (used to produce milk) 1,200,000 Advances to suppliers 30,000 Fair value of plan assets 1,000,000 Land (held for long term capital appreciation) 900,000 Land (office building site) 1,200,000 Building 4,800,000 Accumulated depreciation-Building 1,600,000 Patent 440,000 Accumulated amortization-Patent 80,000 Web site costs 250,000 Accumulated amortization-Web site 50,000 Accounts payable 720,000 Utility payables 80,000 Loans payable (short-term bank loan) 2,500,000 Discount on loan payable 740,000 Provision for probable loss on lawsuit 430,000 Deposit liability for returnable containers (short-term) 120,000 Present value of defined benefit obligation 2,700,000 Ordinary share capital 4,000,000 Share premium 600,000 Share premium-Share warrants outstanding 300,000 Share premium-Treasury shares 70,000 Retained earnings 1,030,000 Reserves for contingencies 190,000 Translation gain on foreign operation 30,000 Treasury shares 100,000 Totals 14,800,000 14,800,000 Requirements: a. Prepare the statement of financial position of ABC Co. b. Prepare notes showing the breakdown of line items in the financial statement. Make proper cross-referencing of those notes. Use "Note 6" as your first cross- reference

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