Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for...

 

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

Answer rating: 100% (QA)

Statement of Financial Position also known as the Balan... View the full answer