TEL Company provided the following account balances on Dec. 31, 2019 Accounts Receivable.........................................................................400,000.00 Advances to Officers -not-
Question:
TEL Company provided the following account balances on Dec. 31, 2019
Accounts Receivable.........................................................................400,000.00
Advances to Officers -not- currently collectible ...........................100,000.00
Sinking Fund ......................................................................................400,000.00
Building ........................................................................................5,000,000.00
Longterm Refundable Deposit .......................................................50,000.00
Cash and cash Equivalent ..............................................................500,000.00
Cash Surrender Value .........................................................................60,000.00
Equipment ......................................................................................1,000,000.00
Lease Rights ...................................................................................100,000.00
Accrued Interest on Notes Receivable .............................................10,000.00
Inventories .....................................................................................1,300,000.00
Land ...............................................................................................1,500,000.00
Land Held for Speculation ..............................................................500,000.00
Notes Receivable .........................................................................250,000.00
Computer Software ....................................................................3,250,000.00
Prepaid Expenses ...............................................................................70,000.00
Trading Securities ..........................................................................280,000.00
Unsaved Rent Income .........................................................................40,000.00
Retained Earnnings (deficit) ......................................................(1,800,000.00)
Share Premium- Preference .............................................................500,000.00
Premium o Bonds Payable .............................................................1,000,000.00
Preference Share Capital ...............................................................2,000,000.00
Share Premium- Ordinary ..................................................................200,000.00
Notes Payable .......................................................................................400,000.00
Accrued Salaries ...................................................................................100,000.00
Accumulated Depreciation - Building ...........................................2,000,000.00
Accumulated Depreciation -Equipment ..............................................200,000.00
Allowance for Doubtful Accounts ...........................................................20,000.00
Bonds Payable ......................................................................................5,000,000.00
Dividends Payable .................................................................................120,000.00
Ordinary Shares Capital ..........................................................................5,000,000.00
Withholding Tax Payable ............................................................................30,000.00
Preference Share Redemption Fund .....................................................350,000.00
* Prepare a properly classified statement of Financial Position on Dec. 31,2019
Expert Answer:
TEL COMPANY Statement of Financial Position December 31 2019 Current Assets Cash and Cas... View the full answer
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
