The bookkeeper of XYZ COMPANY prepared the following statement of financial position: Current Assets Inventory Accounts...

 

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The bookkeeper of XYZ COMPANY prepared the following statement of financial position: Current Assets Inventory Accounts receivable Cash Treasury shares (at cost) Long Term Investments Temporary investments in marketable securities Investments in held-to- maturity bonds Plant and Equipment Land Office supplies Buildings and equipment Intangibles Patents (net) Prepaid insurance (6 months) Discount on bonds payable Total Assets P P XYZ COMPANY Statement of Financial Position For Year Ended December 31, 2020 600,000 590,000 180,000 330,000 580,000 1,030,000 810,000 80,000 3,560,000 470,000 120,000 100,000 8,450,000 Current Liabilities Accounts payable Allowance for doubtful accounts Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) Owners' Equity Retained earnings Accumulated depreciation on buildings and equipment Premium on ordinary shares Ordinary share capital, P10 par Total Credits Required: You ascertained that the account balances listed on the statement of financial position are correct, but, in certain cases, incorrectly classified. Prepare a properly classified statement of financial position for XYZ COMPANY. Observe correct report format. 1,100,000 30,000 380,000 250,000 1,100,000 120,000 2,420,000 920,000 930,000 1,200,000 8,450,000 The bookkeeper of XYZ COMPANY prepared the following statement of financial position: Current Assets Inventory Accounts receivable Cash Treasury shares (at cost) Long Term Investments Temporary investments in marketable securities Investments in held-to- maturity bonds Plant and Equipment Land Office supplies Buildings and equipment Intangibles Patents (net) Prepaid insurance (6 months) Discount on bonds payable Total Assets P P XYZ COMPANY Statement of Financial Position For Year Ended December 31, 2020 600,000 590,000 180,000 330,000 580,000 1,030,000 810,000 80,000 3,560,000 470,000 120,000 100,000 8,450,000 Current Liabilities Accounts payable Allowance for doubtful accounts Salaries payable Taxes payable Long Term Liabilities Bonds payable (due 2022) Unearned rent (3 months) Owners' Equity Retained earnings Accumulated depreciation on buildings and equipment Premium on ordinary shares Ordinary share capital, P10 par Total Credits Required: You ascertained that the account balances listed on the statement of financial position are correct, but, in certain cases, incorrectly classified. Prepare a properly classified statement of financial position for XYZ COMPANY. Observe correct report format. 1,100,000 30,000 380,000 250,000 1,100,000 120,000 2,420,000 920,000 930,000 1,200,000 8,450,000

Answer rating: 100% (QA)

XYZ COMPANY Statement of Financial Position As of December 31 2020 Assets Current Assets Cash ... View the full answer