The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance
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Question:
The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company:
Additional Paid-In Capital on Preferred Stock | $ 1,840 | Accounts Payable | $ 11,600 | ||||
Accounts Receivable | 13,800 | Prepaid Insurance | 1,120 | ||||
Dividends Payable | 1,780 | Discount on Bonds Payable | 2,600 | ||||
Buildings | 53,500 | Common Stock, $10 par | 18,000 | ||||
Bonds Payable (due 2019) | 28,500 | Equipment | 33,900 | ||||
Retained Earnings | 77,130 | Allowance for Doubtful Accounts | 620 | ||||
Office Supplies | 2,220 | Preferred Stock, $50 par | 11,500 | ||||
Current Income Taxes Payable | 2,580 | Accumulated Depreciation: Buildings | 11,900 | ||||
Accumulated Depreciation: Equipment | 6,500 | Current Interest Payable | 2,230 | ||||
Patents (net) | 2,600 | Investment in Held-to-Maturity Bonds | 14,400 | ||||
Notes Payable (due January 1, 2019) | 10,700 | Cash | 8,300 | ||||
Inventory | 44,000 | Treasury Stock (at cost) | 1,800 | ||||
Additional Paid-In Capital on Common Stock | 5,900 | Accrued Wages | 2,460 | ||||
Sinking Fund for Bond Retirement | 4,800 | Land | 10,200 |
Required:
1). Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016.
2). Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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