The trial balance of ABC Co. as of December 31, 20x1 is shown below: Debits Cash...

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The trial balance of ABC Co. as of December 31, 20x1 is shown below: Debits Cash on hand Cash in bank Accounts receivable Allowance for doubtful accounts Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) Inventories Dairy cattle (used to produce milk) Advances to suppliers Fair value of plan assets Land (held for long term capital appreciation) Land (office building site) Building Accumulated depreciation-Building Patent Accumulated amortization-Patent Web site costs Accumulated amortization-Web site Accounts payable Utility payables Loans payable (short-term bank loan) Discount on loan payable Provision for probable loss on lawsuit Deposit liability for returnable containers (short-term) Present value of defined benefit obligation Ordinary share capital Share premium Share premium-Share warrants outstanding Share premium-Treasury shares Retained earnings Reserves for contingencies Translation gain on foreign operation Treasury shares Totals 120,000 980,000 2,000,000 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 1,200,000 4,800,000 440,000 250,000 740,000 Credits 300,000 1,600,000 80,000 50,000 720,000 80,000 2,500,000 430,000 120,000 2,700,000 4,000,000 600,000 300,000 70,000 1,030,000 190,000 30,000 100,000 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. The trial balance of ABC Co. as of December 31, 20x1 is shown below: Debits Cash on hand Cash in bank Accounts receivable Allowance for doubtful accounts Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) Inventories Dairy cattle (used to produce milk) Advances to suppliers Fair value of plan assets Land (held for long term capital appreciation) Land (office building site) Building Accumulated depreciation-Building Patent Accumulated amortization-Patent Web site costs Accumulated amortization-Web site Accounts payable Utility payables Loans payable (short-term bank loan) Discount on loan payable Provision for probable loss on lawsuit Deposit liability for returnable containers (short-term) Present value of defined benefit obligation Ordinary share capital Share premium Share premium-Share warrants outstanding Share premium-Treasury shares Retained earnings Reserves for contingencies Translation gain on foreign operation Treasury shares Totals 120,000 980,000 2,000,000 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 1,200,000 4,800,000 440,000 250,000 740,000 Credits 300,000 1,600,000 80,000 50,000 720,000 80,000 2,500,000 430,000 120,000 2,700,000 4,000,000 600,000 300,000 70,000 1,030,000 190,000 30,000 100,000 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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a Statement of Financial Position Balance Sheet of ABC Co as of December 31 20x1 Assets Current Assets Cash on hand 120000 Note 1 Cash in bank 980000 Note 1 Accounts receivable 40000 Note 2 Allowance ... View the full answer