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42 1,600,000 Accumulated depreciation - Bldg. Patent 440,000 80,000 Accumulated amortization- Patent Web site costs Accumulated amortization - Web site Accounts payable Uslity 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 250,000 50,000 720,000 S0,000 2,500,000 740.000 430,000 120,000 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 Evening Co. Make a proper heading for the financial statement. Observe compliance with the general feature of "materiality and aggregation." 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. PROBLEM 3: EXERCISE 1. The trial balance of Evening Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand 120,000 980,000 2,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 300,000 Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 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 1,200,000 4,800,000

42 1,600,000 Accumulated depreciation - Bldg. Patent 440,000 80,000 Accumulated amortization- Patent Web site costs Accumulated amortization - Web site Accounts payable Uslity 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 250,000 50,000 720,000 S0,000 2,500,000 740.000 430,000 120,000 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 Evening Co. Make a proper heading for the financial statement. Observe compliance with the general feature of "materiality and aggregation." 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. PROBLEM 3: EXERCISE 1. The trial balance of Evening Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand 120,000 980,000 2,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 300,000 Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 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 1,200,000 4,800,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 2.5P: Missing amounts from Financial statements The financial statements at the end of Network Realty,...
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42 1,600,000 Accumulated depreciation - Bldg. Patent 440,000 80,000 Accumulated amortization- Patent Web site costs Accumulated amortization - Web site Accounts payable Uslity 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 250,000 50,000 720,000 S0,000 2,500,000 740.000 430,000 120,000 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 Evening Co. Make a proper heading for the financial statement. Observe compliance with the general feature of "materiality and aggregation." 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.
Transcribed Image Text:42 1,600,000 Accumulated depreciation - Bldg. Patent 440,000 80,000 Accumulated amortization- Patent Web site costs Accumulated amortization - Web site Accounts payable Uslity 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 250,000 50,000 720,000 S0,000 2,500,000 740.000 430,000 120,000 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 Evening Co. Make a proper heading for the financial statement. Observe compliance with the general feature of "materiality and aggregation." 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.
PROBLEM 3: EXERCISE 1. The trial balance of Evening Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand 120,000 980,000 2,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 300,000 Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 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 1,200,000 4,800,000
Transcribed Image Text:PROBLEM 3: EXERCISE 1. The trial balance of Evening Co. as of December 31, 20x1 is shown below: Debits Credits Cash on hand 120,000 980,000 2,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 300,000 Advances to employees Advances to officers (due in 20x3) Advances to affiliates (no agreed due date) 40,000 130,000 670,000 200,000 1,200,000 30,000 1,000,000 900,000 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 1,200,000 4,800,000
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