Additional Info 1. The LIFO mthod of inventory is usedi 2. The Cost and fair Value Of the long-term invest, that Consist of stocks (with ownershie less than 20%0 of total Shares) are the same 3. The amount of the Construction in Progress account represents the Costs eXPpended to date on a bilding in the Process of Construction (The Company rents factorY SPace at the Present time) The land on Which the building is being constrycted Cost $85000, 95 shown in the trigl bal. 4. The Patents were Purchased by the Company at a Cost of $40000 and are being amortized on a Straight-line basisa 5.0f the discount on bonds PaY., $23000 wilL be amortized in 2021. E The notes Pay, represent bank loans that gre secured by Jong-tem invest. Carried at $I2g000. These bank loans gre due in 2021. 1 The bonds PaY. bear interest at g0% Pay. every Dec.3I, and are due January 1,2031. & 60goo0 Sheres of Common stock of a par Value of $1 were sutterized of which Sogo00 Shares Were issyed and outstanding. Instructions: Prepare a balance Shtet as o DEG 37,2020, So that Sil imPortant info. is fully disclosed
Additional Info 1. The LIFO mthod of inventory is usedi 2. The Cost and fair Value Of the long-term invest, that Consist of stocks (with ownershie less than 20%0 of total Shares) are the same 3. The amount of the Construction in Progress account represents the Costs eXPpended to date on a bilding in the Process of Construction (The Company rents factorY SPace at the Present time) The land on Which the building is being constrycted Cost $85000, 95 shown in the trigl bal. 4. The Patents were Purchased by the Company at a Cost of $40000 and are being amortized on a Straight-line basisa 5.0f the discount on bonds PaY., $23000 wilL be amortized in 2021. E The notes Pay, represent bank loans that gre secured by Jong-tem invest. Carried at $I2g000. These bank loans gre due in 2021. 1 The bonds PaY. bear interest at g0% Pay. every Dec.3I, and are due January 1,2031. & 60goo0 Sheres of Common stock of a par Value of $1 were sutterized of which Sogo00 Shares Were issyed and outstanding. Instructions: Prepare a balance Shtet as o DEG 37,2020, So that Sil imPortant info. is fully disclosed
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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