lon 2: Prepare a balance sheet for ABC Corporation as of December 31, 2021, based on the following information: Initial Investment by the shareholders 500,000 cash at bank 110,000 Goods and services purchased but not yet made payment to the vendor patents and copyrights Advance payment made to vendors Investment in Govt Bond ((can be encashed at any time) Long term obligations 30,000 50,000 5,000 150,000 120,000 Value of Land 200,000 Products sold but payment from customers yet to receive Value of Equipment & furniture Inventory of finished goods and raw materials Taxes payable 50,000 60,000 75,000 8,000 Portion of the profit reinvested into business 30,000 Salary and other benefits due 4,000 A balance sheet is a financial document that tells how much a company is worth- its “book value But to assess a company's operation performance, what other financial statement is required?

lon 2: Prepare a balance sheet for ABC Corporation as of December 31, 2021, based on the following information: Initial Investment by the shareholders 500,000 cash at bank 110,000 Goods and services purchased but not yet made payment to the vendor patents and copyrights Advance payment made to vendors Investment in Govt Bond ((can be encashed at any time) Long term obligations 30,000 50,000 5,000 150,000 120,000 Value of Land 200,000 Products sold but payment from customers yet to receive Value of Equipment & furniture Inventory of finished goods and raw materials Taxes payable 50,000 60,000 75,000 8,000 Portion of the profit reinvested into business 30,000 Salary and other benefits due 4,000 A balance sheet is a financial document that tells how much a company is worth- its “book value But to assess a company's operation performance, what other financial statement is required?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.4C

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