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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Balance Sheet The following is a list (in random order) of KIP International Products Company’s December 31, 2019, balance sheet accounts:

Chapter 4, Problem 10P, Balance Sheet The following is a list (in random order) of KIP International Products Companys

Required:

  1. 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019.
  2. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

1.

To determine

Prepare a properly classified balance sheet for Company K as of December 31, 2019 according to GAAP.

Explanation

Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ equity are categorized or classified further into sections, and sub-sections in a classified balance sheet. Assets are further classified as current assets, long-term investments, property, plant, and equipment (PPE), and intangible assets. Liabilities are classified into two sections current and long-term. Stockholders’ equity comprises of common stock and retained earnings. Thus, the classified balance sheet includes all the elements under different sections...

2.

To determine

Prepare a properly classified balance sheet for Company K as of December 31, 2019 according to IFRS.

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