Assume that Lee Inc. has the following accounts at the end of the current year: 1. Common

Question:

Assume that Lee Inc. has the following accounts at the end of the current year:
1. Common Shares
2. Raw Materials Inventory
3. FV-OCI Investments
4. Unearned Rent Revenue
5. Work-in-Process Inventory
6. -Copyrights
7. Buildings
8. Notes Receivable (due in three months)
9. Cash (includes Restricted Cash-see item 12)
10. Salaries and Wages Payable
11. Accumulated Depreciation-Buildings
12. Restricted Cash (for plant expansion)
13. Land Held for Future Plant Site
14. Allowance for Doubtful Accounts
15. Retained Earnings
16. Unearned Subscriptions Revenue (earned in the next year)
17. Accounts Receivable-Officers (due in one year)
18. Finished Goods Inventory
19. Bonds Payable (due in four years)
21.
Instructions
Prepare a classified statement of financial position in good form (no monetary amounts are necessary).
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...