Question
Assume that Gullistan Inc. has the following accounts at the end of the current year. 1. Share capital-ordinary 2. Notes payable (long term) 3. Treasury
Assume that Gullistan Inc. has the following accounts at the end of the current year. 1. Share capital-ordinary 2. Notes payable (long term) 3. Treasury shares (at cost) 4. Notes payable (short term) 5. Raw materials 6. Long-term investment in preference shares 7. Unearned rent revenue 8. Work in process 9. Copyrights 10. Buildings 11. Notes receivable (short term) 12. Cash 13. Salaries & wages payable 14. Accumulated depreciation-buildings 15. Cash restricted for plant expansion 16. Land held for future plant site 17. Allowance for doubtful accounts (accounts receivable) 18. Retained earnings 19. Share premium- ordinary 20. Unearned service revenue 21. Receivables-officers (due in 1 year) 22. Finished goods 23. Accounts receivable 24. Bonds payable (due in 4 years) Prepare a classified statement of financial position in good form
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