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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: Additional Paid-In Capital
Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $ 800 Accounts Payable $ 17,000 Accounts Receivable 14,000 Prepaid Insurance 1,150 Dividends Payable 1,910 Discount on Bonds Payable 3,000 Buildings 57,200 Common Stock, $10 par 20,000 Bonds Payable (due 2022) 28,700 Equipment 36,900 Retained Earnings 69,650 Allowance for Doubtful Accounts 610 Office Supplies 2,330 Preferred Stock, $50 par 5,000 Current Income Taxes Payable 3,700 Accumulated Depreciation: Buildings 11,500 Accumulated Depreciation: Equipment 6,000 Current Interest Payable 2,110 Patents (net) 5,500 Investment in Held-to-Maturity Bonds 8,800 Notes Payable (due January 1, 2025) 15,400 Cash 9,900 Inventory 28,500 Treasury Stock (at cost) 2,000 Additional Paid-In Capital on Common Stock 5,000 Accrued Wages 2,500 Sinking Fund for Bond Retirement 5,800 Land 14,800 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet
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