Balance Sheet

The following is a list (in random order) of KIP International Products Companys December 31, 2013 balance sheet accounts of the International Products Company:

Additional Paid-In Capital on Preferred Stock	$ 3,120	Accounts Payable	$ 12,800
Accounts Receivable	13,800	Prepaid Insurance	1,170
Dividends Payable	1,710	Discount on Bonds Payable	1,800
Buildings	51,800	Common Stock, $10 par	15,000
Bonds Payable (due 2016)	20,400	Equipment	37,600
Retained Earnings	59,870	Allowance for Doubtful Accounts	630
Office Supplies	2,790	Preferred Stock, $50 par	19,500
Current Income Taxes Payable	2,610	Accumulated Depreciation: Buildings	15,600
Accumulated Depreciation: Equipment	10,000	Current Interest Payable	2,330
Patents (net)	3,600	Investment in Held-to-Maturity Bonds	9,300
Notes Payable (due January 1, 2016)	10,300	Cash	8,900
Inventory	39,300	Treasury Stock (at cost)	1,500
Additional Paid-In Capital on Common Stock	7,900	Accrued Wages	3,890
Sinking Fund for Bond Retirement	3,800	Land	10,300

Required:

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1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2013.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2013
Assets
Current Assets
Bonds payable (due 2016) Cash Less: Accumulated depreciation-buildings Accrued wages Insurance Retained earnings Accounts payable Office supplies Investment in held-to-maturity bonds Sinking fund for bond retirement Preferred stock $50 par Current income taxes payable Patents (net) Dividends payable Inventory Less: Treasury stock (at cost) Buildings Add: Treasury stock (at cost) Less: Accumulated depreciation-equipment Common stock, $10 par Equipment Current interest payable Notes payable (due 1/1/2016) Additional paid-in capital on preferred stock Less: Discount on bonds payable Land Correct 4 of Item 1	$ Correct 5 of Item 1
Equipment Sinking fund for bond retirement Less: Discount on bonds payable Buildings Notes payable (due 1/1/2016) Less: Accumulated depreciation-equipment Less: Treasury stock (at cost) Preferred stock $50 par Dividends payable Current interest payable Common stock, $10 par Less: Accumulated depreciation-buildings Investment in held-to-maturity bonds Patents (net) Additional paid-in capital on preferred stock Land Retained earnings Bonds payable (due 2016) Accounts receivable Accounts payable Insurance Current income taxes payable Office supplies Add: Treasury stock (at cost) Accrued wages Correct 6 of Item 1	$ Correct 7 of Item 1
Land Insurance Notes payable (due 1/1/2016) Equipment Retained earnings Less: Treasury stock (at cost) Add: Treasury stock (at cost) Accounts payable Less: Allowance for doubtful accounts Preferred stock $50 par Office supplies Bonds payable (due 2016) Additional paid-in capital on preferred stock Less: Accumulated depreciation-equipment Less: Accumulated depreciation-buildings Patents (net) Dividends payable Buildings Current interest payable Investment in held-to-maturity bonds Common stock, $10 par Accrued wages Less: Discount on bonds payable Sinking fund for bond retirement Current income taxes payable Correct 8 of Item 1	Correct 9 of Item 1	Correct 10 of Item 1
Office supplies Land Accrued wages Bonds payable (due 2016) Current interest payable Accounts payable Sinking fund for bond retirement Buildings Preferred stock $50 par Investment in held-to-maturity bonds Additional paid-in capital on preferred stock Less: Accumulated depreciation-buildings Retained earnings Equipment Less: Treasury stock (at cost) Add: Treasury stock (at cost) Patents (net) Insurance Less: Accumulated depreciation-equipment Inventory Dividends payable Current income taxes payable Notes payable (due 1/1/2016) Less: Discount on bonds payable Common stock, $10 par Correct 11 of Item 1	Correct 12 of Item 1
Prepaid items
Retained earnings Common stock, $10 par Less: Accumulated depreciation-equipment Investment in held-to-maturity bonds Land Current interest payable Accounts receivable Bonds payable (due 2016) Less: Treasury stock (at cost) Add: Treasury stock (at cost) Less: Discount on bonds payable Insurance Equipment Buildings Sinking fund for bond retirement Inventory Dividends payable Less: Accumulated depreciation-buildings Preferred stock $50 par Notes payable (due 1/1/2016) Current income taxes payable Accounts payable Patents (net) Less: Allowance for doubtful accounts Accrued wages Cash Additional paid-in capital on preferred stock Correct 14 of Item 1	$ Correct 15 of Item 1
Retained earnings Less: Accumulated depreciation-equipment Common stock, $10 par Notes payable (due 1/1/2016) Equipment Less: Treasury stock (at cost) Add: Treasury stock (at cost) Less: Allowance for doubtful accounts Additional paid-in capital on preferred stock Less: Discount on bonds payable Dividends payable Cash Office supplies Sinking fund for bond retirement Buildings Accounts payable Current income taxes payable Investment in held-to-maturity bonds Current interest payable Preferred stock $50 par Less: Accumulated depreciation-buildings Accounts receivable Bonds payable (due 2016) Patents (net) Accrued wages Inventory Land Correct 16 of Item 1	Correct 17 of Item 1	Correct 18 of Item 1
Total current assets	$ Correct 20 of Item 1
Long-Term Investments
Additional paid-in capital on preferred stock Cash Dividends payable Investment in held-to-maturity bonds Less: Treasury stock (at cost) Add: Treasury stock (at cost) Equipment Less: Accumulated depreciation-buildings Accrued wages Preferred stock $50 par Office supplies Buildings Bonds payable (due 2016) Current interest payable Accounts payable Less: Discount on bonds payable Accounts receivable Less: Allowance for doubtful accounts Insurance Inventory Current income taxes payable Retained earnings Less: Accumulated depreciation-equipment Common stock, $10 par Notes payable (due 1/1/2016) Patents (net) Land Correct 22 of Item 1	$ Correct 23 of Item 1
Patents (net) Less: Accumulated depreciation-buildings Less: Discount on bonds payable Accrued wages Accounts payable Preferred stock $50 par Buildings Notes payable (due 1/1/2016) Less: Accumulated depreciation-equipment Cash Land Office supplies Less: Allowance for doubtful accounts Current interest payable Current income taxes payable Insurance Inventory Accounts receivable Dividends payable Common stock, $10 par Retained earnings Equipment Additional paid-in capital on preferred stock Sinking fund for bond retirement Less: Treasury stock (at cost) Add: Treasury stock (at cost) Bonds payable (due 2016) Correct 24 of Item 1	Correct 25 of Item 1
Total long-term investments	Correct 27 of Item 1
Property, Plant, and Equipment
Current income taxes payable Bonds payable (due 2016) Patents (net) Sinking fund for bond retirement Less: Allowance for doubtful accounts Preferred stock $50 par Accounts receivable Dividends payable Additional paid-in capital on preferred stock Cash Land Less: Treasury stock (at cost) Add: Treasury stock (at cost) Accounts payable Notes payable (due 1/1/2016) Insurance Investment in held-to-maturity bonds Accrued wages Office supplies Current interest payable Less: Discount on bonds payable Retained earnings Common stock, $10 par Inventory Correct 29 of Item 1	$ Correct 30 of Item 1
Preferred stock $50 par Insurance Less: Discount on bonds payable Notes payable (due 1/1/2016) Sinking fund for bond retirement Patents (net) Less: Treasury stock (at cost) Add: Treasury stock (at cost) Less: Allowance for doubtful accounts Accrued wages Accounts payable Accounts receivable Buildings Bonds payable (due 2016) Current income taxes payable Inventory Additional paid-in capital on preferred stock Investment in held-to-maturity bonds Dividends payable Current interest payable Office supplies Retained earnings Cash Common stock, $10 par Correct 31 of Item 1	$ Correct 32 of Item 1
Preferred stock $50 par Bonds payable (due 2016) Common stock, $10 par Less: Discount on bonds payable Additional paid-in capital on preferred stock Less: Allowance for doubtful accounts Dividends payable Accounts payable Current income taxes payable Retained earnings Cash Inventory Accounts receivable Office supplies Less: Accumulated depreciation-building Less: Treasury stock (at cost) Add: Treasury stock (at cost) Accrued wages Notes payable (due 1/1/2016) Patents (net) Sinking fund for bond retirement Current interest payable Investment in held-to-maturity bonds Insurance Correct 33 of Item 1	Correct 34 of Item 1	Correct 35 of Item 1
Bonds payable (due 2016) Retained earnings Accrued wages Accounts payable Current income taxes payable Less: Discount on bonds payable Insurance Office supplies Sinking fund for bond retirement Equipment Additional paid-in capital on preferred stock Current interest payable Preferred stock $50 par Notes payable (due 1/1/2016) Dividends payable Common stock, $10 par Less: Treasury stock (at cost) Add: Treasury stock (at cost) Accounts receivable Inventory Investment in held-to-maturity bonds Less: Allowance for doubtful accounts Patents (net) Cash Correct 36 of Item 1	$ Correct 37 of Item 1
Insurance Current income taxes payable Accounts receivable Sinking fund for bond retirement Patents (net) Investment in held-to-maturity bonds Less: Treasury stock (at cost) Add: Treasury stock (at cost) Less: Accumulated depreciation-equipment Inventory Accounts payable Notes payable (due 1/1/2016) Bonds payable (due 2016) Current interest payable Dividends payable Preferred stock $50 par Cash Accrued wages Common stock, $10 par Office supplies Additional paid-in capital on preferred stock Less: Discount on bonds payable Less: Allowance for doubtful accounts Retained earnings Correct 38 of Item 1	Correct 39 of Item 1	Correct 40 of Item 1
Total property, plant, and equipment	Correct 42 of Item 1
Intangible Assets
Less: Accumulated depreciation-buildings Preferred stock $50 par Less: Accumulated depreciation-equipment Less: Treasury stock (at cost) Add: Treasury stock (at cost) Notes payable (due 1/1/2016) Current interest payable Less: Allowance for doubtful accounts Office supplies Bonds payable (due 2016) Retained earnings Less: Discount on bonds payable Accrued wages Patents (net) Accounts payable Common stock, $10 par Inventory Accounts receivable Equipment Current income taxes payable Additional paid-in capital on preferred stock Land Buildings Insurance Cash Dividends payable Correct 44 of Item 1	Correct 45 of Item 1
Total Assets	$ Correct 47 of Item 1
Liabilities
Current Liabilities
Insurance Sinking fund for bond retirement Equipment Buildings Bonds payable (due 2016) Office supplies Accounts receivable Patents (net) Notes payable (due 1/1/2016) Inventory Less: Allowance for doubtful accounts Retained earnings Less: Discount on bonds payable Common stock, $10 par Less: Accumulated depreciation-equipment Preferred stock $50 par Cash Land Additional paid-in capital on preferred stock Less: Accumulated depreciation-buildings Less: Treasury stock (at cost) Add: Treasury stock (at cost) Investment in held-to-maturity bonds Accounts payable Correct 49 of Item 1	$ Correct 50 of Item 1
Equipment Less: Treasury stock (at cost) Add: Treasury stock (at cost) Cash Accounts receivable Less: Discount on bonds payable Insurance Retained earnings Inventory Current interest payable Additional paid-in capital on preferred stock Land Patents (net) Investment in held-to-maturity bonds Office supplies Sinking fund for bond retirement Notes payable (due 1/1/2016) Bonds payable (due 2016) Preferred stock $50 par Common stock, $10 par Buildings Less: Accumulated depreciation-equipment Less: Allowance for doubtful accounts Less: Accumulated depreciation-buildings Correct 51 of Item 1	Correct 52 of Item 1
Land Less: Discount on bonds payable Bonds payable (due 2016) Inventory Less: Allowance for doubtful accounts Preferred stock $50 par Investment in held-to-maturity bonds Buildings Equipment Additional paid-in capital on preferred stock Sinking fund for bond retirement Less: Accumulated depreciation-equipment Notes payable (due 1/1/2016) Patents (net) Less: Accumulated depreciation-buildings Retained earnings Cash Less: Treasury stock (at cost) Add: Treasury stock (at cost) Insurance Common stock, $10 par Office supplies Accounts receivable Dividends payable Correct 53 of Item 1	Correct 54 of Item 1
Buildings Less: Allowance for doubtful accounts Office supplies Preferred stock $50 par Additional paid-in capital on preferred stock Notes payable (due 1/1/2016) Investment in held-to-maturity bonds Less: Discount on bonds payable Accrued wages Patents (net) Insurance Inventory Less: Accumulated depreciation-buildings Sinking fund for bond retirement Cash Equipment Less: Accumulated depreciation-equipment Retained earnings Accounts receivable Common stock, $10 par Land Bonds payable (due 2016) Less: Treasury stock (at cost) Add: Treasury stock (at cost) Correct 55 of Item 1	Correct 56 of Item 1
Less: Allowance for doubtful accounts Patents (net) Preferred stock $50 par Land Inventory Buildings Current income taxes payable Less: Accumulated depreciation-equipment Insurance Office supplies Retained earnings Less: Treasury stock (at cost) Add: Treasury stock (at cost) Common stock, $10 par Investment in held-to-maturity bonds Equipment Less: Discount on bonds payable Cash Sinking fund for bond retirement Additional paid-in capital on preferred stock Less: Accumulated depreciation-buildings Bonds payable (due 2016) Notes payable (due 1/1/2016) Accounts receivable Correct 57 of Item 1	Correct 58 of Item 1
Total current liabilities	$ Correct 60 of Item 1
Long-Term Liabilities
Less: Accumulated depreciation-buildings Bonds payable (due 2016) Less: Discount on bonds payable Office supplies Buildings Cash Retained earnings Inventory Land Investment in held-to-maturity bonds Less: Allowance for doubtful accounts Insurance Equipment Additional paid-in capital on preferred stock Accounts receivable Less: Accumulated depreciation-equipment Less: Treasury stock (at cost) Add: Treasury stock (at cost) Common stock, $10 par Sinking fund for bond retirement Patents (net) Preferred stock $50 par Correct 62 of Item 1	$ Correct 63 of Item 1
Less: Allowance for doubtful accounts Sinking fund for bond retirement Less: Treasury stock (at cost) Add: Treasury stock (at cost) Investment in held-to-maturity bonds Less: Accumulated depreciation-buildings Additional paid-in capital on preferred stock Office supplies Common stock, $10 par Insurance Buildings Patents (net) Equipment Less: Discount on bonds payable Land Preferred stock $50 par Retained earnings Inventory Cash Accounts payable Less: Accumulated depreciation-equipment Accounts receivable Correct 64 of Item 1	Correct 65 of Item 1
Subtotal	$ Correct 67 of Item 1
Inventory Office supplies Insurance