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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 on
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 | 14,500 | Prepaid Insurance | 1,590 | ||||
Dividends Payable | 1,590 | Discount on Bonds Payable | 3,000 | ||||
Buildings | 74,900 | Common Stock, $10 par | 17,000 | ||||
Bonds Payable (due 2022) | 28,600 | Equipment | 32,800 | ||||
Retained Earnings | 82,570 | Allowance for Doubtful Accounts | 640 | ||||
Office Supplies | 1,830 | Preferred Stock, $50 par | 5,000 | ||||
Current Income Taxes Payable | 3,320 | Accumulated Depreciation: Buildings | 13,500 | ||||
Accumulated Depreciation: Equipment | 7,800 | Current Interest Payable | 2,700 | ||||
Patents (net) | 4,500 | Investment in Held-to-Maturity Bonds | 13,800 | ||||
Notes Payable (due January 1, 2025) | 14,900 | Cash | 9,500 | ||||
Inventory | 31,200 | Treasury Stock (at cost) | 1,700 | ||||
Additional Paid-In Capital on Common Stock | 6,800 | Accrued Wages | 2,900 | ||||
Sinking Fund for Bond Retirement | 3,000 | Land | 12,800 |
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 December 31, 2019 | |||
Assets | |||
Current Assets: | |||
$ fill in the blank aac3c3072fddf98_2 | |||
$ fill in the blank aac3c3072fddf98_4 | |||
fill in the blank aac3c3072fddf98_6 | fill in the blank aac3c3072fddf98_7 | ||
fill in the blank aac3c3072fddf98_9 | |||
Prepaid items: | |||
$ fill in the blank aac3c3072fddf98_11 | |||
fill in the blank aac3c3072fddf98_13 | fill in the blank aac3c3072fddf98_14 | ||
Total current assets | $ fill in the blank aac3c3072fddf98_15 | ||
Long-Term Investments: | |||
$ fill in the blank aac3c3072fddf98_17 | |||
fill in the blank aac3c3072fddf98_19 | |||
Total long-term investments | fill in the blank aac3c3072fddf98_20 | ||
Property, Plant, and Equipment: | |||
$ fill in the blank aac3c3072fddf98_22 | |||
$ fill in the blank aac3c3072fddf98_24 | |||
fill in the blank aac3c3072fddf98_26 | fill in the blank aac3c3072fddf98_27 | ||
$ fill in the blank aac3c3072fddf98_29 | |||
fill in the blank aac3c3072fddf98_31 | fill in the blank aac3c3072fddf98_32 | ||
Total property, plant, and equipment | fill in the blank aac3c3072fddf98_33 | ||
Intangible Assets: | |||
fill in the blank aac3c3072fddf98_35 | |||
Total Assets | $ fill in the blank aac3c3072fddf98_36 | ||
Liabilities | |||
Current Liabilities: | |||
$ fill in the blank aac3c3072fddf98_38 | |||
fill in the blank aac3c3072fddf98_40 | |||
fill in the blank aac3c3072fddf98_42 | |||
fill in the blank aac3c3072fddf98_44 | |||
fill in the blank aac3c3072fddf98_46 | |||
Total current liabilities | $ fill in the blank aac3c3072fddf98_47 | ||
Long-Term Liabilities: | |||
$ fill in the blank aac3c3072fddf98_49 | |||
fill in the blank aac3c3072fddf98_51 | |||
$ fill in the blank aac3c3072fddf98_52 | |||
fill in the blank aac3c3072fddf98_54 | |||
Total long-term liabilities | fill in the blank aac3c3072fddf98_55 | ||
Total Liabilities | $ fill in the blank aac3c3072fddf98_56 | ||
Shareholders' Equity | |||
Contributed Capital: | |||
$ fill in the blank aac3c3072fddf98_58 | |||
fill in the blank aac3c3072fddf98_60 | |||
fill in the blank aac3c3072fddf98_62 | |||
fill in the blank aac3c3072fddf98_64 | |||
Total contributed capital | $ fill in the blank aac3c3072fddf98_65 | ||
fill in the blank aac3c3072fddf98_67 | |||
Total contributed capital and retained earnings | $ fill in the blank aac3c3072fddf98_68 | ||
fill in the blank aac3c3072fddf98_70 | |||
Total shareholders' equity | fill in the blank aac3c3072fddf98_71 | ||
Total liabilities and shareholders' equity | $ fill in the blank aac3c3072fddf98_72 |
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.
KIP INTERNATIONAL PRODUCTS COMPANY | |||
Balance Sheet | |||
December 31, 2019 | |||
Assets | |||
Noncurrent Assets | |||
$fill in the blank f024defdf051fa4_2 | |||
fill in the blank f024defdf051fa4_4 | |||
fill in the blank f024defdf051fa4_6 | |||
$fill in the blank f024defdf051fa4_8 | |||
fill in the blank f024defdf051fa4_10 | fill in the blank f024defdf051fa4_11 | ||
$fill in the blank f024defdf051fa4_13 | |||
fill in the blank f024defdf051fa4_15 | fill in the blank f024defdf051fa4_16 | ||
fill in the blank f024defdf051fa4_18 | |||
Total noncurrent assets | $fill in the blank f024defdf051fa4_19 | ||
Current Assets | |||
$fill in the blank f024defdf051fa4_21 | |||
$fill in the blank f024defdf051fa4_23 | |||
fill in the blank f024defdf051fa4_25 | fill in the blank f024defdf051fa4_26 | ||
fill in the blank f024defdf051fa4_28 | |||
Prepaid items | |||
$fill in the blank f024defdf051fa4_30 | |||
fill in the blank f024defdf051fa4_32 | fill in the blank f024defdf051fa4_33 | ||
Total current assets | fill in the blank f024defdf051fa4_34 | ||
Total Assets | $fill in the blank f024defdf051fa4_35 | ||
Shareholders' Equity | |||
Contributed Capital | |||
$fill in the blank f024defdf051fa4_37 | |||
fill in the blank f024defdf051fa4_39 | |||
fill in the blank f024defdf051fa4_41 | |||
fill in the blank f024defdf051fa4_43 | |||
Total contributed capital | $fill in the blank f024defdf051fa4_44 | ||
Retained earnings | fill in the blank f024defdf051fa4_45 | ||
Total contributed capital and Retained earnings | $fill in the blank f024defdf051fa4_46 | ||
fill in the blank f024defdf051fa4_48 | |||
Total Shareholders' Equity | $fill in the blank f024defdf051fa4_49 | ||
Liabilities | |||
Noncurrent Liabilities | |||
$fill in the blank f024defdf051fa4_51 | |||
fill in the blank f024defdf051fa4_53 | |||
$fill in the blank f024defdf051fa4_54 | |||
fill in the blank f024defdf051fa4_56 | |||
Total noncurrent liabilities | $fill in the blank f024defdf051fa4_57 | ||
Current Liabilities | |||
$fill in the blank f024defdf051fa4_59 | |||
fill in the blank f024defdf051fa4_61 | |||
fill in the blank f024defdf051fa4_63 | |||
fill in the blank f024defdf051fa4_65 | |||
fill in the blank f024defdf051fa4_67 | |||
Total current liabilities | $fill in the blank f024defdf051fa4_68 | ||
Total Liabilities | $fill in the blank f024defdf051fa4_69 | ||
Total Shareholders' Equity and Liabilities | $fill in the blank f024defdf051fa4_70 |
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