Question
Given the following account information for Howard Corporation, prepare a balance sheet in report form for the company as of December 31, 2017. All accounts
Given the following account information for Howard Corporation, prepare a balance sheet in report form for the company as of December 31, 2017. All accounts have normal balances. Assume Howard uses IFRS.
Equipment 60,000 Interest Expense 2,400 Interest Payable 600 Retained Earnings, beginning 113,200 Dividends 50,400 Land 137,320 Accounts Receivable 102,000 Bonds Payable 78,000 Accumulated other comprehensive income .. 19,000 Notes Payable (due in 6 months) 29,400 Common Stock 70,000 Accumulated DepreciationEquip 10,000 Prepaid Advertising 5,000 Service Revenue 341,400 Buildings 80,400 Supplies 1,860 Income Taxes Payable 3,000 Utilities Expense 1,320 Advertising Expense 1,560 Salaries and Wages Expense 53,040 Salaries and Wages Payable 900 Accumulated Depr.Bld 20,000 Cash 45,000 Depreciation Expense 8,000 Investment in Bonds to be held to maturity 100,000 FV-OCI Investments (Fair value = 16,000). 12,000 FV-NI Investments 3,200 Assets held for sale .. 22,000
Cash is comprised of $50,000 at RBC and a bank overdraft of $5,000 at BMO.
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