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................................................................. 15,000
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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