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Here is my answer. Could someone check my answer? Statement of financial position items for Schuster Inc. at Dec 31, 2016 are as follows: 135,000
Here is my answer. Could someone check my answer?
Statement of financial position items for Schuster Inc. at Dec 31, 2016 are as follows: 135,000 Accumulated depreciation furniture 86,200 Goodwill 94,000 Accumulated other comprehensive loss Accounts receivable 000 5200 Payroll taxes payable 12,000 Allowance for doubtful accounts 37,000 Bonds payable 526,000 Bank indebtedness 32,000 50,000 Accrued liabilities Patents Cash 80,000 Building 1,242,000 Land 200,000 211,000 Common shares 35,000 Preferred shares 150,000 Notes receivable 10,000 126,222 Accumulated amortization patents Inventory Notes payable 45,000 438,000 FV-NI Investments Accounts payable 98,500 Furniture 325,000 83,600 Demand Loan 40,000 Prepaid expenses Retained earnings 106,000 Investments in Bonds 182,000 Income taxes receivable 23,000 Accumulated depreciation building Other Information: 1. $62,800 of the notes payable is due in 2017 2. There are 20,000 common shares issued, and 15,000 preferred shares issued. The numbers of authorized shares are as follows: 400,000 common and 20,000 preferred. 3. Notes receivable are due in 2017 4. Bonds Payable are due in 2019 5. The company plans to hold the Investments in Bonds until redemption in 2019 6. FV-NI Investments are short-term investments. 7. Demand Loan is payable on demand to the bank. Required: Prepare a classified statement of financial position, in good form, for Schuster Inc at Dec. 31 2016. (Use format from Ch 5 of your text.) State any assumptions neededStep by Step Solution
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