Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below are a number of statement of financial position items for Asia Pacific Corporation, for the current year ended on July 31, 2021.
Presented below are a number of statement of financial position items for Asia Pacific Corporation, for the current year ended on July 31, 2021. Accounts Amount Accounts Amount Goodwill 125,000 Inventory 239,800 Payroll taxes payable 177,591 Rent payable (short-term) 45,000 Bonds payable 285,000 Income taxes payable 98,362 Cash 360,000 Long-term rental obligations 480,000 Land 480,000 Share capital ordinary, El par value 200,000 Notes receivable 445,700 Notes payable (to banks) 265,000 Share capital preference, 10 150,000 Accounts payable 490,000 par value Prepaid expenses Equipment Trading securities 87,920 Retained earnings 1,470,000 Income taxes receivable 97,630 121,000 Unsecured notes payable (long-term) 1,600,000 Accumulated depreciation 270,200 Accumulated depreciation- 292,000 buildings Buildings equipment 1,640,000 Additional information: 1) Share capital ordinary shares authorized was 400,000 shares and share capital preference shares authorized was 20,000 shares. 2) Assume that notes receivable and notes payable are short- term, unless stated otherwise. 3) Cost and fair value of trading securities are the same. REQUIRED: Prepare a classified statement of financial position in good form for Asia Pacific Corporation as at July 31, 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started