Question
Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year. Debit Credit
Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.
Debit | Credit | |
Accounts Receivable—trade | $895 | |
Building and Equipment | 1425 | |
Cash in bank—Operating | 76 | |
Interest Receivable | 60 | |
Installment receivables | 120 | |
Merchandise Inventory | 100 | |
Land | 600 | |
Notes receivable—Long term | 475 | |
Petty cash | 12 | |
Prepaid expenses current | 46 | |
Supplies | 28 | |
Patent | 85 | |
Accounts Payable—Trade | 710 | |
Accumulated Depreciation | 375 | |
Additional Paid in Capital | 725 | |
Allowance for Uncollectible Accounts | 95 | |
Cash Dividends Payable | 50 | |
Common Stock—$1 par value | 90 | |
Income tax payable | 105 | |
Notes payable—2 years | 1000 | |
Retained Earnings | 85 | |
Unearned Revenues—2 years | 125 | |
Cash Dividends Declared | 200 | |
Income Summary | 762 | |
TOTALS | $4122 | $4122 |
Required:
Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.
Prepare journal entries to record current tax and deferred tax for the year ended 30 June 2015
Please do in IFRS format only
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