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Required: A properly classified NOTES to financial statements. Statement of Financial Position of TEL As on Dec 31, 2019 Assets Current Assets Cash Inventory Account
Required: A properly classified NOTES to financial statements.
Statement of Financial Position of TEL As on Dec 31, 2019 Assets Current Assets Cash Inventory Account Receivables Advance to Staff Notes Receivable Cash surrender value Interest on notes receivables Land for Speculation Prepaid Exps Trading Securities 500000 1300000 400000 100000 250000 60000 10000 500000 70000 280000 3470000 Total Current Assets Fixed Assets Land Equipment Building Computer 1500000 1000000 5000000 3250000 10750000 Total Fixed Assets Other Assets Sinking Fund Pref Share Redemption Fund Lease Rights Long term deposit Retained Eamings (Loss) 400000 350000 100000 50000 1800000 2700000 Total Other Assets Total Assets 16920000 Liabilities Current Liabilities Notes Payable 400000 Accrued Salary 100000 Unsaved Rent Income 40000 Accumulated Depreciation - Building 2000000 Accumulated Depreciation - Equipment 200000 Provision for Bad debts 20000 Dividend Payable 120000 Tax liability 30000 2910000 Total Current Liabilities Long term liabilities Bonds payable 5000000 Total Liabilities 7910000 Owners Equity Owners' Equity Common Stock Preference Share Capital Share Premium - Pref Share Premium - Ordinary Premium on Bonds payable 5000000 2000000 500000 200000 1000000 Statement of Financial Position of TEL As on Dec 31, 2019 Assets Current Assets Cash Inventory Account Receivables Advance to Staff Notes Receivable Cash surrender value Interest on notes receivables Land for Speculation Prepaid Exps Trading Securities 500000 1300000 400000 100000 250000 60000 10000 500000 70000 280000 3470000 Total Current Assets Fixed Assets Land Equipment Building Computer 1500000 1000000 5000000 3250000 10750000 Total Fixed Assets Other Assets Sinking Fund Pref Share Redemption Fund Lease Rights Long term deposit Retained Eamings (Loss) 400000 350000 100000 50000 1800000 2700000 Total Other Assets Total Assets 16920000 Liabilities Current Liabilities Notes Payable 400000 Accrued Salary 100000 Unsaved Rent Income 40000 Accumulated Depreciation - Building 2000000 Accumulated Depreciation - Equipment 200000 Provision for Bad debts 20000 Dividend Payable 120000 Tax liability 30000 2910000 Total Current Liabilities Long term liabilities Bonds payable 5000000 Total Liabilities 7910000 Owners Equity Owners' Equity Common Stock Preference Share Capital Share Premium - Pref Share Premium - Ordinary Premium on Bonds payable 5000000 2000000 500000 200000 1000000Step by Step Solution
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