Question
TEL Company provided the following account balances on December 31, 2019: Accounts receivable 400,000.00 Advances to officers-not-currently collectible 100,000.00 Sinking fund 400,000.00 Building 5,000,000.00 Long-term
TEL Company provided the following account balances on December 31, 2019:
Accounts receivable
400,000.00
Advances to officers-not-currently collectible
100,000.00
Sinking fund
400,000.00
Building
5,000,000.00
Long-term refundable deposit
50,000.00
Cash and cash equivalents
500,000.00
Cash surrender value
60,000.00
Equipment
1,000,000.00
Lease rights
100,000.00
Accrued interest on notes receivable
10,000.00
Inventories
1,300,000.00
Land
1,500,000.00
Land held for speculation
500,000.00
Notes receivable
250,000.00
Computer software
3,250,000.00
Prepaid expenses
70,000.00
Trading securities
280,000.00
Unearned rent income
40,000.00
Retained earnings (deficit)
(1,800,000.00)
Share premium - preference
500,000.00
Premium on bonds payable
1,000,000.00
Preference share capital
2,000,000.00
Share premium - ordinary
200,000.00
Notes payable
300,000.00
SSS payable
10,000.00
Accounts payable
400,000.00
Accrued salaries
100,000.00
Accumulated depreciation - building
2,000,000.00
Accumulated depreciation - equipment
200,000.00
Allowance for doubtful accounts
20,000.00
Bonds payable
5,000,000.00
Dividends payable
120,000.00
Ordinary share capital
5,000,000.00
Withholding tax payable
30,000.00
Preference share redemption fund
350,000.00
Required: A properly classified statement of financial position and financial performance with notes on December 31, 2019.
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Accounting Multicolumn Journal
Authors: Claudia Gilbertson
10th Edition
128552845X, 9781285528458
