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ISM Industries provided the following account balance on December 31, 2019 Share capital 5,000,000.00 Share premium...

ISM Industries provided the following account balance on December 31, 2019

Share capital
5,000,000.00

Share premium
500,000.00

Retained Earnings
880,000.00

Serial bonds payable (Php500,000.00 due every July 1 of each year)
2,500,000.00

Employees income tax payable
20,000.00

Notes payable
100,000.00

Accrued expenses
30,000.00

Accrued interest on note payable
10,000.00

Income tax payable
60,000.00

Allowance for doubtful accounts
50,000.00

Advances from customers
100,000.00

Accounts receivable
500,000.00

Accumulated depreciation – Building
1,600,000.00

Accumulated depreciation – Machinery
1,300,000.00

Investment in Bonds
1,500,000.00

Land
1,500,000.00

Machinery
2,000,000.00

Factory Supplies
50,000.00

Notes Receivable
150,000.00

Building
4,000,000.00

Cash
420,000.00

Claim receivable
20,000.00

Finished Goods
400,000.00

Franchise
200,000.00

Goods in process
600,000.00

Prepaid insurance
20,000.00

Raw Materials
200,000.00

Trading Securities
250,000.00

Tools
40,000.00

Goodwill
100,000.00

Plant expansion fund
500,000.00

Accounts payable
300,000.00

Required: A properly classified Financial Statements with NOTES on December 31, 2019.

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ekkarill92 answered 2 years ago
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