Question

In: Accounting

Balance Sheet The following is a list (in random order) of KIP International Products Company's December...

Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 2,240 Accounts Payable $ 14,900 Accounts Receivable 13,600 Prepaid Insurance 920 Dividends Payable 1,840 Discount on Bonds Payable 2,900 Buildings 58,800 Common Stock, $10 par 12,000 Bonds Payable (due 2019) 29,800 Equipment 41,200 Retained Earnings 92,060 Allowance for Doubtful Accounts 750 Office Supplies 2,110 Preferred Stock, $50 par 14,000 Current Income Taxes Payable 3,620 Accumulated Depreciation: Buildings 8,100 Accumulated Depreciation: Equipment 6,300 Current Interest Payable 2,770 Patents (net) 4,400 Investment in Held-to-Maturity Bonds 15,000 Notes Payable (due January 1, 2019) 12,600 Cash 8,800 Inventory 40,800 Treasury Stock (at cost) 1,200 Additional Paid-In Capital on Common Stock 6,000 Accrued Wages 3,050 Sinking Fund for Bond Retirement 7,300 Land 13,000 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016. Kip International Products Company Balance Sheet December 31, 2016

Solutions

Expert Solution

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2016
Assets
Current Assets
Cash 8800
Accounts Receivable 13600
Less: Allowance for Doubtful Accounts -750 12850
Inventory 40800
Prepaid items
Office Supplies 2110
Prepaid Insurance 920 3030
Total current assets 65480
Long-Term Investments
Investment in Held-to-Maturity Bonds 15000
Sinking Fund for Bond Retirement 7300
Total long-term investments 22300
Property, Plant, and Equipment
Land 13000
Buildings 58800
Less: Accumulated Depreciation-Buildings -8100 50700
Equipment 41200
Less: Accumulated Depreciation-Equipment -6300 34900
Total property, plant, and equipment 98600
Intangible Assets
Patents (net) 4400
Total Assets 190780
Liabilities
Current Liabilities
Accounts Payable 14900
Accrued Wages 3050
Interest Payable 2770
Income Taxes Payable 3620
Dividends Payable 1840
Total current liabilities 26180
Long-Term Liabilities
Bonds Payable 29800
Discount on Bonds Payable -2900
Subtotal 26900
Notes Payable (due in 2019) 12600
Total long-term liabilities 39500
Total liabilities 65680
Shareholders' Equity
Contributed Capital
Preferred Stock 14000
Common Stock 12000
Additional paid-in capital on Preferred Stock 2240
Additional paid-in capital on Common Stock 6000
Total contributed capital 34240
Retained earnings 92060
Total contributed capital and retained earnings 126300
Treasury Stock -1200
Total Shareholders' Equity 125100
Total Liabilities and Shareholders' Equity 190780

Related Solutions

Balance Sheet The following is a list (in random order) of KIP International Products Company's December...
Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts: Additional Paid-In Capital on Preferred Stock $ 2,480 Accounts Payable $ 15,600 Accounts Receivable 14,700 Prepaid Insurance 1,300 Dividends Payable 1,720 Discount on Bonds Payable 2,600 Buildings 57,000 Common Stock, $10 par 13,000 Bonds Payable (due 2022) 26,500 Equipment 47,100 Retained Earnings 81,900 Allowance for Doubtful Accounts 770 Office Supplies 2,610 Preferred Stock, $50 par 15,500 Current Income Taxes...
The following is a list (in random order) of KIP International Products Company's December 31, 2016...
The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 1,680 Accounts Payable $ 10,200 Accounts Receivable 14,200 Prepaid Insurance 840 Dividends Payable 1,770 Discount on Bonds Payable 1,900 Buildings 68,100 Common Stock, $10 par 13,000 Bonds Payable (due 2019) 23,500 Equipment 30,500 Retained Earnings 97,900 Allowance for Doubtful Accounts 730 Office Supplies 1,950 Preferred Stock, $50 par 10,500...
The following is a list (in random order) of KIP International Products Company's December 31, 2016...
The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 1,280 Accounts Payable $ 10,100 Accounts Receivable 13,900 Prepaid Insurance 940 Dividends Payable 1,700 Discount on Bonds Payable 2,300 Buildings 80,000 Common Stock, $10 par 14,000 Bonds Payable (due 2019) 29,300 Equipment 35,900 Retained Earnings 98,780 Allowance for Doubtful Accounts 660 Office Supplies 2,240 Preferred Stock, $50 par 8,000...
The following is a list of balance sheet accounts and balances (in random order) for the...
The following is a list of balance sheet accounts and balances (in random order) for the Nathan Supply Company as of December 31, 2017. Prepare a classified balance sheet for Nathan Supply Company. Equipment $32000 Land 20,000 Retained Earnings 40,000 Note Payable (Due in 5 years) 17,000 Inventory 60,000 Allowance for Doubtful Accounts 1,000 Accounts Payable 36,000 Common Stock 30,000 Salaries Payable 10,000 Accumulated Depreciation 14,000 Cash 10,000 Accounts Receivable 26,000      Nathan Supply Company Balance sheet As of December...
Baggett Company's balance sheet accounts and amounts as of December 31, 2016, are shown in random...
Baggett Company's balance sheet accounts and amounts as of December 31, 2016, are shown in random order as follows: Account Debit (Credit) Account Debit (Credit) Income Taxes Payable $(3,800) Additional Paid-in Capital on Preferred Prepaid Items 1,800     Stock $(7,900) Additional Paid-in Capital on Common Stock (9,300) Allowance for Doubtful Accounts (1,600) Land 12,200 Bonds Payable (due 2020) (23,000) Notes Payable (due 2019) (6,000) Buildings 57,400 Notes Receivable (due 2018) 16,400 Sinking Fund to Retire Bonds Payable 5,000 Accounts Receivable 12,600...
Listed below (in random order) are all of the December 31, 2016 balance sheet accounts of...
Listed below (in random order) are all of the December 31, 2016 balance sheet accounts of McCrery Company. Land $70,500 Sinking fund for bond retirement 8,400 Discount on bonds payable 8,900 Equipment 24,000 Preferred stock, $100 par 5,000 Accumulated depreciation, buildings 5,500 Investment in bonds held to maturity 24,500 Accrued wages 3,950 Additional paid-in capital on common stock 3,500 Buildings 117,500 Bonds payable (due 2019) 113,000 Office supplies 1,750 Retained earnings 17,400 Inventory 18,900 Accounts receivable 17,650 Accounts payable 15,650...
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016....
2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2016. KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2016 Assets Noncurrent Assets Investment in held-to-maturity bonds $ Accrued wages Accrued wages Bonds payable (due 2019) $ Less: Accumulated depreciation-buildings $ Total noncurrent assets $ Current Assets Cash $ $ Prepaid items $ Total current assets Total Assets $ Shareholders' Equity Contributed Capital $ Total contributed capital $ Retained earnings Total contributed capital and Retained...
List the steps to follow to access and modify a company's balance sheet and share it...
List the steps to follow to access and modify a company's balance sheet and share it with other QBO company users.
Following is a list of items taken from the December 31, 2017, balance sheet of Reagan...
Following is a list of items taken from the December 31, 2017, balance sheet of Reagan Company (amounts omitted): Accounts payable Goodwill Accrued expenses Income taxes payable Accumulated depreciation—buildings Land Accumulated depreciation—machinery and equipment Machinery and equipment Bonds payable Notes payable to banks (short term) Buildings Preferred stock Cash Prepaid expenses Common stock Raw materials Contributed capital in excess of par Retained earnings Current portion of long-term debt Short-term investments Deferred tax liability (noncurrent) Trade accounts receivable Finished products inventory...
A: Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property,...
A: Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to 0 decimal places, e.g. 5,275.) B: Prepare an income statement for the month of May 31. (Round answers to 0 decimal places, e.g. 5,275.) The Skyline Motel opened for business on May 1, 2017. Its trial balance before adjustment on May 31 is as follows. SKYLINE MOTEL Trial Balance May 31,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT