Question

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 Payable	3,340					Accumulated Depreciation: Buildings	9,000
Accumulated Depreciation: Equipment	8,500					Current Interest Payable	2,790
Patents (net)	5,100					Investment in Held-to-Maturity Bonds	11,900
Notes Payable (due January 1, 2025)	16,000					Cash	8,500
Inventory	32,100					Treasury Stock (at cost)	1,300
Additional Paid-In Capital on Common Stock	5,100					Accrued Wages	3,010
Sinking Fund for Bond Retirement	6,900					Land	14,100

Required:

1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019
Assets
Current Assets:
		$
	$
Prepaid items:
	$
Total current assets			$
Long-Term Investments:
		$
Total long-term investments
Property, Plant, and Equipment:
		$
	$
	$
Total property, plant, and equipment
Intangible Assets:
Total Assets			$
Liabilities
Current Liabilities:
		$
Total current liabilities			$
Long-Term Liabilities:
		$
		$
Total long-term liabilities
Total Liabilities			$
Shareholders' Equity
Contributed Capital:
		$
Total contributed capital		$
Total contributed capital and retained earnings		$
Total shareholders' equity
Total liabilities and shareholders' equity			$

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2019
Assets
Noncurrent Assets
		$
	$
	$
Total noncurrent assets			$
Current Assets
		$
	$
Prepaid items
	$
Total current assets
Total Assets			$
Shareholders' Equity
Contributed Capital
		$
Total contributed capital		$
Retained earnings
Total contributed capital and Retained earnings		$
Total Shareholders' Equity			$
Liabilities
Noncurrent Liabilities
		$
		$
Total noncurrent liabilities			$
Current Liabilities
		$
Total current liabilities			$
Total Liabilities			$
Total Shareholders' Equity and Liabilities			$

Answer 1