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In: Accounting

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
Current Income Taxes Payable 2,730 Accumulated Depreciation: Buildings 10,700
Accumulated Depreciation: Equipment 7,900 Current Interest Payable 2,700
Patents (net) 4,800 Investment in Held-to-Maturity Bonds 9,600
Notes Payable (due January 1, 2019) 17,200 Cash 9,900
Inventory 39,000 Treasury Stock (at cost) 1,400
Additional Paid-In Capital on Common Stock 7,400 Accrued Wages 3,930
Sinking Fund for Bond Retirement 5,300 Land 11,100

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
Assets
Current Assets:
$ fill in the blank ac499cfa006afea_2
$ fill in the blank ac499cfa006afea_4
fill in the blank ac499cfa006afea_6 fill in the blank ac499cfa006afea_7
fill in the blank ac499cfa006afea_9
Prepaid items:
$ fill in the blank ac499cfa006afea_11
fill in the blank ac499cfa006afea_13 fill in the blank ac499cfa006afea_14
Total current assets $ fill in the blank ac499cfa006afea_15
Long-Term Investments:
$ fill in the blank ac499cfa006afea_17
fill in the blank ac499cfa006afea_19
Total long-term investments fill in the blank ac499cfa006afea_20
Property, Plant, and Equipment:
$ fill in the blank ac499cfa006afea_22
$ fill in the blank ac499cfa006afea_24
fill in the blank ac499cfa006afea_26 fill in the blank ac499cfa006afea_27
$ fill in the blank ac499cfa006afea_29
fill in the blank ac499cfa006afea_31 fill in the blank ac499cfa006afea_32
Total property, plant, and equipment fill in the blank ac499cfa006afea_33
Intangible Assets:
fill in the blank ac499cfa006afea_35
Total Assets $ fill in the blank ac499cfa006afea_36
Liabilities
Current Liabilities:
$ fill in the blank ac499cfa006afea_38
fill in the blank ac499cfa006afea_40
fill in the blank ac499cfa006afea_42
fill in the blank ac499cfa006afea_44
fill in the blank ac499cfa006afea_46
Total current liabilities $ fill in the blank ac499cfa006afea_47
Long-Term Liabilities:
$ fill in the blank ac499cfa006afea_49
fill in the blank ac499cfa006afea_51
$ fill in the blank ac499cfa006afea_52
fill in the blank ac499cfa006afea_54
Total long-term liabilities fill in the blank ac499cfa006afea_55
Total Liabilities $ fill in the blank ac499cfa006afea_56
Shareholders' Equity
Contributed Capital:
$ fill in the blank ac499cfa006afea_58
fill in the blank ac499cfa006afea_60
fill in the blank ac499cfa006afea_62
fill in the blank ac499cfa006afea_64
Total contributed capital $ fill in the blank ac499cfa006afea_65
fill in the blank ac499cfa006afea_67
Total contributed capital and retained earnings $ fill in the blank ac499cfa006afea_68
fill in the blank ac499cfa006afea_70
Total shareholders' equity fill in the blank ac499cfa006afea_71
Total liabilities and shareholders' equity $ fill in the blank ac499cfa006afea_72

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
$fill in the blank 5f51dffd9f9dfda_2
fill in the blank 5f51dffd9f9dfda_4
fill in the blank 5f51dffd9f9dfda_6
$fill in the blank 5f51dffd9f9dfda_8
fill in the blank 5f51dffd9f9dfda_10 fill in the blank 5f51dffd9f9dfda_11
$fill in the blank 5f51dffd9f9dfda_13
fill in the blank 5f51dffd9f9dfda_15 fill in the blank 5f51dffd9f9dfda_16
fill in the blank 5f51dffd9f9dfda_18
Total noncurrent assets $fill in the blank 5f51dffd9f9dfda_19
Current Assets
$fill in the blank 5f51dffd9f9dfda_21
$fill in the blank 5f51dffd9f9dfda_23
fill in the blank 5f51dffd9f9dfda_25 fill in the blank 5f51dffd9f9dfda_26
fill in the blank 5f51dffd9f9dfda_28
Prepaid items
$fill in the blank 5f51dffd9f9dfda_30
fill in the blank 5f51dffd9f9dfda_32 fill in the blank 5f51dffd9f9dfda_33
Total current assets fill in the blank 5f51dffd9f9dfda_34
Total Assets $fill in the blank 5f51dffd9f9dfda_35
Shareholders' Equity
Contributed Capital
$fill in the blank 5f51dffd9f9dfda_37
fill in the blank 5f51dffd9f9dfda_39
fill in the blank 5f51dffd9f9dfda_41
fill in the blank 5f51dffd9f9dfda_43
Total contributed capital $fill in the blank 5f51dffd9f9dfda_44
Retained earnings fill in the blank 5f51dffd9f9dfda_45
Total contributed capital and Retained earnings $fill in the blank 5f51dffd9f9dfda_46
fill in the blank 5f51dffd9f9dfda_48
Total Shareholders' Equity fill in the blank 5f51dffd9f9dfda_49
Liabilities
Noncurrent Liabilities
$fill in the blank 5f51dffd9f9dfda_51
fill in the blank 5f51dffd9f9dfda_53
$fill in the blank 5f51dffd9f9dfda_54
fill in the blank 5f51dffd9f9dfda_56
Total noncurrent liabilities fill in the blank 5f51dffd9f9dfda_57
Current Liabilities
$fill in the blank 5f51dffd9f9dfda_59
fill in the blank 5f51dffd9f9dfda_61
fill in the blank 5f51dffd9f9dfda_63
fill in the blank 5f51dffd9f9dfda_65
fill in the blank 5f51dffd9f9dfda_67
Total current liabilities $fill in the blank 5f51dffd9f9dfda_68
Total Liabilities $fill in the blank 5f51dffd9f9dfda_69
Total Shareholders' Equity and Liabilities $fill in the blank 5f51dffd9f9dfda_70

Solutions

Expert Solution


ekkarill92 answered 3 years ago
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