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 1 year ago

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