Question

In: Accounting

Assume that Lee Inc. has the following accounts at the end of the current year: 1....

Assume that Lee Inc. has the following accounts at the end of the current year:

1. Common Shares

2. Raw Materials Inventory

3. FV-OCI Investments

4. Unearned Rent Revenue

5. Work-in-Process Inventory

6. Intangible Assets—Copyrights

7. Buildings

8. Notes Receivable (due in three months)

9. Cash (includes Restricted Cash—see item 12)

10. Salaries and Wages Payable

11. Accumulated Depreciation—Buildings

12. Restricted Cash (for plant expansion)

13. Land Held for Future Plant Site

14. Allowance for Doubtful Accounts

15. Retained Earnings

16. Unearned Subscriptions Revenue (earned in the next year)

17. Accounts Receivable—Officers (due in one year)

18. Finished Goods Inventory

19. Accounts Receivable

20. Bonds Payable (due in four years)

21. Accounts Payable

22. Goodwill

Prepare a classified statement of financial position in good form (no monetary amounts are necessary). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Lee Inc.
Statement of Financial Position
December 31, 20–

Assets

____

_____

______

________

_________

________

_______

________

_______

________

_________

________

Liabilities and Shareholders’ Equity

_________

__________

___________

__________

___________

__________

___________

__________

_________

Solutions

Expert Solution

ekkarill92 answered 11 months ago

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