|
|
ACCOUNT TITLES |
DEBIT |
CREDIT |
|
Patent |
160,000 |
|
|
Prepaid rent expense |
304,000 |
|
|
Raw materials inventory |
358,500 |
|
|
Cash and cash equivalents |
817,300 |
|
|
Notes payable (due April 1, 2022) |
|
435,100 |
|
Investment in equity securities- FVPL |
525,910 |
|
|
Machinery and equipment |
6,200,500 |
|
|
Accumulated depreciation- machinery and equipment |
|
1,860,150 |
|
Accounts receivables |
227,350 |
|
|
Goods in process inventory |
56,280 |
|
|
Bonds payable- at fair value |
|
350,100 |
|
Bonds payable |
|
1,200,000 |
|
Investment in debt securities- FVOCI |
748,950 |
|
|
Land |
8,450,000 |
|
|
Sales |
|
5,800,210 |
|
Accrued interest income
|
51,500 |
|
|
Allowance for doubtful accounts
|
|
45,470 |
|
Premium on bonds payable |
|
96,000 |
|
Retained earnings (beginning) |
|
3,714,024 |
|
Raw material purchases |
1,730,540 |
|
|
Building |
5,145,000 |
|
|
Accumulated depreciation- building |
|
1,029,000 |
|
Direct labor |
813,900 |
|
|
Notes receivable (from trade customers) |
325,000 |
|
|
Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL |
85,750 |
|
|
Unrealized loss on investment in equity securities- FVPL |
103,870 |
|
|
Finished goods inventory |
245,660 |
|
|
Unrealized gain on investment in debt securities- FVOCI |
|
230,350 |
|
Distribution cost |
217,940 |
|
|
Manufacturing overhead |
346,920 |
|
|
Advances to officers and employees (current) |
50,280 |
|
|
Accrued utilities expense |
|
292,750 |
|
Income tax payable |
|
154,621 |
|
Office supplies |
45,710 |
|
|
Administrative cost |
163,455 |
|
|
Finance cost |
65,382 |
|
|
Accounts payable |
|
326,900 |
|
Share capital |
|
8,125,000 |
|
Share premium |
|
2,057,590 |
|
Gain on sale of equipment |
|
164,370 |
|
Purchase return and allowance |
|
68,452 |
|
Sales discount |
290,011 |
|
|
Freight in |
173,054 |
|
|
Share dividends payable |
|
2,437,500 |
|
Income tax expense |
618,485 |
|
|
Amortization of patent |
40,000 |
|
|
Income summary |
686,780 |
|
|
TOTALS |
29,048,027 |
29,048,027 |
|
Raw materials, beginning Goods in process, beginning Finished goods, beginning Total |
Beginning 256,000 105,720 325,060 686,780 |
Ending 358,500 56,280 245,660 660,440 |
REQUIRED: Prepare and present the following financial statements:
|
|
ACCOUNT TITLES |
DEBIT |
CREDIT |
|
Patent |
160,000 |
|
|
Prepaid rent expense |
304,000 |
|
|
Raw materials inventory |
358,500 |
|
|
Cash and cash equivalents |
817,300 |
|
|
Notes payable (due April 1, 2022) |
|
435,100 |
|
Investment in equity securities- FVPL |
525,910 |
|
|
Machinery and equipment |
6,200,500 |
|
|
Accumulated depreciation- machinery and equipment |
|
1,860,150 |
|
Accounts receivables |
227,350 |
|
|
Goods in process inventory |
56,280 |
|
|
Bonds payable- at fair value |
|
350,100 |
|
Bonds payable |
|
1,200,000 |
|
Investment in debt securities- FVOCI |
748,950 |
|
|
Land |
8,450,000 |
|
|
Sales |
|
5,800,210 |
|
Accrued interest income
|
51,500 |
|
|
Allowance for doubtful accounts
|
|
45,470 |
|
Premium on bonds payable |
|
96,000 |
|
Retained earnings (beginning) |
|
3,714,024 |
|
Raw material purchases |
1,730,540 |
|
|
Building |
5,145,000 |
|
|
Accumulated depreciation- building |
|
1,029,000 |
|
Direct labor |
813,900 |
|
|
Notes receivable (from trade customers) |
325,000 |
|
|
Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL |
85,750 |
|
|
Unrealized loss on investment in equity securities- FVPL |
103,870 |
|
|
Finished goods inventory |
245,660 |
|
|
Unrealized gain on investment in debt securities- FVOCI |
|
230,350 |
|
Distribution cost |
217,940 |
|
|
Manufacturing overhead |
346,920 |
|
|
Advances to officers and employees (current) |
50,280 |
|
|
Accrued utilities expense |
|
292,750 |
|
Income tax payable |
|
154,621 |
|
Office supplies |
45,710 |
|
|
Administrative cost |
163,455 |
|
|
Finance cost |
65,382 |
|
|
Accounts payable |
|
326,900 |
|
Share capital |
|
8,125,000 |
|
Share premium |
|
2,057,590 |
|
Gain on sale of equipment |
|
164,370 |
|
Purchase return and allowance |
|
68,452 |
|
Sales discount |
290,011 |
|
|
Freight in |
173,054 |
|
|
Share dividends payable |
|
2,437,500 |
|
Income tax expense |
618,485 |
|
|
Amortization of patent |
40,000 |
|
|
Income summary |
686,780 |
|
|
TOTALS |
29,048,027 |
29,048,027 |
|
Raw materials, beginning Goods in process, beginning Finished goods, beginning Total |
Beginning 256,000 105,720 325,060 686,780 |
Ending 358,500 56,280 245,660 660,440 |
REQUIRED: Prepare and present the following financial statements:
|
|
ACCOUNT TITLES |
DEBIT |
CREDIT |
|
Patent |
160,000 |
|
|
Prepaid rent expense |
304,000 |
|
|
Raw materials inventory |
358,500 |
|
|
Cash and cash equivalents |
817,300 |
|
|
Notes payable (due April 1, 2022) |
|
435,100 |
|
Investment in equity securities- FVPL |
525,910 |
|
|
Machinery and equipment |
6,200,500 |
|
|
Accumulated depreciation- machinery and equipment |
|
1,860,150 |
|
Accounts receivables |
227,350 |
|
|
Goods in process inventory |
56,280 |
|
|
Bonds payable- at fair value |
|
350,100 |
|
Bonds payable |
|
1,200,000 |
|
Investment in debt securities- FVOCI |
748,950 |
|
|
Land |
8,450,000 |
|
|
Sales |
|
5,800,210 |
|
Accrued interest income
|
51,500 |
|
|
Allowance for doubtful accounts
|
|
45,470 |
|
Premium on bonds payable |
|
96,000 |
|
Retained earnings (beginning) |
|
3,714,024 |
|
Raw material purchases |
1,730,540 |
|
|
Building |
5,145,000 |
|
|
Accumulated depreciation- building |
|
1,029,000 |
|
Direct labor |
813,900 |
|
|
Notes receivable (from trade customers) |
325,000 |
|
|
Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL |
85,750 |
|
|
Unrealized loss on investment in equity securities- FVPL |
103,870 |
|
|
Finished goods inventory |
245,660 |
|
|
Unrealized gain on investment in debt securities- FVOCI |
|
230,350 |
|
Distribution cost |
217,940 |
|
|
Manufacturing overhead |
346,920 |
|
|
Advances to officers and employees (current) |
50,280 |
|
|
Accrued utilities expense |
|
292,750 |
|
Income tax payable |
|
154,621 |
|
Office supplies |
45,710 |
|
|
Administrative cost |
163,455 |
|
|
Finance cost |
65,382 |
|
|
Accounts payable |
|
326,900 |
|
Share capital |
|
8,125,000 |
|
Share premium |
|
2,057,590 |
|
Gain on sale of equipment |
|
164,370 |
|
Purchase return and allowance |
|
68,452 |
|
Sales discount |
290,011 |
|
|
Freight in |
173,054 |
|
|
Share dividends payable |
|
2,437,500 |
|
Income tax expense |
618,485 |
|
|
Amortization of patent |
40,000 |
|
|
Income summary |
686,780 |
|
|
TOTALS |
29,048,027 |
29,048,027 |
|
Raw materials, beginning Goods in process, beginning Finished goods, beginning Total |
Beginning 256,000 105,720 325,060 686,780 |
Ending 358,500 56,280 245,660 660,440 |
REQUIRED: Prepare and present the following financial statements:
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