TEL Company provided the following account balances on Dec. 31, 2019 Accounts Receivable 400,000.00 Advances...
TEL Company provided the following account balances on Dec. 31, 2019
Accounts Receivable 400,000.00
Advances to Officers -not- currently collectible 100,000.00
Sinking Fund 400,000.00
Building 5,000,000.00
Longterm Refundable Deposit 50,000.00
Cash and cash Equivalent 500,000.00
Cash Surrender Value 60,000.00
Equipment 1,000,000.00
Lease Rights 100,000.00
Accrued Interest on Notes Receivable 10,000.00
Inventories 1,300,000.00
Land 1,500,000.00
Land Held for Speculation 500,000.00
Notes Receivable 250,000.00
Computer Software 3,250,000.00
Prepaid Expenses 70,000.00
Trading Securities 280,000.00
Unsaved Rent Income 40,000.00
Retained Earnnings (deficit) (1,800,000.00)
Share Premium- Preference 500,000.00
Premium o Bonds Payable 1,000,000.00
Preference Share Capital 2,000,000.00
Share Premium- Ordinary 200,000.00
Notes Payable 400,000.00
Accrued Salaries 100,000.00
Accumulated Depreciation - Building 2,000,000.00
Accumulated Depreciation -Equipment 200,000.00
Allowance for Doubtful Accounts 20,000.00
Bonds Payable 5,000,000.00
Dividends Payable 120,000.00
Ordinary Shares Capital 5,000,000.00
Withholding Tax Payable 30,000.00
Preference Share Redemption Fund 350,000.00
* Prepare a properly classified statement of Financial Position on Dec. 31,2019
Homework Answers
| Statement of Financial Position of TEL | |||
| As on Dec,31 , 2019 | |||
| Assets | |||
| Current Assets | |||
| Cash | 500000 | ||
| Inventory | 1300000 | ||
| Account Receivables | 400000 | ||
| Advance to Staff | 100000 | ||
| Notes Receivable | 250000 | ||
| Cash surrender value | 60000 | ||
| Interest on notes receivables | 10000 | ||
| Land for Speculation | 500000 | ||
| Prepaid Exps | 70000 | ||
| Trading Securities | 280000 | ||
| Total Current Assets | 3470000 | ||
| Fixed Assets | |||
| Land | 1500000 | ||
| Equipment | 1000000 | ||
| Building | 5000000 | ||
| Computer | 3250000 | ||
| Total Fixed Assets | 10750000 | ||
| Other Assets | |||
| Sinking Fund | 400000 | ||
| Pref Share Redemption Fund | 350000 | ||
| Lease Rights | 100000 | ||
| Long term deposit | 50000 | ||
| Retained Earnings ( Loss ) | 1800000 | ||
| Total Other Assets | 2700000 | ||
| Total Assets | 16920000 | ||
| Liabilities | |||
| Current Liabilities | |||
| Notes Payable | 400000 | ||
| Accrued Salary | 100000 | ||
| Unsaved Rent Income | 40000 | ||
| Accumulated Depreciation - Building | 2000000 | ||
| Accumulated Depreciation - Equipment | 200000 | ||
| Provision for Bad debts | 20000 | ||
| Dividend Payable | 120000 | ||
| Tax liability | 30000 | ||
| Total Current Liabilities | 2910000 | ||
| Long term liabilities | |||
| Bonds payable | 5000000 | ||
| Total Liabilities | 7910000 | ||
| Owners Equity | |||
| Owners' Equity | |||
| Common Stock | 5000000 | ||
| Preference Share Capital | 2000000 | ||
| Share Premium - Pref | 500000 | ||
| Share Premium - Ordinary | 200000 | ||
| Premium on Bonds payable | 1000000 | ||
| Total Owners Equity | 8700000 | ||
| Total Liabilities and Owner's Equity | 16610000 | ||
| Difference in Trial Balance | 310000 | ||
Add Answer to:
TEL Company provided the following account balances on Dec. 31,
2019
Accounts Receivable 400,000.00
Advances...
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