Question

Question 29 Not yet answered Marked out of 25.00 Flag question Presented below is information related to Victor Company at December 31, 2019. Assume a tax rate of 30% on all items Accounts Payable $ 204,975 Income Tax Payable $ 78,000 Accounts Receivable S 259,200 Interest Payable $ 2,850 Accum. Deprec-Building $ 391,500 Inventory $ 790, 125 Additional Paid-In Capital 81.900 Land 5 232.500 Allow for Doubtful Accounts 3,900 Notes Payable (6 months) $ 96,000 Bonds Payable (due 2025) S 600,000 Notes Receivable (6 months) $ 69,000 S S 963.000 Preferred Stock Buildings 375,000 S Cash S 85,125 Prepaid Insurance s $ 562,500 Salaries and Wages Payable Common Stock 17.100 S 18.900 s Copyrights 96.450 Supplies 5 36,300 Debt investments (long-term 3 140.700 Trading Securities Retained Earnings $ 306.000 28,125 28 Requirements Prepare the asset section of a classified Balance Sheet for Victor Company Incude all hergs sheading Subtotals and totals (with labels) that appear in the asset section of a classified Balance Sheet include me handia of the Balance Sheet itselt but then only include the asser section as requested 1 X x 55 ВІ І ѕ 7 TE OOS

plz someone help me asap

Answer 1

BALANCE SHEET AS ON 31ST DECEMBER 2019

I EQUITY AND LIABILITY

1) SHAREHOLDER'S FUNDS

a) SHARE CAPITAL

b) RESERVES AND SURPLUS

c) MONEY RECEIVED AGANIST SHARE WARRENT

2) SHARE APPLICATION MONEY RECEIVED PENDING ALLOTMENT

3) NON CURRENT LIABILITES

(a) Long-term borrowings

(b) Deferred tax liabilities (Net)

(c) Other Long term liabilities

(d) Long-term provisions

4) CURRENT LIABITIES

a) Short-term borrowings

(b) Trade payables

(c) Other current liabilities

(d) Short-term provisions

II ASSETS

NON CURRENT ASSETS

A. FIXED ASSETS

(i) LAND - 232500

(ii) BUILDING - 963000

(iii) ACCUMILATED DEPRICIATION 391500

(iv) COPYRIGHTS 96450

B.NON CURRENT INVESTMENTS

(i) DEBT INVESTMENT 140700

(c) Deferred tax assets (net)

(d) Long-term loans and advances

(e) Other non-current assets

C. CURRENT ASSETS

(a) Current investments

(b) Inventories 790125

(c) Trade receivables 255300 (259200-3900)

d) notes receivable 69000

d) Cash and cash equivalents 85125

(e) Short-term loans and advances

(i) prepaid insurance 28125

(ii) trading securities 36300

(f) Other current assets

TOTAL 3088125