TEL Company provided the following account balances on December 31, 2019: Accounts receivable 400,000.00 Advances to...
TEL Company provided the following account balances on December 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
Long-term refundable deposit
50,000.00
Cash and cash equivalents
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
Unearned rent income
40,000.00
Retained earnings (deficit)
(1,800,000.00)
Share premium - preference
500,000.00
Premium on bonds payable
1,000,000.00
Preference share capital
2,000,000.00
Share premium - ordinary
200,000.00
Notes payable
300,000.00
SSS payable
10,000.00
Accounts 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 share capital
5,000,000.00
Withholding tax payable
30,000.00
Preference share redemption fund
350,000.00
Required: "NOTES"
a detail and classified "NOTES"
NOTES to financial statement
Homework Answers
This is according to the standard format of balance sheet but if u want grouping in any other way i can do that if u share balance sheet format with me
| Shareholder's funds | |
| Particulars | Amount |
| Ordinary share capital | 5,000,000.00 |
| Preference share capital | 2,000,000.00 |
| Share premium ordinary | 200,000.00 |
| Retained earnings ( deficit ) | (1,800,000) |
| Share premiun preference | 500,000 |
| Dividends Payable | 120,000.00 |
| Total | 6,020,000 |
| Long term liabilities | |
| Particulars | Amount |
| Bonds Payable | 5,000,000.00 |
| Premium on bonds payable | 1,000,000.00 |
| 6,000,000 | |
| Trade payables | |
| Particulars | Amount |
| Notes payable | 300,000 |
| SSS Payable | 10,000.00 |
| Account payable | 400,000.00 |
| 710,000 | |
| Other Current Liabilities | |
| Particulars | Amount |
| Unearned rent income | 40,000.00 |
| Accrued salaries | 100,000.00 |
| Withholding tax payable | 30,000.00 |
| 170,000 | |
| Property plant and equipment | |
| Particulars | 6,000,000 |
| Building | 5,000,000 |
| Accumulated depreciation building | (2,000,000) |
| Building ( net ) | 3,000,000 |
| Equipment | 1,000,000 |
| Accumulated depreciation Equipment | (200,000) |
| Eqipment (net) | 800,000 |
| Lease rights | 100,000 |
| Land | 1,500,000 |
| Computer software | 3,250,000 |
| 8,650,000 | |
| Investments | |
| Particulars | |
| sinking fund | 400,000 |
| Land held for speculation | 500,000 |
| Prefernce share redemtion fund | 350,000 |
| 1,250,000 | |
| Long Term Loans & Advances | |
| Particulars | Amount |
| Advances to officers not currently collectible | 100,000 |
| Long term refundable deposit | 50000 |
| 150,000 | |
| Inventory | |
| Particulars | Amount |
| Inventory | 1,300,000 |
| 1,300,000 | |
| Cash and cash equivalents | |
| Particulars | Amount |
| Cash and cash equivalents | 500,000 |
| 500,000 | |
| Trade receivable | |
| Particulars | Amount |
| Accounts receivable | 400,000 |
| Notes receivable | 250000 |
| Allowance for doubtful accounts | -20000 |
| 630,000 | |
| Other current assets | |
| Particulars | Amount |
| Cash surrender value | 60,000 |
| Accrued interest on notes receivable | 10000 |
| Prepaid expenses | 70000 |
| Trading securities | 280000 |
| 420,000 |
Add Answer to:
TEL Company provided the following account balances on
December 31, 2019:
Accounts receivable
400,000.00
Advances to...
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