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BIT102 - Block A - Case 1

The document provides account balances for Exemplar Company as of December 31, 2018, including assets totaling $17,420,000 such as cash, equipment, and inventory. It also includes liabilities of $14,200,000 such as accounts payable, bonds payable, and dividends payable. Equity accounts include ordinary share capital of $5,000,000 and retained earnings deficit of $1,800,000.

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105 views2 pages

BIT102 - Block A - Case 1

The document provides account balances for Exemplar Company as of December 31, 2018, including assets totaling $17,420,000 such as cash, equipment, and inventory. It also includes liabilities of $14,200,000 such as accounts payable, bonds payable, and dividends payable. Equity accounts include ordinary share capital of $5,000,000 and retained earnings deficit of $1,800,000.

Uploaded by

mitakumo uwu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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BIT102 Case #1

Block A

Exemplar Company provided the following account balances on December 31,2018:

Accounts receivable 400,000

Advances to officers – not currently collectible 100,000

Sinking fund 400,000

Building 5,000,000

Long-term refundable deposit 50,000

Cash and cash equivalents 500,000

Cash surrender value 60,000

Equipment 1,000,000

Lease rights 100,000

Accrued interest on notes receivable 10,000

Inventories 1,300,000

Land 1,500,000

Land held for speculation 500,000

Notes receivable 250,000

Computer software 3,250,000

Prepaid expenses 70,000

Trading securities 280,000

Unearned rent income 40,000

Retained earnings (deficit) (1,800,000)

Shares premium – preference 500,000

Premium on bonds payable 1,000,000

Preference share capital 2,000,000

Share premiums – ordinary 200,000

Notes payable 300,000

SSS payable 10,000

Accounts payable 400,000

Accrued salaries 100,000


Accumulated depreciation – building 2,000,000

Accumulated depreciation – equipment 200,000

Allowance for doubtful accounts 20,000

Bonds payable 5,000,000

Dividends payable 120,000

Ordinary share capital 5,000,000

Withholding tax payable 30,000

Preference share redemption fund 350,000

Instruction:

Prepare in good form a properly classified statement of financial position on December 31, 2018.

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