Problem 84 (LAA)Summa Company revealed the following account balanceson December 31, 2020Accota payableAccounta receivable, net of allowance for doubtfulaccounts PS0.000Accrued taxesAecrued interest receivableAutherined sbare capital, 60,000 aharea. P100 parBuilding, net ofaccumulated depreciation of P500,000 3,000.000Cash on handCash in bankBond sinking fundFurniture and equipment, net ofaccumulateddepreciation of P900,000IaventoryInvestment propertyLandDeferred tax liabilityBonds payable due June 30, 2021Notes payableNotes reoeivablePatentOcher accrued liabilitiesPrepaid expensesShare premiumRetained earninge appropristed for contingenciesRetained eantingsShare ubecription receivableSubscribed share capital E000 sharesUnianoed share capital1000,00050.00030,0005,000.00050.000650.0002000.0001,500,0001,200,000700.0001,000,000650.0002.000.000850.000200,000370,000150,000100,000300,000200,0002.700,000500,000L000,0002.000,000Required:Prepare a statement of financial position, presented andelassified according to generally accepted acountingPrinciples with appropriate notes

Financial statement: Financial information shows the position of an organization at a particular…

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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