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BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 304,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 Land Sales 8,450,000 5,800,210 Accrued interest income Allowance for doubtful accounts Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a 51,500 45,470 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities - FVOCI Distribution cost Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense 85,750 103,870 245,660 230,350 217,940 346,920 50,280 292,750 Income tax payable Office supplies Administrative cost Finance cost 154,621 45,710 163,455 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance 326,900 8,125,000 2,057,590 164,370 68,452 Sales discounts Freight in Share dividends payable 290,011 173,054 2,437,500 Income tax expense Amortization of patent 618,485 40,000 Income summary 686,780 29,048,027 660,440 TOTALS 29,048,027 Ending Beginning 256,000 Raw materials, beginning Goods in process, beginning 358,500 105,720 56,280 Finished goods, beginning 325,060 245,660 Total 686,780 660,440

BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 304,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 Land Sales 8,450,000 5,800,210 Accrued interest income Allowance for doubtful accounts Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a 51,500 45,470 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities - FVOCI Distribution cost Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense 85,750 103,870 245,660 230,350 217,940 346,920 50,280 292,750 Income tax payable Office supplies Administrative cost Finance cost 154,621 45,710 163,455 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance 326,900 8,125,000 2,057,590 164,370 68,452 Sales discounts Freight in Share dividends payable 290,011 173,054 2,437,500 Income tax expense Amortization of patent 618,485 40,000 Income summary 686,780 29,048,027 660,440 TOTALS 29,048,027 Ending Beginning 256,000 Raw materials, beginning Goods in process, beginning 358,500 105,720 56,280 Finished goods, beginning 325,060 245,660 Total 686,780 660,440

FINANCIAL ACCOUNTING
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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REQUIRED: Prepare and present the following financial statement:

  • Statement of changes in equity
BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI 304,000 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory 96,000 ww w ww wwwww 3,714,024 1,730,540 5,145,000 1,029,000 813,900 wwwww 325,000 85,750 103,870 245,660 Unrealized gain on investment in debt securities - FVOCI Distribution cost 230,350 217,940 Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense Income tax payable Office supplies Administrative cost 346,920 50,280 292,750 154,621 45,710 163,455 Finance cost 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance Sales discounts 326,900 8,125,000 2,057,590 164,370 68,452 290,011 173,054 Freight in Share dividends payable 2,437,500 Income tax expense 618,485 www Amortization of patent 40,000 Income summary 686,780 29,048,027 660,440 29,048,027 ТОTALS Beginning Ending Raw materials, beginning 256,000 358,500 Goods in process, beginning Finished goods, beginning 105,720 56,280 325,060 686,780 245,660 Total 660,440
Transcribed Image Text:BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable - at fair value Bonds payable Investment in debt securities - FVOCI 304,000 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory 96,000 ww w ww wwwww 3,714,024 1,730,540 5,145,000 1,029,000 813,900 wwwww 325,000 85,750 103,870 245,660 Unrealized gain on investment in debt securities - FVOCI Distribution cost 230,350 217,940 Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense Income tax payable Office supplies Administrative cost 346,920 50,280 292,750 154,621 45,710 163,455 Finance cost 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance Sales discounts 326,900 8,125,000 2,057,590 164,370 68,452 290,011 173,054 Freight in Share dividends payable 2,437,500 Income tax expense 618,485 www Amortization of patent 40,000 Income summary 686,780 29,048,027 660,440 29,048,027 ТОTALS Beginning Ending Raw materials, beginning 256,000 358,500 Goods in process, beginning Finished goods, beginning 105,720 56,280 325,060 686,780 245,660 Total 660,440
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