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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Question

Problem 84 (LAA)
Summa Company revealed the following account balances
on December 31, 2020
Accota payable
Accounta receivable, net of allowance for doubtful
accounts PS0.000
Accrued taxes
Aecrued interest receivable
Autherined sbare capital, 60,000 aharea. P100 par
Building, net ofaccumulated depreciation of P500,000 3,000.000
Cash on hand
Cash in bank
Bond sinking fund
Furniture and equipment, net ofaccumulated
depreciation of P900,000
Iaventory
Investment property
Land
Deferred tax liability
Bonds payable due June 30, 2021
Notes payable
Notes reoeivable
Patent
Ocher accrued liabilities
Prepaid expenses
Share premium
Retained earninge appropristed for contingencies
Retained eantings
Share ubecription receivable
Subscribed share capital E000 shares
Unianoed share capital
1000,000
50.000
30,000
5,000.000
50.000
650.000
2000.000
1,500,000
1,200,000
700.000
1,000,000
650.000
2.000.000
850.000
200,000
370,000
150,000
100,000
300,000
200,000
2.700,000
500,000
L000,000
2.000,000
Required:
Prepare a statement of financial position, presented and
elassified according to generally accepted acounting
Principles with appropriate notes

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