Problem 8-3 (IAA) Summa Company revealed the following account balances on December 31, 2022: Accounts payable Accounts receivable Allowance for doubtful accounts Accrued taxes payable Accrued interest receivable Share capital, P100 par Building Accumulated depreciation Cash on hand Cash in bank Bond sinking fund Furniture and equipment Accumulated depreciation Inventory Investment property. Land Deferred tax liability Bonds payable due June 30, 2022 Notes payable Notes receivable Patent Other accrued liabilities 1,000,000 650,000 50,000 50,000 30,000 3,500,000 5,500,000 2,500,000 50,000 650,000 2,000,000 2,400,000 900,000 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 2,900,000 Prepaid expenses Share premium Retained earnings Required: Prepare a statement of financial position, presented and classified according to generally accepted accounting principles with appropriate notes.

Problem 8-3 (IAA) Summa Company revealed the following account balances on December 31, 2022: Accounts payable Accounts receivable Allowance for doubtful accounts Accrued taxes payable Accrued interest receivable Share capital, P100 par Building Accumulated depreciation Cash on hand Cash in bank Bond sinking fund Furniture and equipment Accumulated depreciation Inventory Investment property. Land Deferred tax liability Bonds payable due June 30, 2022 Notes payable Notes receivable Patent Other accrued liabilities 1,000,000 650,000 50,000 50,000 30,000 3,500,000 5,500,000 2,500,000 50,000 650,000 2,000,000 2,400,000 900,000 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 2,900,000 Prepaid expenses Share premium Retained earnings Required: Prepare a statement of financial position, presented and classified according to generally accepted accounting principles with appropriate notes.

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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