Mini Case 2_A171.docx - BKAR 1013 FINANCIAL ACCOUNTING...

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BKAR 1013 FINANCIAL ACCOUNTING & REPORTING 1 BKAR1013 FINANCIAL ACCOUNTING AND REPORTING I (A171) MINI CASE 2 PRESENTATION OF FINANCIAL STATEMENT QUESTION 1 Fortune Future Oriental Company is a telecommunication company. Below is a list of account balances of the company at 31 December 2016. Accounts RM A Account receivables 45,691 Accounts payable 15,390 Accumulated depreciation – buildings 10,500 Accumulated depreciation - equipment 4,915 Allowance for doubtful debts 300 B Bonds payable 250,750 Buildings 571,950 Bad debt expense 300 C Cost of goods sold 356,730 Cash 547,610 D Depreciation expense – building 3,240 Depreciation expense – equipment 2,500 E Equipment 210,000 G Gain on sale of land 45,650 Gain on revaluation of properties 12,350 Goodwill 25,115 I Inventory 229,979 L Land held for future use 67,000 M Maintenance and repair expenses 4,980 N Notes payable 81,000 O Office expense 4,809 P Property tax expense 700 Prepaid insurance 110,222 R Rent revenue 24,000 Retained earnings 380,300 Reserve 352,250 S Sales revenue 934,675 Sales discounts 2,100 Sales returns and allowance 490 Salaries and wages expenses 10,556 Sales commissions 760 Share capital 115,402 T Travel expense (salesperson) 300 Translation of foreign operations 2,450 1
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BKAR 1013 FINANCIAL ACCOUNTING & REPORTING 1 Additional information: 1. 25% of the notes payable are due next year.
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