Balance sheet problem

Balance sheet problem - $900 Discount on bond payable...

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Balance sheet: The following is a list (in random order) of the December 31, 2010 balance sheet account of the International Products Company: Additional paid-in capital on preferred stock $1,600 Accounts payable $16,500 Accounts receivable $13,000 Dividends payable $1,800 Buildings $50,000 Bonds payable (due 2016) $29,000 Retained earning $25,800 Office Supplies $1,900 Current Income taxes payable $4,200 Accumulated depreciation: equipment $8,300 Patent (net) $2,400 Notes payable (due Jan 1, 2013) $17,000 Inventory $24,400 Additional paid-in capital on common stock $7,700 Sinking fund for bond retirement $4,000 Prepaid insurance
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Unformatted text preview: $900 Discount on bond payable $2,000 Common stock, $ 10par $15,000 Equipment $29,000 Allowance for doubtful account $700 Preferred stock $50 par $10,000 Accumulated depreciation: building $12,400 Current Interest payable $2,900 Investment in held-to-maturity bonds $9,000 Cash $8,200 Treasury stock (at cost) $1,500 Accrued wages $3,700 Land $9,500 1. Prepare a properly classified balance sheet for the International Products Company on December 31, 2010. 2. Assume instead that International Products Company uses IFRS. Prepare its balance sheet on December 31, 2010....
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Balance sheet problem - $900 Discount on bond payable...

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