Reference no: EM132759923

Vax-Zin Corporation provided the following adjusted account balance as of December 31, 2020

Amount Accounts payable 75,900.00

Accounts receivable 153,100.00

Accumulated depreciation - buildings 151,700.00

Accumulated depreciation - machinery and equipment 127,000.00

Additional paid-in capital 62,000.00

Allowance for doubtful accounts 16,500.00

Buildings 410,000.00

Cash fund for stock redemption 17,500.00

Cash in banks 9,120.00 Cash on hand 97,300.00

Claim for income tax refund 4,500.00

Common stock, Php20 par 650,000.00

Income taxes payable 29,200.00

Interest payable 5,390.00

Interest receivable 900.00

Inventory 201,300.00

Investment properties 175,000.00

Investment securities (current) 102,500.00

Land 188,000.00

Machinery and Equipment 145,000.00

Miscellaneous supplies inventory 6,200.00

Notes payable (current) 58,260.00

Notes payable (due in 2024) 38,000.00

Notes receivable (current) 22,470.00

Preferred stock, Php5 par 320,000.00

Prepaid insurance 3,500.00

Retained earnings 11,740.00

Salaries and wages payable 9,400.00

Withholding tax payable 4,780.00

Problem 1: Prepare a properly classified balance sheet in report form.