Reference no: EM131286250
Given the following account information for Howard Corporation, prepare a balance sheet in report form for the company as of December 31, 2017. All accounts have normal balances. Assume Howard uses IFRS. Cash is comprised of $50,000 at RBC (bank 1) and a bank overdraft of $5,000 at BMO (bank 2).
Equipment........................................................................................ 60,000
Interest Expense.............................................................................. 2,400
Interest Payable............................................................................... 600
Retained Earnings, beginning.......................................................... 113,200
Dividends.......................................................................................... 50,400
Land.................................................................................................. 137,320
Accounts Receivable....................................................................... 102,000
Bonds Payable................................................................................. 78,000
Accumulated other comprehensive income ……………………….. 19,000
Notes Payable (due in 6 months)..................................................... 29,400
Common Stock................................................................................ 70,000
Accumulated Depreciation—Equip.................................................. 10,000
Prepaid Advertising.......................................................................... 5,000
Service Revenue............................................................................. 341,400
Buildings........................................................................................... 80,400
Supplies............................................................................................ 1,860
Income Taxes Payable.................................................................... 3,000
Utilities Expense............................................................................... 1,320
Advertising Expense........................................................................ 1,560
Salaries and Wages Expense.......................................................... 53,040
Salaries and Wages Payable........................................................... 900
Accumulated Depr.—Bld................................................................. 20,000
Cash................................................................................................. 45,000
Depreciation Expense...................................................................... 8,000
Investment in Bonds to be held to maturity ………………………… 100,000
FV-OCI Investments (Fair value = 16,000)…………………………. 12,000
FV-NI Investments …………………………………………………… 3,200
Assets held for sale …………………………………………….. 22,000
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: Given the following account information for Howard Corporation, prepare a balance sheet in report form for the company as of December 31, 2017. All accounts have normal balances. Assume Howard uses IFRS. Cash is comprised of $50,000 at RBC (bank 1) a..
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