Prepare in good form a properly classified statement

Assignment Help Financial Accounting

Reference no: EM131119916

Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31 2014:

Cash	400,000
Accounts receivable	500,000
allowance for doubtful accounts	50,000
inventories	1,000,000
land	500,000
building	5,000,000
accumulated depreciation-building	2,000,000
machinery	3,000,000
accumulated depreciation-machinery	1,200,000
equipment	400,000
accumulated depreciation-equipment	100,000
investment in associate	1,300,000
prepaid expenses	100,000
notes payable	750,000
accounts payable	350,000
income tax payable	50,000
accrued expenses	60,000
mortgage note payable in quarterly installments of 100,000	2,000,000
estimated liability for damages	140,000
retained earnings appropriated for plant expansion	1,000,000
retained earnings appropriated for contingencies	100,000
share capital	3,000,000
share premium	300,000
retained earnings unappropriated	1,250,000
trademark	150,000
secret processes and formulas	200,000
bank loan payable - due June 30, 2016	500,000

Required:

prepare in good form a properly classified statement of financial position on December 31, 2014 with supporting notes and computations.

Reference no: EM131119916

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