Prepare properly classified balance sheet for gates company

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Reference no: EM132650946

The December 31, 2017 balance sheet accounts of Gates Company are shown below in alphabetical order:

Accounts Payable 236,000

Accounts Receivable 115,000

Accumulated Amortization - Patents 22,000

Accumulated Amortization - Trademarks 17,000

Accumulated Depreciation-Buildings 530,000

Accumulated Depreciation-Equipment 351,000

Allowance for Bad Debts 8,000

Appropriated Retained Earnings 45,000

Bonds Payable (due in 2009) 770,000

Buildings 1,440,000

Cash and Cash Equivalents 35,000

Discount on Bonds Payable 69,000

Equipment 624,000

Inventory 322,000

Investments in Associates 250,000

Land (including land with an undetermined future use acquired in December 2017 for P1,000,000) 1,300,000

Ordinary Share, P10 par 1,300,000

Share Premium - Preference 81,000

Share Premium - Ordinary 240,000

Patents 120,000

Preference Share, P100 par 210,000

Retained Earnings 462,000

Salaries Payable 20,000

Share Dividends Distributable 24,000

Trademarks 60,000

Trading Securities 61,000

Withholding Taxes Payable 80,000

Required:

Question 1: Prepare properly classified Balance Sheet for Gates Company as of December 31, 2017 with appropriate notes.

Reference no: EM132650946

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