Reference no: EM132701169
Question - The trial balance of evening Co. as of December 31, 20x1 is shown below;
Debits Credits
Cash on hand 120,000
Cash in bank 980,000
Account receivable 2,000,000
Allowance for doubtful accounts 300,000
Advances to employees 40,000
Advances to officers 130,000 (due in 20x3)
Advances to affiliates 670,000 (no agreed due date)
Inventories 200,000
Dairy cattle(used to produce milk) 1,200,000
Advances to suppliers 30,000
Fair value of plan assets 1,000,000
Land (held for long term capital 900,000 appreciation)
Land (office building site) 1,200,000
Building 4,800,000
Accumulated depriciation - Bldg. 1,600,000
Patent 440,000
Accumulated amortization-Patent 80,000
Web site costs 250,000
Accumulated amortization- 50,000
Web site
Accounts payable 720,000
Utility payables 80,000
Loans payable (short-term bankloan) 2,500,000
Discount on loan payable 740,000
Provision for probable loss on lawsuit 430,000
Deposit liability for returnable 120,000 containers (short-term)
Present value of defined benefit 2,700,000 obligation
Ordinary share capital 4,000,000
Share premium 600,000
Share-premium-Share warrants 300,000 outstanding
Share premium- treasury shares 70,000
Retained earnings 1,030,000
Reserves for contingencies 190,000
Translation gain on foreign operation 30,000
Treasury shares 100,000
Totals 14,800,000 14,800,000
Requirements - Prepare the financial position of Evening Co.?