Reference no: EM132706701
Question - The adjusted trial balance of Friendships Co. as of December 31, 20x1 is shown below;
Debit Credit
Cash on hand 62,350
Cash in bank-BPI (Savings) 1,720,500
Cash in bank-BPI (Current) 1,890,234
Cash in bank-BDO (current) 567,891
Accounts receivable 8,341,689
Allowance for doubtful accounts 347,182
Advances to employees 57,610
Loans receivable (due in 20x4) 9,827,341
Unearned interest income 1,234,819
Raw materials inventory 1,237,398
Work in process inventory 7,987,908
Finished good inventory 12,892,309
Prepaid income tax 234,125
Prepaid supplies 890,239
Advance to suppliers 34,981
Held for trading securities 2,834,079
Investment in equity securities - 987,234
FVOCI Investment in associate 1,290,347
Interest receivable (due on mar. 1, 20x2) 946,013
Land 8,980,751
Building 3,419,877
Accumulated deprecion -Bldg. 712,930
Equipment 917,387
Accumulated depreciation-Equipt. 234,125
Account payable 9,071,239
Accrued liabilities 889,712
Income tax payable 721,346
Deferred tax asset 1,092,387
Deferred tax liability 918,732
Loans payable (due in 20x2) 8,000,000
Discount on loan payable 746,252
Interest payable 341,782 (due on july 1, 20x2)
Deferred credits 712,788
Provision for warranty obligation 432, 187
Ordinary share capital 20,000,000
Share premium 6,000,000
Retained earnings-unrestricted 15,144,664
Retained earnings-appropriated 1,200,000
Revaluation surplus 873,984
Unrealized gains on equity - 123,412 securities-FVOCI
Totals 66,958,902 66,958,902
Requirement - Prepare the statement of financial position of Friendships Co.?