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Prepare the statement of financial position of friendships

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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.?

Reference no: EM132706701

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