Balance Sheet The following is a list (in random order) of KIP International Pro

Question

Balance Sheet The following is a list (in random order) of KIP International Products Company's December 31, 2016 balance sheet accounts of the International Products Company: Additional Paid-In Capital on Preferred Stock $ 2,240 Accounts Payable $ 14,900 Accounts Receivable 13,600 Prepaid Insurance 920 Dividends Payable 1,840 Discount on Bonds Payable 2,900 Buildings 58,800 Common Stock, $10 par 12,000 Bonds Payable (due 2019) 29,800 Equipment 41,200 Retained Earnings 92,060 Allowance for Doubtful Accounts 750 Office Supplies 2,110 Preferred Stock, $50 par 14,000 Current Income Taxes Payable 3,620 Accumulated Depreciation: Buildings 8,100 Accumulated Depreciation: Equipment 6,300 Current Interest Payable 2,770 Patents (net) 4,400 Investment in Held-to-Maturity Bonds 15,000 Notes Payable (due January 1, 2019) 12,600 Cash 8,800 Inventory 40,800 Treasury Stock (at cost) 1,200 Additional Paid-In Capital on Common Stock 6,000 Accrued Wages 3,050 Sinking Fund for Bond Retirement 7,300 Land 13,000 Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2016. Kip International Products Company Balance Sheet December 31, 2016

Explanation / Answer

KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2016 Assets Current Assets Cash 8800 Accounts Receivable 13600 Less: Allowance for Doubtful Accounts -750 12850 Inventory 40800 Prepaid items Office Supplies 2110 Prepaid Insurance 920 3030 Total current assets 65480 Long-Term Investments Investment in Held-to-Maturity Bonds 15000 Sinking Fund for Bond Retirement 7300 Total long-term investments 22300 Property, Plant, and Equipment Land 13000 Buildings 58800 Less: Accumulated Depreciation-Buildings -8100 50700 Equipment 41200 Less: Accumulated Depreciation-Equipment -6300 34900 Total property, plant, and equipment 98600 Intangible Assets Patents (net) 4400 Total Assets 190780 Liabilities Current Liabilities Accounts Payable 14900 Accrued Wages 3050 Interest Payable 2770 Income Taxes Payable 3620 Dividends Payable 1840 Total current liabilities 26180 Long-Term Liabilities Bonds Payable 29800 Discount on Bonds Payable -2900 Subtotal 26900 Notes Payable (due in 2019) 12600 Total long-term liabilities 39500 Total liabilities 65680 Shareholders' Equity Contributed Capital Preferred Stock 14000 Common Stock 12000 Additional paid-in capital on Preferred Stock 2240 Additional paid-in capital on Common Stock 6000 Total contributed capital 34240 Retained earnings 92060 Total contributed capital and retained earnings 126300 Treasury Stock -1200 Total Shareholders' Equity 125100 Total Liabilities and Shareholders' Equity 190780

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