13 Mar share premium 300 000
Relax Company provided the following information for the purpose of presenting the statement of financial position on December 31 2014:
Cash 400 000
Accounts receivable 500 000
allowance for doubtful accounts 50 000
inventories 1 000 000
land 500 000
building 5 000 000
accumulated depreciation-building 2 000 000
machinery 3 000 000
accumulated depreciation-machinery 1 200 000
equipment 400 000
accumulated depreciation-equipment 100 000
investment in associate 1 300 000
prepaid expenses 100 000
notes payable 750 000
accounts payable 350 000
income tax payable 50 000
accrued expenses 60 000
mortgage note payable in quarterly installments of 100 000 2 000 000
estimated liability for damages 140 000
retained earnings appropriated for plant expansion 1 000 000
retained earnings appropriated for contingencies 100 000
share capital 3 000 000
share premium 300 000
retained earnings unappropriated 1 250 000
trademark 150 000
secret processes and formulas 200 000
bank loan payable – due June 30, 2016 500 000
required:
prepare in good form a properly classified statement of financial position on December 31, 2014 with supporting notes and computations.
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