Loving Care Company provided the following balances on December 21, 2021: Franchise 200,000 Goods in process 600,00 Building 4,000,000 Employees income tax payable 20,000 Prepaid insurance 20,000 Raw materials 200,000 Notes payable 100,000 Cash 420,000 Accounts receivable 500,000 Retained earnings 880,000 Finished goods 400,000 Accrued Expenses 30,000 Trading securities 250,000 Claim receivable 20,000 Machinery 2,000,000 Advance from customer 100,000 Tools 40,000 Goodwill 100,000 Accumulated Depreciation-Machinery 1,300,000 Allowance for doubtful account 50,000 Plant expansion fund 500,000 Serial bonds payable (500,000 due every July 31 of each year 2,500,000 Accounts payable 300,000 Share capital 5,000,000 Accumulated Depreciation-Building 1,600,000 Income tax payable 60,000 Factory supplies 50,000 Share premium 500,000 Accrued interest on notes payable 10,000 Investment in bonds 1,500,000 Land 1,500,000 Notes Receivable 150,000 Required:Prepare a properly classified statement of financial position on December 31, 2021

Loving Care Company provided the following balances on December 21, 2021: Franchise 200,000 Goods in process 600,00 Building 4,000,000 Employees income tax payable 20,000 Prepaid insurance 20,000 Raw...

Loving Care Company provided the following balances on December 21, 2021:

Franchise	200,000
Goods in process	600,00
Building	4,000,000
Employees income tax payable	20,000
Prepaid insurance	20,000
Raw materials	200,000
Notes payable	100,000
Cash	420,000
Accounts receivable	500,000
Retained earnings	880,000
Finished goods	400,000
Accrued Expenses	30,000
Trading securities	250,000
Claim receivable	20,000
Machinery	2,000,000
Advance from customer	100,000
Tools	40,000
Goodwill	100,000
Accumulated Depreciation-Machinery	1,300,000
Allowance for doubtful account	50,000
Plant expansion fund	500,000
Serial bonds payable (500,000 due every July 31 of each year	2,500,000
Accounts payable	300,000
Share capital	5,000,000
Accumulated Depreciation-Building	1,600,000
Income tax payable	60,000
Factory supplies	50,000
Share premium	500,000
Accrued interest on notes payable	10,000
Investment in bonds	1,500,000
Land	1,500,000
Notes Receivable	150,000

Required:

Prepare a properly classified statement of financial position on December 31, 2021

Jun 02, 2022