The following information was provided for Rose company. The purpose of presenting
these account balances is for you to prepare a statement of financial position as of December 31, 2018. Use the report form in your presentation and provide a supporting schedule or notes to financial statements. Explain also the importance of presenting this statement of financial position and the usefulness of these to users of financial statements.
Accounts Receivable 600,000
Unearned rent income 60,000
Advances to officers-not currently collectible 150,000
Retained Earnings (Deficit) (2,700,000)
Sinking Fund 600,000
Share premium-preference 750,000
Building 7,500,000
Premium on bonds payable 1,500,000
Long-term refundable deposit 75,000
Preference share capital 3,000,000
Cash and cash equivalents 750,000
Share premium – ordinary 300,000
Cash surrender value 90,000
Notes payable 450,000
Equipment 1,500,000
SSS payable 15,000
Lease Rights 150,000
Accounts payable 600,000
Accrued interest on Notes Receivable 15,000
Accrued salaries 150,000
Inventories 1,950,000
Accumulate depreciation-building 3,000,000
Land 2,250,000
Accumulated depreciation-equipment 300,000
Land Held for speculation 750,000
Allowance for doubtful accounts 30,000
Notes Receivable 375,000
Bonds payable 7,500,000
Computer Software 4,875,000
Dividends payable 180,000
Prepaid Expenses 105,000
Ordinary share capital 7,500,000
Trading Securities 420,000
Withholding tax payable 45,000
Preference share redemption fund 525,000