The following is a list (in random order) of the December 31, 2010 balance sheet accounts of the International Products Company.
Additional paid-in capital on preferred stock $ 1,600
Accounts receivable 13,800
Dividends payable 1,800
Buildings 50,000
Bonds payable (due 2016) 29,000
Retained earnings 25,800
Office supplies 1,900
Current income tax payable 4,200
Accumulation depreciation equipment 8,300
Patents (net) 2,400
Notes payable (due January 1, 2013) 17,000
Inventory 24,400
Additional paid in capital on common stock 7,700
Sinking fund for bond retirement 4,000
Accounts payable $16,500
Prepaid insurance 900
Discount on bonds payable 2,000
Common stock $10 par 15,000
Equipment 29,000
Allowance for doubtful accounts 700
Preferred stock $50 par 10,000
Accumulated depreciation Buildings 12,400
Current interest payable 2,900
Investment in held- to- Maturity bonds 9.000
Cash 8,200
Treasury stock (at cost) 1,500
Accrued wages 3,700
Land 9,500
1 .Prepare a property classified balance sheet for the International Products Company on December 31, 20101.
2. Assume instead that International Products Company uses IFRS. Prepare its balance sheet on December 31, 2010.
Click here for the solution: The following is a list (in random order) of the December 31, 2010 balance sheet accounts of the International Products Company
