Case Analysis of Financial Reporting

Running head: FINANCIAL REPORTING
Financial Reporting
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1
FINANCIAL REPORTING
Table of Contents
a)......................................................................................................................................................2
b)......................................................................................................................................................3
c)......................................................................................................................................................4
Reference.........................................................................................................................................6

2
FINANCIAL REPORTING
a)
In the books of San Pedro Industries
Balance sheet (using account format)
Liabilities and Equities Amount Amount Assets
Amoun
t Amount
Current Liability Current Assets
Accounts Payable $710.00 Cash in hand $88.00
Income Tax Payable $105.00
Accounts
Receivable
$895.0
0
Dividends Payable $50.00
Provision for
doubtful debt -$95.00
Net Accounts
Receivable $800.00
Total Current
Liabilities $865.00
Interest
Receivable $60.00
Installment
receivables $120.00
Non-Current Liability
Merchandise
Inventory $100.00
Notes Payable $1,000.00 Supplies $28.00
Unearned revenue $125.00 Prepaid expenses $46.00
Total Current
Assets $1,242.00
Total Noncurrent
Liability $1,125.00
Non-Current
Assets
Note Receivable $475.00
Total Liability $1,990.00
Building and
Equipment
$1,425.
00
Accumulated
depreciation
-
$375.0
0
Shareholders’ Equity
Net Building and
Equipment $1,050.00
Common stock at par $90.00 Land $600.00
Additional capital $725.00 Patent $85.00
Retained earning $647.00
Total Non-
Current Assets $2,210.00
Total Shareholders’
Equity $1,462.00
Total Liability and
Shareholders’ Equity $3,452.00 Total Assets $3,452.00