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San Pedro Industries
Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.
Debit
Credit
Accounts Receivable-trade
$895
Building and Equipment
1425
Cash in bank-Operating
76
Interest Receivable
60
Installment receivables
120
Merchandise Inventory
100
Land
600
Notes receivable-Long term
475
Petty cash
12
Prepaid expenses current
46
Supplies
28
Patent
85
Accounts Payable-Trade
710
Accumulated Depreciation
375
Additional Paid in Capital
725
Allowance for Uncollectible Accounts
95
Cash Dividends Payable
50
Common Stock-$1 par value
90
Income tax payable
105
Notes payable-2 years
1000
Retained Earnings
Unearned Revenues-2 years
125
Cash Dividends Declared
200
Income Summary
762
TOTALS
$4122
Required:
a) Prepare a classified balance sheet using the account format for San Pedro Industries.
b) Prepare a classified balance sheet using the report format for San Pedro Industries.
c) Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.
Prepare journal entries to record current tax and deferred tax for the year ended 30 June 2015
Verified Expert
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