Chapter 7
Corporations: The Financial Statements
341
b) Where does the accumulated other comprehensive income account appear on this
company’s balance sheet? Explain.
AP-11A
(
5
)
Sigmund Corporation has the following account balances. Using this information, prepare a
classified balance sheet as at December 31, 2016 under ASPE.
Account Title
Balance
Accounts Payable
$56,000
Accounts Receivable
47,500
Accumulated Depreciation
8,600
Bank Loan
110,000
Cash
17,000
Common Shares
42,000
Inventory
65,500
Preferred Shares
50,000
Prepaid Rent
12,000
Machinery
220,000
Retained Earnings
91,900
Unearned Revenue
3,500
Notes
Unlimited common shares are authorized and 2,000 have been issued.
5,000 preferred shares are authorized and 500 have been issued.
The bank loan is payable over four years and $27,500 will be paid by December 31, 2017.
