Chapter 7
Corporations: The Financial Statements
348
d) If the company had followed IFRS, how would the section of assets on the statement of
financial position be different?
AP-15A (
2
3
5
)
Below is the adjusted trial balance for SandStone Corp. as at September 30, 2016.
SandStone Corp.
Adjusted Trial Balance
September 30, 2016
Debit
Credit
Accounts Payable
$20,470
Accounts Receivable
$23,000
Accumulated Depreciation
8,050
Cash
19,550
Common Shares
8,750
Cost of Goods Sold
40,250
Depreciation Expense
10,120
Gain on Disposal of Equipment
2,530
Gain on Sale of Assets from Discontinued Operations
13,400
Income Tax Benefit (Continuing Operations)
10,788
Income Tax Benefit (Discontinued Operations)
6,240
Insurance Expense
10,350
Interest Expense
5,520
Interest Payable
3,910
Inventory
25,875
Loan Payable
46,000
Loss from Discontinued Operations
29,000
Preferred Shares
5,890
Prepaid Insurance
8,050
Equipment
50,600
Rent Expense
19,550
Retained Earnings
35,512
Sales Discounts
11,060
Salary Expense
20,700
Salary Payable
9,775
Sales Returns and Allowances
3,450
Sales Revenue
115,000
Supplies Expense
7,400
Unearned Revenue
14,260
Utilities Expense
16,100
Total
$300,575
$300,575
