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
|
|
85
|
|
Unearned Revenues-2 years
|
|
125
|
|
Cash Dividends Declared
|
200
|
|
|
Income Summary
|
|
762
|
|
TOTALS
|
$4122
|
$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