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FIN621 Financial Statement Analysis Assignment No 01 Spring 2019 Solution & Discussion
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Notes payable, due July, 2020 28000
Bonds Payable, due December 2025 150000
Deferred Tax Liability, Long Term 77000
Total Long term Liabilities 255000
Bilal sab kindly brief the treatment of Accounts Receivables, less allowance for doubtful accounts of Rs. 12,000 95,000
Common Stock (Rs, 10 par, 50,000 shares authorized, 20,000
shares outstanding 200,000
Muhammad Bilal Sab Thank You very for your cooperation in this regard
Assignment no 01
Note payable date is written after one year so it is not a current liability. It is a long term liability so it is written under the heading of long term liability.
Deferred tax liability date is written after one year so it is not a current liability. It is a long term liability so it is written under the heading of long term liability.
Patent is an intangible assets so it is written under the heading of current assets instead of plant assets.
Organization cost is not planted cost so it is written under the heading of other assets.
Mark able security date is not mentioned so it is not a current assets it is long term assets.
Deferred tax liability is not current liability it’s write the under the heading of other liability.
In my opinion the format of Balance Sheet is as follows
Long term Liabilities