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Balance Sheet

The following is a list (in random order) of KIP International Products Company's December 31, 2019, balance sheet accounts:

Additional Paid-In Capital on Preferred Stock	$ 800					Accounts Payable	$ 17,000
Accounts Receivable	14,500					Prepaid Insurance	1,590
Dividends Payable	1,590					Discount on Bonds Payable	3,000
Buildings	74,900					Common Stock, $10 par	17,000
Bonds Payable (due 2022)	28,600					Equipment	32,800
Retained Earnings	82,570					Allowance for Doubtful Accounts	640
Office Supplies	1,830					Preferred Stock, $50 par	5,000
Current Income Taxes Payable	3,320					Accumulated Depreciation: Buildings	13,500
Accumulated Depreciation: Equipment	7,800					Current Interest Payable	2,700
Patents (net)	4,500					Investment in Held-to-Maturity Bonds	13,800
Notes Payable (due January 1, 2025)	14,900					Cash	9,500
Inventory	31,200					Treasury Stock (at cost)	1,700
Additional Paid-In Capital on Common Stock	6,800					Accrued Wages	2,900
Sinking Fund for Bond Retirement	3,000					Land	12,800

Required:

1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY Balance Sheet December 31, 2019
Assets
Current Assets:
		$ fill in the blank aac3c3072fddf98_2
	$ fill in the blank aac3c3072fddf98_4
	fill in the blank aac3c3072fddf98_6	fill in the blank aac3c3072fddf98_7
		fill in the blank aac3c3072fddf98_9
Prepaid items:
	$ fill in the blank aac3c3072fddf98_11
	fill in the blank aac3c3072fddf98_13	fill in the blank aac3c3072fddf98_14
Total current assets			$ fill in the blank aac3c3072fddf98_15
Long-Term Investments:
		$ fill in the blank aac3c3072fddf98_17
		fill in the blank aac3c3072fddf98_19
Total long-term investments			fill in the blank aac3c3072fddf98_20
Property, Plant, and Equipment:
		$ fill in the blank aac3c3072fddf98_22
	$ fill in the blank aac3c3072fddf98_24
	fill in the blank aac3c3072fddf98_26	fill in the blank aac3c3072fddf98_27
	$ fill in the blank aac3c3072fddf98_29
	fill in the blank aac3c3072fddf98_31	fill in the blank aac3c3072fddf98_32
Total property, plant, and equipment			fill in the blank aac3c3072fddf98_33
Intangible Assets:
			fill in the blank aac3c3072fddf98_35
Total Assets			$ fill in the blank aac3c3072fddf98_36
Liabilities
Current Liabilities:
		$ fill in the blank aac3c3072fddf98_38
		fill in the blank aac3c3072fddf98_40
		fill in the blank aac3c3072fddf98_42
		fill in the blank aac3c3072fddf98_44
		fill in the blank aac3c3072fddf98_46
Total current liabilities			$ fill in the blank aac3c3072fddf98_47
Long-Term Liabilities:
		$ fill in the blank aac3c3072fddf98_49
		fill in the blank aac3c3072fddf98_51
		$ fill in the blank aac3c3072fddf98_52
		fill in the blank aac3c3072fddf98_54
Total long-term liabilities			fill in the blank aac3c3072fddf98_55
Total Liabilities			$ fill in the blank aac3c3072fddf98_56
Shareholders' Equity
Contributed Capital:
		$ fill in the blank aac3c3072fddf98_58
		fill in the blank aac3c3072fddf98_60
		fill in the blank aac3c3072fddf98_62
		fill in the blank aac3c3072fddf98_64
Total contributed capital		$ fill in the blank aac3c3072fddf98_65
		fill in the blank aac3c3072fddf98_67
Total contributed capital and retained earnings		$ fill in the blank aac3c3072fddf98_68
		fill in the blank aac3c3072fddf98_70
Total shareholders' equity			fill in the blank aac3c3072fddf98_71
Total liabilities and shareholders' equity			$ fill in the blank aac3c3072fddf98_72

2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

KIP INTERNATIONAL PRODUCTS COMPANY
Balance Sheet
December 31, 2019
Assets
Noncurrent Assets
		$fill in the blank f024defdf051fa4_2
		fill in the blank f024defdf051fa4_4
		fill in the blank f024defdf051fa4_6
	$fill in the blank f024defdf051fa4_8
	fill in the blank f024defdf051fa4_10	fill in the blank f024defdf051fa4_11
	$fill in the blank f024defdf051fa4_13
	fill in the blank f024defdf051fa4_15	fill in the blank f024defdf051fa4_16
		fill in the blank f024defdf051fa4_18
Total noncurrent assets			$fill in the blank f024defdf051fa4_19
Current Assets
		$fill in the blank f024defdf051fa4_21
	$fill in the blank f024defdf051fa4_23
	fill in the blank f024defdf051fa4_25	fill in the blank f024defdf051fa4_26
		fill in the blank f024defdf051fa4_28
Prepaid items
	$fill in the blank f024defdf051fa4_30
	fill in the blank f024defdf051fa4_32	fill in the blank f024defdf051fa4_33
Total current assets			fill in the blank f024defdf051fa4_34
Total Assets			$fill in the blank f024defdf051fa4_35
Shareholders' Equity
Contributed Capital
		$fill in the blank f024defdf051fa4_37
		fill in the blank f024defdf051fa4_39
		fill in the blank f024defdf051fa4_41
		fill in the blank f024defdf051fa4_43
Total contributed capital		$fill in the blank f024defdf051fa4_44
Retained earnings		fill in the blank f024defdf051fa4_45
Total contributed capital and Retained earnings		$fill in the blank f024defdf051fa4_46
		fill in the blank f024defdf051fa4_48
Total Shareholders' Equity			$fill in the blank f024defdf051fa4_49
Liabilities
Noncurrent Liabilities
		$fill in the blank f024defdf051fa4_51
		fill in the blank f024defdf051fa4_53
		$fill in the blank f024defdf051fa4_54
		fill in the blank f024defdf051fa4_56
Total noncurrent liabilities			$fill in the blank f024defdf051fa4_57
Current Liabilities
		$fill in the blank f024defdf051fa4_59
		fill in the blank f024defdf051fa4_61
		fill in the blank f024defdf051fa4_63
		fill in the blank f024defdf051fa4_65
		fill in the blank f024defdf051fa4_67
Total current liabilities			$fill in the blank f024defdf051fa4_68
Total Liabilities			$fill in the blank f024defdf051fa4_69
Total Shareholders' Equity and Liabilities			$fill in the blank f024defdf051fa4_70

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