Table 13-12
the Following Accounts and Related Balances of FYI

question 28

Essay

Table 13-12
The following accounts and related balances of FYI Advertising Ltd. are as at December 31, 2017 prior to the closing journal entries.
$$\begin{array} { | l | r | } \hline \text { Accrued Liabilities }&\$50,400 \\\hline \text { Preferred Shares, } \$ 2.50 , \text { cumulative, } 24,000 \text { authorized and } \\\text { Issued } & 240,000 \\\hline \text { Prepaid Expenses } & 3,600 \\\hline \text { Accounts Payable } & 90,000 \\\hline \text { Interest Expense } & 29,000 \\\hline \text { Trademark, net } & 20,400 \\\hline \text { Long-term Note Payable } &600,000 \\\hline \text { Property, Plant, and Equipment, net } & 3,360,000 \\\hline \text { Retained Earnings } &623,600 \\\hline \text { Accounts Receivable, net } &318,000 \\\hline \text { Inventory } & 420,000\\\hline \text {Common Shares, 300,000 shares authorized; } 200,000 \text { shares } \\\text { Issued }&2,500,000\\\hline \text { Cash } & 384,000 \\\hline \text { Organization Costs } & 18,000 \\\hline\end{array}$$ Additional information:
$$\begin{array} { l l } \text { Total Assets, january } 1,2017 & \$ 4,100,000 \\\text { Net income for } 2017 & \$ 420,000\end{array}$$ No new shares were issued in 2017.
-Referring to Table 13-12,prepare a classified balance sheet as at December 31,2017.

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Definitions:

Chemoautotrophs

Organisms that obtain their energy through the chemical oxidation of inorganic substances and use that energy to synthesize organic compounds from carbon dioxide.

Photoautotrophs

Organisms that carry out photosynthesis to acquire energy, using sunlight, carbon dioxide, and water to produce oxygen and glucose.

Inorganic Carbons

Carbon compounds that do not contain carbon-hydrogen bonds, typically excluding those found in living organisms or their remains.

Nitrogen-Fixing Bacteria

Bacteria capable of converting atmospheric nitrogen into ammonia, making nitrogen available to plants for growth.