Indicate whether each of the following items will be reported on the statement of financial position...
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or neither statement (N)—for example, it might appear only on the statement of cash flows.
a. Notes receivable
b. Interest revenue from a short-term investment
c. Common shares
d. Accounts payable
e. Depreciation expense on a building
f. Interest expense
g. Cash from the issuance of shares
h. Wages payable
i. Interest expense on a bank loan
j. Retained earnings
Homework Answers
(a) Notes receivable : Statement of financial position (SFP)
(b) Interest revenue from a short term investment: Statement of income (SI)
(c) Common shares : Statement of financial position (SFP)
(d) Accounts payable: Statement of financial position (SFP)
(e) Depreciation expense on a building: Statement of income (SI)
(f) Interest expense: Statement of income (SI)
(g) Cash from the issuance of shares : Statement of financial position (SFP)
(h) Wages payable: Statement of financial position (SFP)
(i) Interest expense on a bank loan: Statement of income (SI)
(j) Retained earnings: Statement of financial position (SFP)
Add Answer to:
Indicate whether each of the following items will be reported on
the statement of financial position...
Indicate whether each of the following items will be reported on the statement of financial position...
Indicate whether each of the following items will be reported on
the statement of financial position (SFP), statement of income
(SI), both the statement of financial position and statement of
income (B), or neither statement (N)—for example, it might appear
only on the statement of cash flows.
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or...
Consider the following typical accounts and statement items and indicate on which statement(s)—income statement, statement of...
Consider the following typical accounts and statement items and indicate on which statement(s)—income statement, statement of financial position, statement of changes in equity, and/or statement of cash flows—you would find each of the accounts or items. 1. Sales 2. Cash 3. Cash provided by operating activities 4. Service revenue 5. Common shares 6. Dividends declared 7. Net income 8. Accounts receivable 9. Inventory 10. Income tax expense 11. Interest expense 12. Cash used by investing activities 13. Equipment 14. Retained...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will be paid in 2019. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity.) 'PINA COLADA CORP. Statement of Financial Position Assets These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841...
BE1-7 Indicate which statement-income statement (IS), statement of financial position (SFP), statement of changes in equity...
BE1-7 Indicate which statement-income statement (IS), statement of financial position (SFP), statement of changes in equity (SCE), or statement of cash flows (SCF)- you would examine to find each of the following items: (a) Sales revenue (b) Supplies (c) Dividends (d) Cash provided by operating activities (e) Total liabilities Cash used for financing activities Salaries expense (h) Common shares issued during the year
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500...
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
Prepare a classified statement of financial position. Assume that 10,880 of the bank loa payable will...
Prepare a classified statement of financial position. Assume
that 10,880 of the bank loa payable will be paid in 2019.
These items are taken from the financial statements of Blue Spruce Corp, at December 31, 2018. Buildings $84,640 Accounts receivable 10,080 Prepaid insurance 3,744 Cash 9.472 Equipment 65,920 Land 48,960 464 Office expense Income tax expense Depreciation expense 160 4,240 Interest expense 2,080 Common shares 49,600 32,000 Retained earnings (January 1, 2018) Accumulated depreciation-building 36,480 Accounts payable 6,720 Income taxes...
The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
Prepare a classified statement of financial position. Assume that $10,880 of the bank loan payable will...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
The comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 16,000
$ 38,000
Term deposits (maturing in 60
days)
0
46,000
Accounts receivable
77,000
40,000
Inventory
104,000
68,000
Land
187,000
234,000
Buildings
908,000
529,000
Accumulated
depreciation—buildings
(134,000
)
(188,000
)
Equipment
96,000
67,000
Accumulated
depreciation—equipment
(39,000
)
(21,000
)
Total assets
$1,215,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
he comparative, unclassified statement of financial position for Ivanhoe Ltd. shows the following balances at December...
he comparative, unclassified statement of financial position for
Ivanhoe Ltd. shows the following balances at December 31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 16,000
$ 38,000
Term deposits (maturing in 60
days)
0
46,000
Accounts receivable
77,000
40,000
Inventory
104,000
68,000
Land
187,000
234,000
Buildings
908,000
529,000
Accumulated
depreciation—buildings
(134,000
)
(188,000
)
Equipment
96,000
67,000
Accumulated
depreciation—equipment
(39,000
)
(21,000
)
Total assets
$1,215,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
Indicate whether each of the following items will be reported on
the statement of financial position (SFP), statement of income
(SI), both the statement of financial position and statement of
income (B), or neither statement (N)—for example, it might appear
only on the statement of cash flows.
Indicate whether each of the following items will be reported on the statement of financial position (SFP), statement of income (SI), both the statement of financial position and statement of income (B), or...
Prepare a classified statement of financial position. Assume that $19,720 of the bank loan payable will be paid in 2019. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity.) 'PINA COLADA CORP. Statement of Financial Position Assets These items are taken from the financial statements of Pina Colada Corp. at December 31, 2018. Buildings $153,410 Accounts receivable 18,270 Prepaid insurance 6,786 Cash 17,168 Equipment 119,480 Land 88,740 Office expense 841...
BE1-7 Indicate which statement-income statement (IS), statement of financial position (SFP), statement of changes in equity (SCE), or statement of cash flows (SCF)- you would examine to find each of the following items: (a) Sales revenue (b) Supplies (c) Dividends (d) Cash provided by operating activities (e) Total liabilities Cash used for financing activities Salaries expense (h) Common shares issued during the year
Swifty Corp.'s statement of financial position at the end of 2019 included the following items: $1,193,500 1,191,000 194,000 186,000 Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities 31,300 Bonds payable 1,270,000 Common shares 327,000 Retained earnings (148,000) (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3....
Prepare a classified statement of financial position. Assume
that 10,880 of the bank loa payable will be paid in 2019.
These items are taken from the financial statements of Blue Spruce Corp, at December 31, 2018. Buildings $84,640 Accounts receivable 10,080 Prepaid insurance 3,744 Cash 9.472 Equipment 65,920 Land 48,960 464 Office expense Income tax expense Depreciation expense 160 4,240 Interest expense 2,080 Common shares 49,600 32,000 Retained earnings (January 1, 2018) Accumulated depreciation-building 36,480 Accounts payable 6,720 Income taxes...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 18,000
$ 39,000
Term deposits (maturing in 60
days)
0
41,000
Accounts receivable
78,000
41,000
Inventory
104,000
73,000
Land
185,000
230,000
Buildings
902,000
525,000
Accumulated
depreciation—buildings
(137,000
)
(191,000
)
Equipment
104,000
74,000
Accumulated
depreciation—equipment
(38,000
)
(19,000
)
Total assets
$1,216,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
The comparative, unclassified statement of financial position
for Ivanhoe Ltd. shows the following balances at December
31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 16,000
$ 38,000
Term deposits (maturing in 60
days)
0
46,000
Accounts receivable
77,000
40,000
Inventory
104,000
68,000
Land
187,000
234,000
Buildings
908,000
529,000
Accumulated
depreciation—buildings
(134,000
)
(188,000
)
Equipment
96,000
67,000
Accumulated
depreciation—equipment
(39,000
)
(21,000
)
Total assets
$1,215,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
he comparative, unclassified statement of financial position for
Ivanhoe Ltd. shows the following balances at December 31:
Ivanhoe
Ltd.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$ 16,000
$ 38,000
Term deposits (maturing in 60
days)
0
46,000
Accounts receivable
77,000
40,000
Inventory
104,000
68,000
Land
187,000
234,000
Buildings
908,000
529,000
Accumulated
depreciation—buildings
(134,000
)
(188,000
)
Equipment
96,000
67,000
Accumulated
depreciation—equipment
(39,000
)
(21,000
)
Total assets
$1,215,000
$813,000
Liabilities and
Shareholders’ Equity
Accounts payable
$...
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