Question

Runner Corporation reports the following selected accounts (in thousands) at December 31, 2018:

Accounts payable		$1,974		Income tax receivable		$89
Accounts receivable, gross		1,628		Interest revenue		109
Accumulated depreciation—buildings		952		Inventory		1,914
Accumulated depreciation—equipment		478		Land		1,047
Allowance for doubtful accounts		35		Notes receivable (current)		2,491
Bad debts expense		125		Notes receivable (non-current)		105
Buildings		2,734		Sales		12,717
Cash		568		Sales discounts		339
Cost of goods sold		9,769		Supplies		90
Equipment		755
Held for trading investments		186

Prepare the assets section of Runner’s statement of financial position

Answer 1

STATEMENT OF FINANCIAL POSITION (ASSET SECTION)
ASSETS	AMOUNT	AMOUNT
CURRENT ASSETS:
Cash		$                   568
Account Receivable	$                 1,628
Less: Allowance for doubtfull accounts	$                       35	$                1,593
Held for trading investment		$                   186
Income tax receivable		$                      89
Note Receivable (Current)		$                2,491
Supplies		$                      90
NON -CURRENT ASSETS:
Note RECeivable		$                   105
FIXED ASSETS:
Land		$                1,047
Equipment	$                     755
Less : Accumulated Depreciation - Equipment	$                     478	$                   277
Building	$                 2,734
Less : Accumulated Depreciation - Building	$                     952	$                1,782
TOTAL OF ASSETS		$                8,228