5.4 (LO 3, 4, Preparation Corrected statement UI Financial Position) Bruno Corp. has decided to expand...
Sarasota Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: SARASOTA CORP. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $50,000) $ 350,000 Accounts receivable (net) 397,000 Inventory at the lower of cost and net realizable value 461,000 FV-NI investments (at cost—fair value $140,000) 220,000 Property, plant, and equipment Buildings (net) 770,000 Equipment...
Ayayai Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: AYAYAI CORP. Statement of Financial Position For the Year Ended December 31, 2017 Current assets Cash (net of bank overdraft of $31,000) $ 270,000 Accounts receivable (net) 349,000 Inventory at the lower of cost and net realizable value 411,000 FV-NI investments (at cost—fair value $130,000) 150,000 Property, plant, and equipment Building (net) 580,000 Equipment...
E5-5 (L03) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The book keeper recently completed the balance sheet presented below in order to obtain additional funds for expansion 242 Chapter 5 Balance Sheet and Statement of Cash Flows UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 $230,000 30. 400.00 140,000 520,000 160,000 175,000 0.00 90.000 12.000 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading at cost (fair value $120,000) Property,...
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1."Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted. Av The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as...
Pina SpA has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion. Pina SpA Statement of Financial Position December 31, 2022 Current assets Cash €235,500 Accounts receivable (net) 345,500 Inventory (at lower-of-average-cost-or-net realizable value) 406,500 Trading securities—at cost (fair value €125,500) 145,500 Property, plant, and equipment Buildings (net) 575,500 Equipment (net) 165,500 Land held for future use 180,500 Intangible assets Goodwill 85,500 Other identifiable assets 95,500...
Q2. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp Statement of Financial Position December 31, 2020 Cash$ 90,000 Accounts payable$ 75,000 Accounts receivable (net)52,200 Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments 76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deduct 2. The net accounts receivable balance includes: (a)...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
The bookkeeper for Whispering Winds Corp. has prepared the following statement of financial position as at July 31, 2020: WHISPERING WINDS CORP. Statement of Financial Position As at July 31, 2020 Cash $77,000 Notes and accounts payable Accounts receivable (net) 50,800 Long-term liabilities Inventory 68,000 Shareholders' equity Equipment (net) 131,000 Patents (net) 41,000 $367,800 $61,000 94,000 212,800 $367,800 The following additional information is provided: 1. Cash includes $1,700 in a petty cash fund and $18,000 in a bond sinking fund....
Q2. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp Statement of Financial Position December 31, 2020 Cash$ 90,000 Accounts payable$ 75,000 Accounts receivable (net)52,200 Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000 $393,500$393,500 The following additional information is provided: nella hank overdraft of $1,500 has been deducted. Patents 32.000 $393.5005393.500 The following additional information is provided: 1. "Cash" includes prepaid insurance of $9,400; as well,...
Q1. (25 marks) The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders’ equity208,500 Investments76,300 Equipment (net)86,000 Patents 32,000____ $393,500$393,500 The following additional information is provided: 1.“Cash” includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted. 2.The net accounts receivable balance includes: (a) accounts receivable—debit balances $62,000; (b)...