70.2K

Verified Solution

Link Copied!

Problem 4. Statement of Financial Position (24 marks) Presented below are a number of statement of financial position items for Daisy Corporation for the current year of 2020 Copyrights $125,000 Accumulated depreciation 5292,000 equipment Payroll taxes payable 177.591 Inventory 239,800 Bonds payable 285,000 Rent pavable (short-term) 45,000 Cash (unrestricted) 360.000 Unearned sales revenue 98 362 Land 480.000 Long-term rental obligations 480,000 Notes receivable 260,700 Share capital - ordinary, Si par 200,000 value Notes payable (to banks) 265,000 Share capital - preference, $10 150,000 par value Accounts payable 490,000 Prepaid expenses 87.920 Retained earnings ? Equipment $70,000 Income taxes receivable 97,630 Investment in trading securities 121,000 Pension liabilities 1,600,000 Accumulated depreciation - 270,200 buildings Investment in non-trading 600,000 Buildings 1,040,000 equity securities Allowance for doubtful 45,000 Accounts receivable 230,000 accounts Cash restricted for future plant 140,000 Land held for future plant 460,000 expansion expansion Instructions: Prepare a classified statement of financial position in report form as of December 31, 2020. Share capital - ordinary shares authorized was 400.000 shares and share capital preference shares authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading and non-trading securities are the same. There is no amount to bs matured next year for the bonds payable. -END

Answer & Explanation Solved by verified expert

See Answer