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8. Shareholders' Equity has 820 preferred shares (24,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 45,100 shares issued at an average price of $1 per share, retained earnings of $85,280. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land. Buildings, and Vehicles.)

8. Shareholders' Equity has 820 preferred shares (24,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 45,100 shares issued at an average price of $1 per share, retained earnings of $85,280. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land. Buildings, and Vehicles.)

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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Larkspur Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 2. 3. 4. 5. 6. LARKSPUR LIMITED Statement of Financial Position December 31, 2023 7. 8. $109,060 70,520 173,840 The following additional information is available and provides information regarding errors in classification which need to be corrected: 26,240 31,160 $410,820 Current liabilities Long-term liabilities Shareholders' equity $79,540 139,400 191,880 $410,820 Current Assets include the following: bank account with an overdraft balance of $12,300; inventory with a FIFO cost of $71,340 and a net realizable value of $69,700; accounts receivable of $54,120 less allowance for expected credit losses of $2,460. Investments include the following: a mortgage receivable from parent company $49,200, due in 2028; FV-NI investments held for trading with a cost of $8,200 and a fair value of $9,840; FV-OCI investments with a cost of $12,300 and a fair value of $11,480. Property, Plant and Equipment include the following: land $19,680; buildings $356,700 less accumulated depreciation of $237,800; vehicles $64,780 less accumulated depreciation of $40,180; land held for future use $10,660. Intangible assets include the following:patents net of accumulated amortization of $26,240. Other assets include the following: customer deposits of $5,740, unearned revenue of $2,460, goodwill $36,080 and accumulated other comprehensive income (loss) of $ (3,280). Current Liabilities include the following: pension obligation of $44,280, interest payable of $3,280; salaries and wages payable of $6,560; accounts payable $25,420. Long-term Liabilities include the following: demand bank loan of $61,500; mortgage payable $77,900 of which $5,740 is due in the next year. Shareholders' Equity has 820 preferred shares (24,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 45,100 shares issued at an average price of $1 per share, retained earnings of $85,280. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Vehicles.)
Transcribed Image Text:Larkspur Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets 1. 2. 3. 4. 5. 6. LARKSPUR LIMITED Statement of Financial Position December 31, 2023 7. 8. $109,060 70,520 173,840 The following additional information is available and provides information regarding errors in classification which need to be corrected: 26,240 31,160 $410,820 Current liabilities Long-term liabilities Shareholders' equity $79,540 139,400 191,880 $410,820 Current Assets include the following: bank account with an overdraft balance of $12,300; inventory with a FIFO cost of $71,340 and a net realizable value of $69,700; accounts receivable of $54,120 less allowance for expected credit losses of $2,460. Investments include the following: a mortgage receivable from parent company $49,200, due in 2028; FV-NI investments held for trading with a cost of $8,200 and a fair value of $9,840; FV-OCI investments with a cost of $12,300 and a fair value of $11,480. Property, Plant and Equipment include the following: land $19,680; buildings $356,700 less accumulated depreciation of $237,800; vehicles $64,780 less accumulated depreciation of $40,180; land held for future use $10,660. Intangible assets include the following:patents net of accumulated amortization of $26,240. Other assets include the following: customer deposits of $5,740, unearned revenue of $2,460, goodwill $36,080 and accumulated other comprehensive income (loss) of $ (3,280). Current Liabilities include the following: pension obligation of $44,280, interest payable of $3,280; salaries and wages payable of $6,560; accounts payable $25,420. Long-term Liabilities include the following: demand bank loan of $61,500; mortgage payable $77,900 of which $5,740 is due in the next year. Shareholders' Equity has 820 preferred shares (24,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 45,100 shares issued at an average price of $1 per share, retained earnings of $85,280. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Vehicles.)
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