E4-17A. (Learning Objective 3: Classifying assets based on liquidity) A thorough review of GE Broadcasting assets at
Question:
E4-17A. (Learning Objective 3: Classifying assets based on liquidity) A thorough review of GE Broadcasting assets at the end of December 31, 20X5, resulted in the following information:
■ Cash on hand and cash at bank totaling $484,000
■ Fixed-term deposits with banks totaling $142,000 (matures July 1, 20X7)
■ Inventories totaling $324,000
■ Trade receivables totaling $245,000
■ Loans to employees of $120,000, 30% of which is due by the end of 20X6
■ PPE with a historical cost of $129,000 and accumulated depreciation of $12,000
■ Investment in associate companies using equity method at $35,000
■ Short-term investment in publicly traded shares of listed companies at $10,000 What are GE Broadcasting’s current and non-current assets?
Step by Step Answer:
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison