Can someone please assist me with this discussion case and provide details on the attached. Analyze the balance sheet with the information provided. Thanks

DISCUSSION CASE #2 INTERMEDIATE ACCTG307 You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant. Analyze the balance sheet for Judgement Case 3-5 located on pages 161-162 of your textbook. In the course of your examination you uncover the following information pertaining to the balance sheet. 1. The company rents its facilities. The land that appears in the statement is being held for future sale. 2. The note receivable is due in 2015. The balance of $53,000 includes $3,000 of accrued interest. The next interest payment is due in July 2014. 3. The note payable is due in installments of $20,000 per year. Interest on both the notes and bonds is payable annually. 4. The company's investments consist of marketable equity securities of other corporations. Management does not intend to liquidate any investments in the coming year. Identify and explain the deficiencies in the statement prepared by the company's accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note. Page 161 Communication Case 3-1 Current versus noncurrent classification Current versus noncurrent classification A first-year accounting student is confused by a statement made in a recent class. Her instructor stated that the assets listed in the balance sheet of the IBM Corporation include computers that are classified as current assets as well as computers that are classified as noncurrent assets. In addition, the instructor stated that investments in marketable securities of other corporations could be classified in the balance sheet as either current or noncurrent assets. LO3-2 LO3-2 Required: Explain to the student the distinction between current and noncurrent assets pertaining to the IBM computers and the investments in marketable securities. Analysis Case 3-2 Current versus noncurrent classification LO3-2, LO3-3 Current versus noncurrent The usefulness of the balance sheet is enhanced when assets and liabilities classification LO3-2, LO3-3 are grouped according to common characteristics. The broad distinction made in the balance sheet is the current versus noncurrent classification of both assets and liabilities. Required: 1. Discuss the factors that determine whether an asset or liability should be classified as current or noncurrent in a balance sheet. 2. Identify six items that under different circumstances could be classified as either current or noncurrent. Indicate the factors that would determine the correct classification. Communication Case 3- FASB codification research; inventory or property, plant, and equipment 3 LO3-2 FASB codification research; inventory or property, plant, and equipment LO3-2 The Red Hen Company produces, processes, and sells fresh eggs. The company is in the process of preparing financial statements at the end of its first year of operations and has asked for your help in determining the appropriate treatment of the cost of its egg-laying flock. The estimated life of a laying hen is approximately two years, after which they are sold to soup companies. The controller considers the company's operating cycle to be two years and wants to present the cost of the egg-producing flock as inventory in the current asset section of the balance sheet. He feels that the hens are \"goods awaiting sale.\" The chief financial officer does not agree with this treatment. He thinks that the cost of the flock should be classified as property, plant, and equipment because the hens are used in the production of productthe eggs. The focus of this case is the balance sheet presentation of the cost of the egg-producing flock. Your instructor will divide the class into two to six groups depending on the size of the class. The mission of your group is to reach consensus on the appropriate presentation. Required: 1. Each group member should deliberate the situation independently and draft a tentative argument prior to the class session for which the case is assigned. 2. In class, each group will meet for 10 to 15 minutes in different areas of the classroom. During that meeting, group members will take turns sharing their suggestions for the purpose of arriving at a single group treatment. 3. After the allotted time, a spokesperson for each group (selected during the group meetings) will share the group's solution with the class. The goal of the class is to incorporate the views of each group into a consensus approach to the situation. IFRS Case 3-4 Balance sheet presentation; Vodafone Group, Plc. Balance sheet presentation; Vodafone Group, Plc. LO3-2, LO3-3, LO3-9 LO3-2, LO3-3, LO3-9 Real World Financials Real World Financials IFRS Vodafone Group, Plc., a U.K. company, is the largest mobile telecommunications network company in the world. The company prepares its financial statements in accordance with International Financial Reporting Standards. Below are partial company balance sheets (statements of financial position) included in a recent annual report: Vodafone Group, Plc. Consolidated Statements of Financial Position At March 31 Noncurrent assets Goodwill Other intangible assets Property, plant, and equipment Investments in associates Other investments Deferred tax assets Post employment benefits Trade and other receivables Current assets Inventory Taxation recoverable Trade and other receivables Other investments Cash and cash equivalents 6,252 Total assets 151,220 Equity (details provided in complete statement) Noncurrent liabilities Long-term borrowings Taxation liabilities Deferred tax liabilities Postemployment benefits Provisions Trade and other payables 36,584 Current liabilities Short-term borrowings Taxation liabilities Provisions Trade and other payables 14,698 27,075 Total equity and liabilities Page 162 Required: 1. Describe the differences between Vodafone's balance sheets and a typical U.S. company balance sheet. 2. What type of liabilities do you think are included in the provisions category in Vodafone's balance sheets? Judgment Case 3-5 Balance sheet; errors Balance sheet; errors LO3-2 through LO3-4 LO3-2 through LO3-4 You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant. 151,220 MARCUS CLOTHING CORPORATION Balance Sheet At December 31, 2013 Assets Current assets: Cash Accounts receivable, net Note receivable Inventories Investments Total current assets Other assets: Land $200,000 Equipment, net Prepaid expenses Patent 22,000 Total other assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Note payable Bonds payable Interest payable Total long-term liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Page 163 In the course of your examination you uncover the following information pertaining to the balance sheet: 1. The company rents its facilities. The land that appears in the statement is being held for future sale. 2. The note receivable is due in 2015. The balance of $53,000 includes $3,000 of accrued interest. The next interest payment is due in July 2014. 3. The note payable is due in installments of $20,000 per year. Interest on both the notes and bonds is payable annually. 4. The company's investments consist of marketable equity securities of other corporations. Management does not intend to liquidate any investments in the coming year. Required: Identify and explain the deficiencies in the statement prepared by the company's accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note. 20,000