Question
Crystal Corporations accountant prepared the following statement of financial position on June 30, 2020, the companys year end: Crystal Corporation Statement of Financial Position June
Crystal Corporations accountant prepared the following statement of financial position on June 30, 2020, the companys year end:
Crystal Corporation
Statement of Financial Position
June 30, 2020
Cash | $ 85,000.00 | Accounts Payable | $ 95,000.00 | |
Accounts Receivable (net) | $ 162,200.00 | Bonds Payable | $ 190,000.00 | |
Inventory | $ 72,000.00 | Shareholders' Equity | $ 248,500.00 | |
Investments | $ 76,300.00 | |||
Computer Equipment (net) | $ 96,000.00 | |||
Copyright | $ 42,000.00 | |||
Total | $ 533,500.00 | Total | $ 533,500.00 |
The following additional information is available:
A. The Cash balance includes a bank overdraft of $2,500 (the only account at this bank), and a Bond Sinking Fund of $9,400.
B. The net accounts receivable balance includes:
-an allowance for doubtful accounts of $3,800
-accounts receivable with credit balances of $4,000
-accounts receivable with debit balances $170,000
C. Inventory does not include goods with a cost of $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.
D. Investments include FV/NI investment in common stock, $19,000, FV/OCI investment in common stock $48,300 and a Patent $9,000.
E. Computer equipment costing $10,000 with accumulated depreciation of $9,000 is no longer being used and is held for sale. The balance of accumulated depreciation on the other computer equipment is $40,000.
F. Some other account balances at June 30 2020:
-Contributed surplus. $1,500
-Other comprehensive income.. $10,000
-Accumulated Other Comprehensive Income. $57,000
-Common Shares.. $160,000
-Amortization Expense. $4,500
-Gain on sale of Equipment $1,000
- Retained Earnings.. ?
Required: Prepare a statement of financial position in good form assuming Crystal Corporation follows IFRS.
PLEASE answer full solution
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