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Current Attempt in Progress The statement of financial position of Skysong Limited follows for the current year, 2020: SKYSONG LIMITED Statement of Financial Position December
Current Attempt in Progress
The statement of financial position of Skysong Limited follows for the current year, 2020:
SKYSONG LIMITED Statement of Financial Position December 31, 2020 | ||||||
Current assets | $151,620 | Current liabilities | $110,580 | |||
Investments | 98,040 | Long-term liabilities | 193,800 | |||
Property, plant, and equipment | 241,680 | Shareholders equity | 266,760 | |||
Intangible assets | 36,480 | |||||
Other assets | 43,320 | |||||
$571,140 | $571,140 |
The following additional information is available:
1. | Current Assets include the following: bank account with an overdraft balance of $17,100; inventory with a FIFO cost of $99,180 and a net realizable value of $96,900; accounts receivable of $75,240 less allowance for doubtful accounts of $3,420. | |
2. | Investments include the following: a mortgage receivable from parent company $68,400, due in 2025; FV-NI investments held for trading with a cost of $11,400 and a fair value of $13,680; FV-OCI investments with a cost of $17,100 and a fair value of $15,960. | |
3. | Property, Plant and Equipment include the following: land $27,360; buildings $495,900 less accumulated depreciation of $330,600; vehicles $90,060 less accumulated depreciation of $55,860; land held for future use $14,820. | |
4. | Intangible assets include the following:patents net of accumulated amortization of $36,480. | |
5. | Other assets include the following: customer deposits of $7,980, unearned revenue of $3,420, goodwill $50,160 and accumulated other comprehensive income (loss) of $(4,560). | |
6. | Current Liabilities include the following: pension obligation of $61,560, interest payable of $4,560; salaries and wages payable of $9,120; accounts payable $35,340. | |
7. | Long-term Liabilities include the following:demand bank loan of $85,500; mortgage payable $108,300 of which $7,980 is due in the next year. | |
8. | Shareholders Equity has 1,140 preferred shares (34,200 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 62,700 shares issued at an average price of $1 per share, retained earnings of $118,560. |
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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