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(Statement of Financial Position Preparation) LO (3) Presented below are a number of statement of financial position items for Montoya, Inc., for the current year. 2015. Goodwill 125,000 Payroll taxes payable 177,591 Bonds payable 285.000 Cash 360,000 Land 480.000 Notes receivable 445.700 Notes payable (to banks) 265,000 Accounts payable 490.000 Retained earnings ? Income taxes receivable 97,630 Unsecured notes payable (long-term) 1,600,000 Accumulated depreciation-equipment 292.000 Inventory 239.800 Rent payable (short-term) 45,000 Income taxes payable 98.362 Long-term rental obligations 480,000 Share capitalordinary, 1 par value 200.000 Share capitalpreference, 10 par value 150.000 Prepaid expenses 87,920 Equipment 1,470,000 Trading securities 121,000 Accumulated depreciation-buildings 270.200 Buildings 1.640,000 Instructions Prepare a classified statement of financial position in good form. Share capitalordinary shares authorized was 400,000 shares, and share capitalpreference shares authorized was 20.000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same. (Preparation of a Statement of Cash Flows and Statement of Financial Position) LO (1367) Luo Inc. had the following statement of financial position at December 31, 2014 (amounts in thousands) LUO INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2014 Investments 32,000 Share capital-ordinary 100,000 Plant assets (net) 81,000 Retained earnings 23,200 Land 40.000 Bonds payable 41,000 Accounts receivable 21,200 Accounts payable 30.000 Cash 20,000 194,200 194,200 During 2015, the following occurred. 1.Luo liquidated its non-trading equity investment portfolio at a loss of 5.000. 2.A tract of land was purchased for #38.000. 3.An additional 30,000 in ordinary shares were issued at par. 4.Dividends totaling $10.000 were declared and paid to shareholders. 5.Net income for 2015 was 35,000, including 12,000 in depreciation expense. 6.Land was purchased through the issuance of 30.000 in additional bonds. 7.At December 31, 2015, Cash was 70,200, Accounts Receivable was 42,000, and Accounts Payable was 40.000. Instructions . . . . . . Prepare a statement of cash flows for the year 2015 for Luo. (b) Prepare the statement of financial position as it would appear at December 31, 2015. Compute Luo's free cash flow and the current cash debt coverage for 2015. (d) Use the analysis of Luo to illustrate how information in the statement of financial position and statement of cash flows helps the user of the financial statements