Financial Statement Presentation of Capital Assets

Olympic Acquisitions Corp. prepared the following post-closing trial balance at December 31, 2018:

	Debit		Credit
Cash	$5,400
Accounts receivable	16,200
Supplies	25,800
Land	42,350
Buildings	155,900
Equipment	278,650
Truck	31,100
Franchise	49,600
Goodwill	313,500
Natural resources	94,600
Accounts payable			$4,250
Accumulated depreciation, buildings			112,000
Accumulated depreciation, equipment			153,000
Accumulated depreciation, truck			16,300
Wages payable			6,850
Interest payable			7,125
Income tax payable			12,125
Notes payable (due in 8 years)			185,550
Common shares			304,500
Retained earnings			211,400
Totals	$1,013,100		$1,013,100

Required:

Prepare a classified statement of financial position for Olympic at December 31, 2018. (Note: Olympic reports the four categories of capital assets in separate subsections of assets.)

Olympic Acquisitions Corp.
Statement of Financial Position
December 31, 2018
Assets
Current assets:
		$
Total current assets			$
Property, plant, and equipment:
	$
Intangible assets:
Natural resources
Total assets			$
Liabilities
Current liabilities:
	$
Total current liabilities		$
Long-term liabilities:
Total liabilities			$
Shareholders' Equity
Shareholders' equity:
Total shareholders' equity
Total liabilities and shareholders' equity			$

Check My Work