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Flint Corp, has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for
Flint Corp, has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Goodwill 100,000 Investment in bonds to collect cash flows, at amortized cost 101,000 Prepaid expenses 19,000 Currentliabilities Accounts payable Notes payable (due next year) Pension obligation 365,000 Rent payable 295,000 98.000 65,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued Contributed surplus 380,000 Retained earnings 210,000 Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $210,000 and that the accumulated depreciation balance for the equipment is $145,000. The allowance for expected credit losses has a balance of $27,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Buildings, and Equipment: Liabilities and Shareholders' Equity
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