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How to calculate FV - OCI (fair value) = $270,000? Where did franchise = $165,000 and Goodwill = $100,000 from? How to calculate 7% bonds
How to calculate FV - OCI (fair value) = $270,000?
Where did franchise = $165,000 and Goodwill = $100,000 from?
How to calculate 7% bonds payable = $1,000,000?
How to get Paid in capital in excess of par on common stock = $900,000?
How to calculate retained earnings = $290,000?
1. The current assets section includes the following: cash $150,000; accounts receivable $170,000, less $10,000 allowance for expected credit losses; inventory $180,000; and unearned revenue $5,000. The cash balance is composed of $190,000, less a bank overdraft of $40,000 (at a separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable value. 2. The investments section includes the following: note receivable from a related company, due in 2029, $40,000; FV-NI investments in shares $80,000 (fair value $80,000 ); FV-OCI investments in shares $125,000 (fair value $155,000 ); bond sinking fund $250,000; and patents $115,000, net of accumulated amortization. 3. Property, plant, and equipment include buildings $1,040,000, less accumulated depreciation $360,000; equipment $450,000, less accumulated depreciation $180,000; land $500,000; and land held for future use $270,000. 4. Intangible assets include franchise, net of accumulated amortization, $265,000. 5. Current liabilities include the following: accounts payable $140,000; notes payable, short term $80,000, long term $120,000; and income tax payable $40,000. 6. Long-term liabilities are composed solely of 7% bonds payable issued at a discount, due in 2031. 7. Shareholders' equity has 70,000 preferred shares (200,000 authorized), which were issued for $450,000, and 100,000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has retained earnings of $290,000 and accumulated other comprehensive income of $30,000. Instructions a. Prepare a statement of financial position in good form. (Adjust the amounts in each SFP classification based on the additional information.) b. What makes the condensed format of the original SFP inadequate in terms of the amount of detail that needs to be disclosed under IFRS and ASPE? Sargent Corporation Statement of Financial Position December 31, 2023 Assets Current assets Cash FV - NI investments (fair value) Account reveivable Less : allowance for doubtful accounts Inventory at lower cost Total current assets Long-term investments FV - OCl inverstments (fair value) Bond sinking fund Note reveivable from related company due 2029 Land held for future use Total long-term investments Property, plant, and equipment Land Buildings Less : accumulated depreciation - buildings Equipment Less : accumulated depreciation - equipment Total property, plant, and equipment Intangible assets Franchise Goodwill Total intangible assets Total assets Liabilities and stoc kholders' equity Current liabilities Account payable Notes payable (short term) Income tax payable Unearned revenue Total current liabilities Long-term liabilites Note term liabilites Notes payable (long term) 7% bonds payable Less : discount on bonds payable Total long-term liabilities Total liabilities Stockholders' equity Capitalstocks Preferred shares; 200,000 shares authorized, 70,000 issued Common shares; 400,000 shares authorized, 100,000 issed Common stock, $1 per value Paid in capital in excess of par on common stock Retained earnings Accumulated other comprehensive income Totalstockholders' equity Total liabilities and stoc kholders' equity \begin{tabular}{rr} & $150,000 \\ 80,000 \\ 170,000 & \\ 10,000 & 160,000 \\ \hline & 180,000 \\ \hline \end{tabular} 570,000 830,000 \begin{tabular}{rr} & 500,000 \\ 1,040,000 & \\ 360,000 & 680,000 \\ \hline 450,000 & \\ 180,000 & 270,000 \\ \hline \end{tabular} 1,450,000 165,000 100,000 265,000$3,115,000 265,000 140,000 80,000 40,000 5,000
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