Intermediate financial accounting 1

The bookkeeper for Sally Corp has prepared the following balance sheet as at December 31, 2020: Sally Corp Balance Sheet December 31, 2020 Cash $ 200,500 Current Liabilities $ 450,000 Accounts Receivable (net) 101,200 Long-term Liabilities 900,000 Inventories 280,000 Shareholders' Equity 989,700 Investments 100,000 Land 800,000 Building (net) 850,000 Copyright (net) 8,000 S2.339.700 $2.339.700 The following additional information is provided: 1. The cash balance includes: Petty cash fund $ 200 Cash advance to employee, payable on demand 4,000 Saving Account at TD Bank 46,300 Certificate of deposit (90-days) 120,000 Chequing account at the Bank of Montreal 31,500 Bank overdraft at the Scotia Bank (no other accounts are held at (1.500) Total S 200.500 2. The allowance for doubtful accounts $12,500. Included in the accounts receivable balance was $20,000 which was assigned to Meridian Credit Union on December 3 las security for a loan (collateral), the loan bears annual interests at 8% and is due on April 1, 2021. 3. The net realizable value of the inventory that is included in the Balance Sheet is $329,000. Inventories do not include $45,000 of merchandise that was in transit at December 31. . Of this amount, $20,000 was bought from ONG Inc. with terms f.o.b. shipping point (the net realizable value of this inventory was $34,000) . The remainder of inventory that cost $25,000 was shipped to ETT for consignment. The net realizable value for this inventory is $36,000. 4. The investments section includes the following: An interest bearing note receivable of $40,000 that was issued on June 14, 2020 bearing interest at 4% and is due on June 1, 2021 Long-term FV-OCI investment $40,000 carrying value (fair value $35,000 at December 31,2020). Management plans on holding on to these investments for a number of years. FV-NI Investment 1,000 common shares of Landon Inc. purchased at $20.00 per share (fair value $23.50 per share at December 31, 2020). FTI expected to sell the shares as soon as the market price increases more next year. 5. The land balance includes: land used for operations and recorded at its cost of $800,000 (the appraisal value of the land in 2020 was $1,200,000) 6. The building originally cost $1,100,000. Depreciation for 2020 has already been recorded. 7. The patent originally cost $24,000 and is being amortized over 6 years on a straight-line basis. Amortization for 2020 had already been recorded. Required: Part 1 The company is a Canadian public company. Restate the asset side of Sally's Statement of Financial Position sheet at December 31, 2020 in good form. The categories are: Current Assets, Long-term Investments, Property, Plant & Equipment and Intangible Assets. Part 2 Including any disclosure requirements. Part 3 Based on any changes to the value of the assets what account would be included in the Statement of Earnings and what section would each of the items be included in? Do not include Amortization Expense or Bad Debt Expense. Part 41 Assuming the Accumulated Other Comprehensive Income was $20,000 at the beginning of 2020, what would be the Accumulated Other Comprehensive Income at the end of the 2020? Expert Answerinformation icon An expert answer will be posted here Post a question Answers from our experts for your tough homework questions Enter question Continue to post 20 questions remaining Snap a photo from your phone to post a question We'll send you a one-time download link Enter your 10 digit phone number 888-888-8888 Text me By providing your phone number, you agree to receive a one-time automated text message with a link to get the app. Standard messaging rates may apply. My Textbook Solutions Textbook Solutions for Principles of Information Systems Principles of Information... 13th Edition Textbook Solutions for Principles of Microeconomics Principles of... 7th Edition Textbook Solutions for Criminology Criminology 11th Edition