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ihil Presented below are a number of statement of financial position items for ABC, Inc., for the current year, 2020 Goodwill Payroll Taxes Payable Bonds Payable Cash Land Notes Receivable Accumulated Depreciation SR 125,000 Equipment 177,591 Inventories 285,000 Rent Payable -Short-term 360,000 Taxes Payable 480,000 Long-term Rental Obligations 445,700 Share Capital Ordinary, Si Par Value Share Capital - Preference, S10 Par 265,000 Value 490,000 Prepaid Expenses 713,897 Equipment 97,630 Trading Securities SR 292,000 239,800 45,000 98,362 480,000 200,000 Notes Payable to Banks Accounts Payable Retained Earnings Income Taxes Receivable Unsecured Notes Payable (Long term) 150,000 87,920 1.470,000 121.000 1,600,000 Accumulated Depreciation Building Building 270,200 1,640.000 Prepare a classified statement of financial position in good form as per IFRS. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same ACCT 201 Agent 1 Questions (2) - A A A A - Refund Corporations need financial reporting Standards? Explain the two major standard 1 Why do Setters? 02 Accounting Information system takes in the whole process of accounting cyde. Explain each step in the accounting cycle with a numerical example of your own 03. A. What do you understand by allocation to non controlling interest and discontinued operations? Explain how are they toported in the income statement, B. Intraperiod Tax Allocation. XYZ Co. has income before income tax of SR 50,000. It has a pain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XC present the information on the income staterm, and if it has a loss of SR 10.000 a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement