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47% Intro to Fcl Accounting print form... Indicate several examples in each category. Use the BDCC statement of financial position and notes 3 and 5 for ideas. 23. What sequence of steps is likely followed in preparing BDCC's annual financial statements? 24. What are the advantages of using a classified statement of financial position? Why are current accounts shown before non- current ones on BDCC's statement of financial position? 25. How does Big Dog Carworks Corp. make it easier to compare nformation from one time period to another? 26. Who is the auditor of BDCC? What does the auditor's report tell you about BDCC's financial statements? Does it raise any concerns? 27. What does the auditor's report indicate about the application of generally accepted accounting principles in BDCC's financial statements? 28. What is BDCC management's responsibility with respect to the company's financial statements? Do the financial statements belong to management? the auditor? the board of directors? shareholders? 152 CHAPTER FOUR / The Classified Statement of Financial Position and Related Disclosures Comprehension Problems CP 4-1 The following list of accounts is taken from the records of the Viking Company Ltd. at December 31, 2018: Account Balance Accounts payable $20 Accounts receivable 100 Bank loan, due within 90 days 500 Building 1,000 Cash 20 Equipment 500 Land 2,000 Mortgage payable (due 2021) 1,500 Notes receivable, due within 90 days 40 Prepaid insurance 30 Retained earnings Salaries payable 60 Share capital 1,200 Unused supplies 10 Required: Prepare a classified statement of financial position. Assume all accounts have normal balances. Previous Next 5 To Do Notifications Inbox49%