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Please really need help with it, but before 23h !!! Help a student out! Selected accounts follow of Concord Limited at December 31, 2017: Finished
Please really need help with it, but before 23h !!! Help a student out!
Selected accounts follow of Concord Limited at December 31, 2017: Finished Goods Inventory Unearned Revenue Bank Overdraft Equipment Work-in-Process Inventory Cash FV-NI Investments Interest Payable Restricted Cash (for Plant Expansion51,000 Common Shares 162,000 Cost of Goods Sold 96,000 Notes Receivable $3,900,000 45,000 281,000 267,000 75,000 22,000 22,000 17,000 336,000 9.800 Accounts Receivable 333,000 Raw Materials Inventory 51,000 Supplies Expense 51,000 Allowance for Doubtful Accounts 34,000 Intangible Assets Trade Names 45,000 Contributed Surplus The following additional information is available 1. Inventory is valued at the lower of cost and net realizable value using FIFO 2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $60,600 3. The fair value-net income investments have a fair value of $43,000 4. The notes receivable are due April 30, 2018, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 201 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $51,000 are pledged as collateral on a bank loan. 6. Intangible Assets-Trade Names are reported net of accumulated amortization of $18,000 7. The bank overdraft is at the same bank as the amount reported above under Cash Prepare the current assets section of Concord Limited's statement of financial position as at December 31, 2017. (List Current Assets in order of liquidity Concord Limited Statement of Financial Position December 31, 2017 Current Assets Cash 51000 51000 Inventory Accounts Receivable LessAllowance for Doubtful Accounts 51000 281000 51000 22000 FV - NI Investments 34000 Inventory 367000 Trade Names 18000Step by Step Solution
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