Presented below is the statement of Financial position of Golden corporation for the year 2010

Golden Corporation

Statement of Financial Position

December 31 2010

The following information is presented.

The current assets section includes: cash 160000, account receivables OMR 165000 less OMR 10000 for allowance for doubtful debts, inventories OMR 185000 and unearned revenue OMR 5000, Inventories stated on the lower of FIFO cost or net realizable value

The investments section includes land held for speculation OMR 50,000; investments in ordinary shares, short-term (trading) OMR 70,000 and long-term (non-trading) OMR 260,000; and bond sinking fund OMR 250,000. The cost and fair value of investments in ordinary shares are the same.

Property, plant, and equipment includes buildings OMR 1,040,000 less accumulated depreciation 360,000, equipment OMR 460,000 less accumulated depreciation 180,000, land OMR 500,000, and land held for future use OMR 260,000.

Intangible assets include a franchise OMR 155,000 and goodwill OMR 110,000.

Current liabilities include accounts payable OMR 150,000; notes payableshort term OMR 70,000 and long-term OMR 120,000; and income taxes payable OMR 40,000.

Non-current liabilities are composed solely of 7% bonds payable due 2027.

Equity has share capitalpreference, OMR 50 par value, authorized 20000 shares, issued 9000 shares for OMR450000; and share capitalordinary, OMR 10 par value, authorized