Question
Question 4 SSM Corporation Statement of financial position For year ended on December 31, 2021. Cash and cash equivalents 10,000 Loan receivables 10,000 Prepaid expenses
Question 4
SSM Corporation
Statement of financial position
For year ended on December 31, 2021.
Cash and cash equivalents 10,000
Loan receivables 10,000
Prepaid expenses 10,000
Accounts receivables 10,000
Other receivables 10,000
Plant and Equipment 15,000
Less: Accumulated depreciation (5,000) 10,000
Property 20,000
Total Assets 80,000
Accounts payable 10,000
Loan payable 10,000
Other payable 10,000
Bonds payable 10,000
Common stock 30,000
Retained earnings 10,000
Total Liabilities and Equities 80,000
Required:
1) Is the above statement of financial position prepared following eight general
principles provided by IAS 1 - Presentation of financial statement?
2) According to 1), please show me the correct form of statement of financial
position if we prepare following IAS 1 - Presentation of financial statement.
(please assume additional Information to complete this question)
3) To be the most useful to users of financial statements, what characteristics of
financial information should be included in?
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