Statement of Financial Position and Statement of Cash Flows

Exercise 5-11 Swifty Corp.'s statement of financial position at the end of 2019 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents Total $1,255,000 Current liabilities Current liabilities $1,193,500 31,300 Bonds payable 1,191,000 1,270,000 Common shares 194,000 327,000 Retained earnings 186,000 (148,000 (11,600) 40,800 $2,764,500 Total $2,764,500 The following information is available for the 2020 fiscal year: 1. Net income was $411,000. 2. Equipment (cost of $21,700 and accumulated depreciation of $8,100) was sold for $11,700. 3. Depreciation expense was $4,150 on the building and $9,010 on equipment. 4. Amortization expense on a patent was $3,070. 5. Current assets other than cash increased by $32,000. Current liabilities increased by $25,000. 6. An addition to a building was completed at a cost of $31,700. 7. An FV-OCI investment in shares was purchased for $22,100 on the last day of the year. This was the first such investment made by Swifty in its history. 8. Bonds payable of $75,300 were issued at par. 9. Cash dividends of $194,000 were declared and paid. Dividends paid are treated as financing activities. Swifty prepares financial statements in accordance with IFRS. Prepare a statement of financial position (SFP) as at December 31, 2020. (Hint: You will need to adjust ("plug") the December 31, 2020 amount of current assets to ensure the SFP balances.) (List Property, plant and Equipment in order of Land, Buildings and Equipment.) Swifty Corporation Statement of Financial Position Assets