Question
The trial balance of Flint Ltd. at December 31, 2020, follows: Debits Credits Cash $395,000 Sales revenue $10,577,000 FV-NI investments (at fair value) 353,000 Cost
The trial balance of Flint Ltd. at December 31, 2020, follows: Debits Credits Cash $395,000 Sales revenue $10,577,000 FV-NI investments (at fair value) 353,000 Cost of goods sold 6,300,000 Bond investment at amortized cost 379,000 FVOCI investments (fair value $445,000) 381,000 Notes payable (due in six months) 116,000 Accounts payable 845,000 Selling expenses 2,560,000 Investment income or loss* 13,000 Land 310,000 Buildings 2,240,000 Dividends payable 46,000 Income tax payable 100,000 Accounts receivable 585,000 Accumulated depreciationbuildings 342,000 Allowance for doubtful accounts 45,000 Administrative expenses 1,100,000 Interest expense 371,000 Inventory 747,000 Gain on disposal of land 70,000 Dividends 30,000 Notes payable (due in five years) 1,100,000 Equipment 610,000 Bonds payable (due in three years) 2,600,000 Accumulated depreciationequipment 62,000 Intangible assetsfranchises (net) 360,000 Common shares 959,000 Intangible assetspatents (net) 315,000 Retained earnings 69,000 Accumulated other comprehensive income 92,000 Totals $17,036,000 $17,036,000 * The investment income or loss relates to the FV-NI investments.
(a) Prepare a classified statement of financial position as at December 31, 2020. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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