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This is what I have, but obviously I am missing something. The following accounts and account balances are taken from the records of Joyes Enterprises
This is what I have, but obviously I am missing something.
The following accounts and account balances are taken from the records of Joyes Enterprises Ltd. at December 31, 2018. Other information: a. One-half of the notes receivable at December 31, 2018 will be received in cash during 2019. All of the notes receivable at December 31, 2017 were received in cash during 2018. b. $1,000 of the bank loan and $2,000 of the mortgage payable must be repaid by December 31, 2019. The 2. Prepare a classified statement of financial position. Assume all accounts have normal balances. Disclose all amounts separately on the statement of financial position. 3. Does Joyes Enterprises Ltd. have sufficient resources to meet its current obligations in 2019? 4. Refer to BDCC's note 4 shown in this chapter. Assume now that Joyes' property, plant, and equipment are combined into one amount on the statement of financial position. Prepare a suitable note to the financial statements. Assume there are no additions to PPE in 2017, and that there is no depreciation calculated for either yearStep by Step Solution
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