View Policies Current Attempt in Progress The statement of financial position of Metlock Limited follows for the current year, 2020: METLOCK LIMITED Statement of Financial Position December 31, 2020 Current assets $114,380 Current liabilities Investments 73,960 Long-term liabilities Property, plant, and equipment 182,320 Shareholders' equity Intangible assets 27,520 Other assets 32,680 $430,860 $83,420 146,200 201,240 $430,860 1. 2. 3. The following additional information is available: Current Assets include the following: bank account with an overdraft balance of $12,900; inventory with a FIFO cost of $74.820 and a net realizable value of $73,100; accounts receivable of $56,760 less allowance for doubtful accounts of $2,580. Investments include the following: a mortgage receivable from parent company $51,600, due in 2025; FV-NI investments held for trading with a cost of $8,600 and a fair value of $10,320; FV-OCI investments with a cost of $12,900 and a fair value of $12,040. Property, Plant and Equipment include the following: land $20,640; buildings $374,100 less accumulated depreciation of $249,400; vehicles $67,940 less accumulated depreciation of $42,140; land held for future use $11,180. Intangible assets include the following:patents net of accumulated amortization of $27,520. Other assets include the following: customer deposits of $6,020, unearned revenue of $2,580, goodwill $37,840 and accumulated other comprehensive income (loss) of $(3,440). Current Liabilities include the following: pension obligation of $46.440, interest payable of $3.440; salaries and wages payable of $6,880; accounts payable $26,660. Long-term Liabilities include the following:demand bank loan of $64.500; mortgage payable $81,700 of which $6,020 is due in the next year. Shareholders' Equity has 860 preferred shares (25,800 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 47,300 shares issued at an average price of $1 per share, retained earnings of $89,440. 4. 5. 6. 7. 8. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.) Metlock Limited Statement of Financial Position December 31, 2020 Assets