The following is the statement of financial position of Rasheed Brothers Corporation (amounts in thousands). Instructions Evaluate
Question:
Instructions
Evaluate the statement of financial position presented. State briefly the proper treatment of any item criticized.
Transcribed Image Text:
Rasheed Brothers Corporation Statement of Financial Position December 31, 2019 Assets Current assets $26,000 Cash Short-term investments 18,000 Accounts receivable 25,000 Inventory 20,000 Supplies 4,000 Investment in associated company 20,000 $113,000 Investments Treasury shares 25,000 Property, plant, and equipment Buildings and land 91,000 Less: Accumulated depreciation 31,000 60,000 Other assets Cash restricted for plant expansion 19,000 Total assets $217,000 Liabilities and Equity Curent liabilities Accounts payable $22,000 Income taxes payable 15,000 $ 37,000 Deferred credits Unrealized gains on non-trading equity investments 2,000 Non-current liabilities Bonds payable 60,000 Total liabilities 99,000 Equity Share capital-ordinary, par $5 Retained earnings 85,000 25,000 8,000 118,000 Cash dividends dedared Total liabilities and equity $217,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Criticisms of the statement of financial position of the Rasheed Brothers Corporation are as follows 1 The basis for the valuation of shortterm invest...View the full answer
Answered By
Branice Buyengo Ajevi
I have been teaching for the last 5 years which has strengthened my interaction with students of different level.
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following is the statement of financial position of Davids business at 1 January of last year. The following is a summary of the transactions that took place during the year: 1 Inventories were...
-
Statement of Financial position Adjustment and Preparation Presented below is the statement of financial position of Sargent Corporation for the current year. 2010 The following information is...
-
The statement of financial position of Sargent Corporation follows for the current year, 2014: The following additional information is available: l. The current assets section includes the following:...
-
What is a Java package, and what is its purpose?
-
Determine the polar moment of inertia of the area shown with respect to (a) Point O, (b) The centroid of the area. -2.7 in. Semiellipses 2.7 in.- I.S in. 0.9 in.
-
The highway department wants to estimate the proportion of vehicles on Interstate 25 between the hours of midnight and 5:00 A.M. that are 18-wheel tractor trailers. The estimate will be used to...
-
8. Labor Day is a national holiday originally intended to celebrate the contributions of working men and women. But for most people today it simply means a day off from work-or the day before school...
-
You are the in-charge on the audit of Vandervoort Company and are to review the audit schedule shown above. Required a. List the deficiencies in the audit schedule. b. For each deficiency, state how...
-
The following table shows risk and return measures for Coca-Cola and Intel. Stock Expected Return Volatility Coca-Cola 13.6% 15.4% Intel 15% 23% The correlation coefficient between the returns of C...
-
The Fashion Rack has a monthly accounting period. All transactions are recorded in a general journal. Postings are made from the general journal to the accounts receivable ledger, accounts payable...
-
The assets of Fonzarelli SpA are presented as follows (amounts in thousands). Instructions Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli's assets. Fonzarelli SpA...
-
The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2019....
-
Mont Blanc is the highest mountain in western Europe at 4,810 m, or 15,781 feet. The climb to reach the summit is not that technical so thousands attempt it each year. However, many of these climbers...
-
Sometime in the past, Taxpayer A loaned Taxpayer B $100,000. However, no one can find the written debt instrument. Taxpayer B acknowledges that the debt exists, but given its possible...
-
A signal can be sent from one location to another by running different colored flags up a flagpole, one above the other. There are 15 different colored flags to choose from but only 7 flags will be...
-
Using Coca Cola Ethical Implications Assuming that you have decided to sell your company's product to a foreign market, which entry mode would you recommend and why? For a global expansion of...
-
Base code has been provided for you to write a function that outputs an [mxn] ([row x col]) matrix that defines the values of each element by the following rules, where k represents the current row...
-
A person of mass 6 8 kg rides in a cart of mass 2 5 . 0 kg on a circular hill of radius 4 5 m . Draw the FBD for the person and the person + cart at the top of the hill. Label the variables and...
-
The statement Constant dblRATE As Double is an example of a _____________________. a. Correct statement b. Logic error c. Syntax error d. Run time error
-
Based on the scenario described below, generate all possible association rules with values for confidence, support (for dependent), and lift. Submit your solutions in a Word document (name it...
-
Chen Inc. acquired 20% of the outstanding ordinary shares of Cho Corp. on December 31, 2010. The purchase price was 125,000,000 for 50,000 shares. Cho Corp. declared and paid an 80 per share cash...
-
On January 1, 2010, Meredith Corporation purchased 25% of the ordinary shares of Pirates Company for 200,000. During the year, Pirates earned net income of 80,000 and paid dividends of 20,000....
-
Cairo Corporation has government bonds classified as held-for-collection at December 31, 2010. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $740,000....
-
appendix aappendix cappendix d You wish to retire in 13 years and currently have \( \$ 50,000 \) in a savings account yielding 4 percent annually and \( \$ 90,000 \) in quality "blue chlp" stocks...
-
lan pays a semiannual of $400 for automobile insurance a monthlypremium of $170 for health insurance and an annual premnium of $500for life insurance 2 answers
-
What is the ideal period of time when calculating thehistorical volatility (e.g. calculate standard deviation log returnfor 7 days) and why?.We have the data for stock price from 30/06/2021 to 31/0 2...
Study smarter with the SolutionInn App