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2 3. 4. 5. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances ¥41,600, (b) accounts receivable-credit balances ¥6,400, and (c) allowance for doubtful accounts ¥2,800. Inventory costing ¥4,240 was shipped out on consignment on July 31, 2022. The ending inventory balance does not include the consigned goods. Receivables in the amount of ¥4,240 were recognized on these consigned goods. Equipment had a cost of ¥89,600 and an accumulated depreciation balance of ¥22,400. Income taxes payable of ¥7,200 were accrued on July 31. Blue Ltd., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified statement of financial position as of July 31. 2022. from the available information, adjusting the account balances using the additional information. (List Current Assets in reverse order of liquidity) BLUE LTD Statement of Financial Position July 31, 2022 Assets

2 3. 4. 5. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances ¥41,600, (b) accounts receivable-credit balances ¥6,400, and (c) allowance for doubtful accounts ¥2,800. Inventory costing ¥4,240 was shipped out on consignment on July 31, 2022. The ending inventory balance does not include the consigned goods. Receivables in the amount of ¥4,240 were recognized on these consigned goods. Equipment had a cost of ¥89,600 and an accumulated depreciation balance of ¥22,400. Income taxes payable of ¥7,200 were accrued on July 31. Blue Ltd., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified statement of financial position as of July 31. 2022. from the available information, adjusting the account balances using the additional information. (List Current Assets in reverse order of liquidity) BLUE LTD Statement of Financial Position July 31, 2022 Assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The bookkeeper for Blue Ltd. has prepared the following statement of financial position as of July 31, 2022 (amounts in thousands). Equipment (net) Patents Inventory Accounts receivable (net) Cash 1. 2. BLUE LTD Statement of Financial Position As of July 31, 2022 Equity 2 ¥ 67,200 16,800 48,000 32,400 55,200 The following additional information is provided. V219,600 Non-current liabilities Notes and accounts payable 124,400 60,000 35,200 ¥219.600 Cash includes ¥960 in a petty cash fund and ¥9,600 in a bond sinking fund. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances ¥41.600, (b) accounts receivable-credit balances V6,400, and (c) allowance for doubtful accounts 2,800. Inventory.costing X4 240 was chinned out on consignment on July 31 2022 The ending inventory balance does not include.
Transcribed Image Text:The bookkeeper for Blue Ltd. has prepared the following statement of financial position as of July 31, 2022 (amounts in thousands). Equipment (net) Patents Inventory Accounts receivable (net) Cash 1. 2. BLUE LTD Statement of Financial Position As of July 31, 2022 Equity 2 ¥ 67,200 16,800 48,000 32,400 55,200 The following additional information is provided. V219,600 Non-current liabilities Notes and accounts payable 124,400 60,000 35,200 ¥219.600 Cash includes ¥960 in a petty cash fund and ¥9,600 in a bond sinking fund. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances ¥41.600, (b) accounts receivable-credit balances V6,400, and (c) allowance for doubtful accounts 2,800. Inventory.costing X4 240 was chinned out on consignment on July 31 2022 The ending inventory balance does not include.
1. 2. 3. 4. 5. Cash includes ¥960 in a petty cash fund and ¥9,600 in a bond sinking fund. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances V41,600, (b) accounts receivable-credit balances ¥6,400, and (c) allowance for doubtful accounts ¥2,800. Inventory costing ¥4,240 was shipped out on consignment on July 31, 2022. The ending inventory balance does not include the consigned goods. Receivables in the amount of ¥4,240 were recognized on these consigned goods. Equipment had a cost of ¥89,600 and an accumulated depreciation balance of ¥22,400. Income taxes payable of ¥7,200 were accrued on July 31. Blue Ltd., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified statement of financial position as of July 31, 2022, from the available information, adjusting the account balances using the additional information. (List Current Assets in reverse order of liquidity) BLUE LTD Statement of Financial Position July 31, 2022 Assets
Transcribed Image Text:1. 2. 3. 4. 5. Cash includes ¥960 in a petty cash fund and ¥9,600 in a bond sinking fund. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances V41,600, (b) accounts receivable-credit balances ¥6,400, and (c) allowance for doubtful accounts ¥2,800. Inventory costing ¥4,240 was shipped out on consignment on July 31, 2022. The ending inventory balance does not include the consigned goods. Receivables in the amount of ¥4,240 were recognized on these consigned goods. Equipment had a cost of ¥89,600 and an accumulated depreciation balance of ¥22,400. Income taxes payable of ¥7,200 were accrued on July 31. Blue Ltd., however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance but was offset against the income taxes payable amount. Prepare a corrected classified statement of financial position as of July 31, 2022, from the available information, adjusting the account balances using the additional information. (List Current Assets in reverse order of liquidity) BLUE LTD Statement of Financial Position July 31, 2022 Assets
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