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(a) Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $290,000 and that the accumulated depreciation balance for the equipment is $195,000. The allowance for expected credit losses has a balance of $30,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings, and Equipment.) MARTINEZ CORP. Statement of Financial Position

(a) Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $290,000 and that the accumulated depreciation balance for the equipment is $195,000. The allowance for expected credit losses has a balance of $30,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings, and Equipment.) MARTINEZ CORP. Statement of Financial Position

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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Current Attempt in Progress Martinez Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Martinez Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $34,000) Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $280,000) Property, plant, and equipment. Buildings (net) Equipment (net) Land held for future use. Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Metec naushla fdun novt uparl $ 410,000 526,000 571,000 300,000 590,000 280,000 185,000 97,000 97,000 20,000 395,000 145.000
Transcribed Image Text:Current Attempt in Progress Martinez Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Martinez Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $34,000) Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $280,000) Property, plant, and equipment. Buildings (net) Equipment (net) Land held for future use. Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Metec naushla fdun novt uparl $ 410,000 526,000 571,000 300,000 590,000 280,000 185,000 97,000 97,000 20,000 395,000 145.000
Investment in bonds to collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable Shareholders' equity Common shares, unlimited authorized, 460,000 issued Contributed surplus Retained earnings (a) 97,000 20,000 395,000 145,000 94,000 62,000 603,000 460,000 320,000 ? Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $290,000 and that the accumulated depreciation balance for the equipment is $195,000. The allowance for expected credit losses has a balance of $30,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings, and Equipment.) MARTINEZ CORP. Statement of Financial Position Assets
Transcribed Image Text:Investment in bonds to collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable Shareholders' equity Common shares, unlimited authorized, 460,000 issued Contributed surplus Retained earnings (a) 97,000 20,000 395,000 145,000 94,000 62,000 603,000 460,000 320,000 ? Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $290,000 and that the accumulated depreciation balance for the equipment is $195,000. The allowance for expected credit losses has a balance of $30,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings, and Equipment.) MARTINEZ CORP. Statement of Financial Position Assets
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