(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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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

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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