Ayayai Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Intangible assets-patents $1,295,000 31,100 1,300,000 333,000 (133,000) (12,600) 40,100 Current liabilities Bonds payable Common shares Retained earnings $1,337,600 1,141,000 198,000 177,000
Ayayai Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Intangible assets-patents $1,295,000 31,100 1,300,000 333,000 (133,000) (12,600) 40,100 Current liabilities Bonds payable Common shares Retained earnings $1,337,600 1,141,000 198,000 177,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...
Related questions
Question
100%
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
![Ayayai Corp's statement of financial position at the end of 2022 included the following items:
Current assets
Land
Buildings
Equipment
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Intangible assets-patents
Total
1.
2.
3.
4.
5.
The following information is available for the 2023 fiscal year:
6.
7.
8.
9.
$1,295,000
31,100
(a)
1,300,000
333,000
(133,000)
(12,600)
40,100
$2,853,600
Ayayai prepares financial statements in accordance with IFRS.
Current liabilities
Bonds payable
Common shares
Retained earnings
Total
$1,337,600
1,141,000
198,000
177,000
$2,853,600
Net income was $409,000. Interest paid is treated as an operating activity.
Equipment (cost of $21,000 and accumulated depreciation of $8,150) was sold for $11,800.
Depreciation expense was $4,180 on the building and $9,070 on equipment.
Amortization expense on a patent was $3,030.
Current assets other than cash increased by $33,000. Current liabilities increased by $27,000.
An addition to a building was completed at a cost of $32,700.
An FV-OCI investment in shares was purchased for $22,400 on the last day of the year. This was the first such investment
made by Ayayai in its history.
Bonds payable of $76,500 were issued at par.
Cash dividends of $198,000 were declared and paid. Dividends paid are treated as financing activities.
Prepare a statement of financial position (SFP) as at December 31, 2023. (Hint: You will need to adjust ("plug") the December 31,
2023 amount of current assets to ensure the SFP balances.) (List Property, Plant, and Equipment in order of Land, Buildings, and
Equipment.)
Ayayai Corp.
Statement of Financial Position
For the Year Ended December 31, 2023
Assets](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfdb6de5-289a-41c6-9573-d2bcf8f29d3b%2F5685dc64-be8a-4788-b1eb-18a97065b15f%2F941x6ho_processed.png&w=3840&q=75)
Transcribed Image Text:Ayayai Corp's statement of financial position at the end of 2022 included the following items:
Current assets
Land
Buildings
Equipment
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Intangible assets-patents
Total
1.
2.
3.
4.
5.
The following information is available for the 2023 fiscal year:
6.
7.
8.
9.
$1,295,000
31,100
(a)
1,300,000
333,000
(133,000)
(12,600)
40,100
$2,853,600
Ayayai prepares financial statements in accordance with IFRS.
Current liabilities
Bonds payable
Common shares
Retained earnings
Total
$1,337,600
1,141,000
198,000
177,000
$2,853,600
Net income was $409,000. Interest paid is treated as an operating activity.
Equipment (cost of $21,000 and accumulated depreciation of $8,150) was sold for $11,800.
Depreciation expense was $4,180 on the building and $9,070 on equipment.
Amortization expense on a patent was $3,030.
Current assets other than cash increased by $33,000. Current liabilities increased by $27,000.
An addition to a building was completed at a cost of $32,700.
An FV-OCI investment in shares was purchased for $22,400 on the last day of the year. This was the first such investment
made by Ayayai in its history.
Bonds payable of $76,500 were issued at par.
Cash dividends of $198,000 were declared and paid. Dividends paid are treated as financing activities.
Prepare a statement of financial position (SFP) as at December 31, 2023. (Hint: You will need to adjust ("plug") the December 31,
2023 amount of current assets to ensure the SFP balances.) (List Property, Plant, and Equipment in order of Land, Buildings, and
Equipment.)
Ayayai Corp.
Statement of Financial Position
For the Year Ended December 31, 2023
Assets
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning