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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

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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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
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
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