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Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022: Cash Accounts receivable FV-NI investments Equipment (net) Land Blue Spruce Inc. Statement of Financial Position December 31, 2022 $25,930 Accounts payable 27,130 Bonds payable 32,000 Common shares Retained earnings 86,930 45,930 $217,920 $35,930 46,930 105,930 29,130 $217,920 During 2023, the following occurred: 1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930. 2. A parcel of land was purchased for $43,930. 3. An additional $30,000 worth of common shares was issued. 4. Dividends totalling $15.930 were declared and paid to shareholders. 5. Net income for 2023 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.

Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022: Cash Accounts receivable FV-NI investments Equipment (net) Land Blue Spruce Inc. Statement of Financial Position December 31, 2022 $25,930 Accounts payable 27,130 Bonds payable 32,000 Common shares Retained earnings 86,930 45,930 $217,920 $35,930 46,930 105,930 29,130 $217,920 During 2023, the following occurred: 1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930. 2. A parcel of land was purchased for $43,930. 3. An additional $30,000 worth of common shares was issued. 4. Dividends totalling $15.930 were declared and paid to shareholders. 5. Net income for 2023 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.

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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Prepare the statement of financial position as it would appear at December 31, 2023. (List Assets in order of liquidity) Cash FV-NI Investments Accounts Receivable Land Total Accounts Payable Bonds Payable Common Shares Retained Earnings Total BLUE SPRUCE INC. Statement of Financial Position December 31, 2023 Assets Liabilities and Shareholders' Equity 25,930 27,130 45,930
Transcribed Image Text:Prepare the statement of financial position as it would appear at December 31, 2023. (List Assets in order of liquidity) Cash FV-NI Investments Accounts Receivable Land Total Accounts Payable Bonds Payable Common Shares Retained Earnings Total BLUE SPRUCE INC. Statement of Financial Position December 31, 2023 Assets Liabilities and Shareholders' Equity 25,930 27,130 45,930
Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022: Blue Spruce Inc. Statement of Financial Position December 31, 2022 $25,930 Accounts payable 27,130 Bonds payable 32,000 Common shares 86,930 Retained earnings 45,930 $217,920 Cash Accounts receivable FV-NI investments Equipment (net) Land $35,930 46,930 105,930 29,130 $217,920 During 2023, the following occurred: 1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930. 2. A parcel of land was purchased for $43,930. 3. An additional $30,000 worth of common shares was issued. 4. Dividends totalling $15,930 were declared and paid to shareholders. 5. Net income for 2023 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.
Transcribed Image Text:Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022: Blue Spruce Inc. Statement of Financial Position December 31, 2022 $25,930 Accounts payable 27,130 Bonds payable 32,000 Common shares 86,930 Retained earnings 45,930 $217,920 Cash Accounts receivable FV-NI investments Equipment (net) Land $35,930 46,930 105,930 29,130 $217,920 During 2023, the following occurred: 1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930. 2. A parcel of land was purchased for $43,930. 3. An additional $30,000 worth of common shares was issued. 4. Dividends totalling $15,930 were declared and paid to shareholders. 5. Net income for 2023 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.
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