Concord 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. 5. 6. 7. 8. 9. $1,265,000 30,100 (a) 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 Current liabilities Bonds payable Common shares Retained earnings Concord prepares financial statements in accordance with IFRS. Total $1,128,100 1,221,000 194,000 179,000 $2,722,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9.160 on equipment. Amortization expense on a patent was $3,110. Current assets other than cash increased by $33,000. Current liabilities increased by $14,000. An addition to a building was completed at a cost of $32,200. An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment made by Concord in its history. Bonds payable of $75,100 were issued at par. Current assets other than cash increased by $33,000 Current liabilities increased by $14,000. An addition to a building was completed at a cost of $32.200 An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment made by Concord in its history. Bonds payable of $75,100 were issued at par Cash dividends of $194,000 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)
Concord 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. 5. 6. 7. 8. 9. $1,265,000 30,100 (a) 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 Current liabilities Bonds payable Common shares Retained earnings Concord prepares financial statements in accordance with IFRS. Total $1,128,100 1,221,000 194,000 179,000 $2,722,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9.160 on equipment. Amortization expense on a patent was $3,110. Current assets other than cash increased by $33,000. Current liabilities increased by $14,000. An addition to a building was completed at a cost of $32,200. An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment made by Concord in its history. Bonds payable of $75,100 were issued at par. Current assets other than cash increased by $33,000 Current liabilities increased by $14,000. An addition to a building was completed at a cost of $32.200 An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment made by Concord in its history. Bonds payable of $75,100 were issued at par Cash dividends of $194,000 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Depreciation Methods
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Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Transcribed Image Text:Concord 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.
5.
6.
7.
8
9.
$1,265,000
(a)
30,100
1,210,000
330,000
(141,000)
(12,200)
40,200
$2.722,100
December 31, 2023
Concord prepares financial statements in accordance with IFRS.
Assets
Current liabilities
Bonds payable
Common shares
Retained earnings
Concord Corp.
Statement of Financial Position
Total
$1,128,100
Net income was $409,000. Interest paid is treated as an operating activity.
Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800.
Depreciation expense was $4.150 on the building and $9,160 on equipment.
Amortization expense on a patent was $3,110.
1,221,000
Current assets other than cash increased by $33,000. Current liabilities increased by $14,000.
An addition to a building was completed at a cost of $32,200.
An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment
made by Concord in its history.
Bonds payable of $75,100 were issued at par.
V
194,000
Current assets other than cash increased by $33,000. Current liabilities increased by $14,000.
An addition to a building was completed at a cost of $32.200
An FV-OCI investment in shares was purchased for $21,700 on the last day of the year. This was the first such investment
made by Concord in its history.
Bonds payable of $75,100 were issued at par
Cash dividends of $194,000 were declared and paid. Dividends paid are treated as financing activities.
179,000
$2,722,100
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)
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