Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable Shareholders' equity Common shares, unlimited authorized, 360,000 issued Contributed surplus Retained earnings (a) 355,000 235,000 84.000 63.000 617.000 360,000 290,000 ? 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 $300,000 and that the accumulated depreciation balance for the equipment is $225,000. The allowance for expected credit losses has a balance of $21,000. 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.)

Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable Shareholders' equity Common shares, unlimited authorized, 360,000 issued Contributed surplus Retained earnings (a) 355,000 235,000 84.000 63.000 617.000 360,000 290,000 ? 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 $300,000 and that the accumulated depreciation balance for the equipment is $225,000. The allowance for expected credit losses has a balance of $21,000. 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.)

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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