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Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 777,000 50,000 750,000 170,000 245,000 $16,868,000 "The investment income or loss relates to the FV-NI investments. (a) 50,000 1,050,000 2,100,000 77,000 869,000 864,000 97,000 $16,868,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment) Monty Ltd. Statement of Financial Position December 31, 2023

Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 777,000 50,000 750,000 170,000 245,000 $16,868,000 "The investment income or loss relates to the FV-NI investments. (a) 50,000 1,050,000 2,100,000 77,000 869,000 864,000 97,000 $16,868,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment) Monty Ltd. Statement of Financial Position December 31, 2023

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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ttempt in Progress Your answer is partially correct. The trial balance of Monty Ltd. at December 31, 2023, follows: Land Cash Sales revenue FV-NI investments (at fair value) Cost of goods sold Bond investment at amortized cost FV-OCI investments (fair value $365.000) Notes payable (due in six months) Accounts payable Selling expenses Investment income or loss Buildings Dividends payable Income tax payable Accounts receivable Accumulated depreciation-buildings Allowance for expected credit losses Administrative expenses Interest expense Inventory Debits $305,000 323,000 5,800,000 449,000 293,000 2,960,000 330,000 2,540,000 565,000 1,050,000 261,000 777,000 Credits $10,337,000 110,000 815,000 14,000 36,000 114,000 292,000 43,000
Transcribed Image Text:ttempt in Progress Your answer is partially correct. The trial balance of Monty Ltd. at December 31, 2023, follows: Land Cash Sales revenue FV-NI investments (at fair value) Cost of goods sold Bond investment at amortized cost FV-OCI investments (fair value $365.000) Notes payable (due in six months) Accounts payable Selling expenses Investment income or loss Buildings Dividends payable Income tax payable Accounts receivable Accumulated depreciation-buildings Allowance for expected credit losses Administrative expenses Interest expense Inventory Debits $305,000 323,000 5,800,000 449,000 293,000 2,960,000 330,000 2,540,000 565,000 1,050,000 261,000 777,000 Credits $10,337,000 110,000 815,000 14,000 36,000 114,000 292,000 43,000
Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 777,000 50,000 750,000 170,000 245,000 $16,868,000 "The investment income or loss relates to the FV-NI investments. (a) 50,000 1,050,000 2,100,000 77,000 869.00 864,000 97,000 $16,868,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) Monty Ltd. Statement of Financial Position December 31, 2023 Assets
Transcribed Image Text:Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 777,000 50,000 750,000 170,000 245,000 $16,868,000 "The investment income or loss relates to the FV-NI investments. (a) 50,000 1,050,000 2,100,000 77,000 869.00 864,000 97,000 $16,868,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.) Monty Ltd. Statement of Financial Position December 31, 2023 Assets
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