Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare the current assets section of Bramble's statement of financial position as at December 31, 2023. (Lis liquidity.)

Prepare the current assets section of Bramble's statement of financial position as at December 31, 2023. (Lis liquidity.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

pls answer the following question

Prepare the current assets section of Bramble's statement of financial position as at December 31, 2023. (List Current Assets in order of liquidity.) Current Assets ✓: Total Current Assets > > > Bramble Limited Statement of Financial Position (Partial) $ ILI
Transcribed Image Text:Prepare the current assets section of Bramble's statement of financial position as at December 31, 2023. (List Current Assets in order of liquidity.) Current Assets ✓: Total Current Assets > > > Bramble Limited Statement of Financial Position (Partial) $ ILI
Selected accounts of Bramble Limited at December 31, 2023, follow: Finished Goods Inventory Unearned Revenue Bank Overdraft Equipment Work-in-Process Inventory Cash FV-NI Investments Interest Payable Restricted Cash (for Plant Expansion) 1. 2. 3. 4. 5. 6. $158,000 7. 105,000 9,100 The following additional information is available: 363,000 35,000 68,000 36,000 41,000 68,000 Cost of Goods Sold Notes Receivable Accounts Receivable Raw Materials Inventory Supplies Expense Allowance for Expected Credit Losses Intangible Assets-Trade Names Contributed Surplus Common Shares $4,100,000 43,000 271,000 317,000 72,000 20,000 34,000 16,000 299,000 Inventory is valued at the lower of cost and net realizable value using FIFO. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $53,600. The FV-NI investments have a fair value of $46,000. The notes receivable are due April 30, 2024, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2023.) The allowance for expected credit losses applies to the accounts receivable. Accounts receivable of $68,000 are pledged as collateral on a bank loan. Intangible Assets-Trade Names are reported net of accumulated amortization of $19,000. The bank overdraft is at the same bank as the amount reported above under Cash and therefore Bramble has (correctly) chosen to net the bank overdraft and cash amounts for financial statement purposes.
Transcribed Image Text:Selected accounts of Bramble Limited at December 31, 2023, follow: Finished Goods Inventory Unearned Revenue Bank Overdraft Equipment Work-in-Process Inventory Cash FV-NI Investments Interest Payable Restricted Cash (for Plant Expansion) 1. 2. 3. 4. 5. 6. $158,000 7. 105,000 9,100 The following additional information is available: 363,000 35,000 68,000 36,000 41,000 68,000 Cost of Goods Sold Notes Receivable Accounts Receivable Raw Materials Inventory Supplies Expense Allowance for Expected Credit Losses Intangible Assets-Trade Names Contributed Surplus Common Shares $4,100,000 43,000 271,000 317,000 72,000 20,000 34,000 16,000 299,000 Inventory is valued at the lower of cost and net realizable value using FIFO. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $53,600. The FV-NI investments have a fair value of $46,000. The notes receivable are due April 30, 2024, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2023.) The allowance for expected credit losses applies to the accounts receivable. Accounts receivable of $68,000 are pledged as collateral on a bank loan. Intangible Assets-Trade Names are reported net of accumulated amortization of $19,000. The bank overdraft is at the same bank as the amount reported above under Cash and therefore Bramble has (correctly) chosen to net the bank overdraft and cash amounts for financial statement purposes.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS