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Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.

Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.

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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STEEL INDUSTRIES Statement of Financial Position December 31, 2020 Assets Current assets: Cash Marketable equity securities Accounts receivable, net 50,000 19,000 60,000 Inventory Treasury stock Total current assets 30,000 20,000 * 179,000 Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized. Plant assets: Land and buildings, net 160,000 Investments: Short-term investments 20,000 Other assets: Supplies Total assets 4,000 363,000 Liabilities and Shareholders' Equity Liabilities: P 123,000 Bonds payable P Accounts payable Wages payable Total liabilities 40,000 10,000 173,000 Shareholders' equity: Ordinary shares (P20 par, 20,000 shares authorized, 6,000 shares outstanding) Retained earnings 120,000 50,000 Redeemable preference shares Total Shareholders' Equity Total Liabilities and Shareholders' Equity 20,000 190,000 363,000
Transcribed Image Text:STEEL INDUSTRIES Statement of Financial Position December 31, 2020 Assets Current assets: Cash Marketable equity securities Accounts receivable, net 50,000 19,000 60,000 Inventory Treasury stock Total current assets 30,000 20,000 * 179,000 Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized. Plant assets: Land and buildings, net 160,000 Investments: Short-term investments 20,000 Other assets: Supplies Total assets 4,000 363,000 Liabilities and Shareholders' Equity Liabilities: P 123,000 Bonds payable P Accounts payable Wages payable Total liabilities 40,000 10,000 173,000 Shareholders' equity: Ordinary shares (P20 par, 20,000 shares authorized, 6,000 shares outstanding) Retained earnings 120,000 50,000 Redeemable preference shares Total Shareholders' Equity Total Liabilities and Shareholders' Equity 20,000 190,000 363,000
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