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Selected accounts follow of Riverbed Limited at December 31, 2020: Finished Goods Inventory $166,000 Cost of Goods Sold $3,800,000 Unearned Revenue 102,000 Notes Receivable 44,000 Bank Overdraft 8,700 Accounts Receivable 241,000 Equipment 393,000 Raw Materials Inventory 237,000 Work-in-Process Inventory 50,000 Supplies Expense 64,000 Cash 62,000 Allowance for Doubtful Accounts 26,000 FV-NI Investments 43,000 Intangible Assets-Trade Names 38,000 Interest Payable 54,000 Contributed Surplus 15,000 Restricted Cash (for Plant Expansion) 62,000 Common Shares 315,000 The following additional information is available: 1. Inventory is valued at the lower of cost and net realizable value using FIFO. 2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $59,600. 3. The FV-NI investments have a fair value of $35,000. The notes receivable are due April 30, 2021, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 4. 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as

Selected accounts follow of Riverbed Limited at December 31, 2020: Finished Goods Inventory $166,000 Cost of Goods Sold $3,800,000 Unearned Revenue 102,000 Notes Receivable 44,000 Bank Overdraft 8,700 Accounts Receivable 241,000 Equipment 393,000 Raw Materials Inventory 237,000 Work-in-Process Inventory 50,000 Supplies Expense 64,000 Cash 62,000 Allowance for Doubtful Accounts 26,000 FV-NI Investments 43,000 Intangible Assets-Trade Names 38,000 Interest Payable 54,000 Contributed Surplus 15,000 Restricted Cash (for Plant Expansion) 62,000 Common Shares 315,000 The following additional information is available: 1. Inventory is valued at the lower of cost and net realizable value using FIFO. 2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $59,600. 3. The FV-NI investments have a fair value of $35,000. The notes receivable are due April 30, 2021, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 4. 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as

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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5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as collateral on a bank loan. 6. Intangible Assets-Trade Names are reported net of accumulated amortization of $27,000. 7. The bank overdraft is at the same bank as the amount reported above under Cash. (a) Prepare the current assets section of Riverbed Limited's statement of financial position as at December 31, 2020. (List Current Assets in order of liquidity.) Riverbed Limited Statement of Financial Position Current Assets 2$ Current Assets 2$ $ 수 : Total Current Assets 2$
Transcribed Image Text:5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as collateral on a bank loan. 6. Intangible Assets-Trade Names are reported net of accumulated amortization of $27,000. 7. The bank overdraft is at the same bank as the amount reported above under Cash. (a) Prepare the current assets section of Riverbed Limited's statement of financial position as at December 31, 2020. (List Current Assets in order of liquidity.) Riverbed Limited Statement of Financial Position Current Assets 2$ Current Assets 2$ $ 수 : Total Current Assets 2$
Selected accounts follow of Riverbed Limited at December 31, 2020: Finished Goods Inventory $166,000 Cost of Goods Sold $3,800,000 Unearned Revenue 102,000 Notes Receivable 44,000 Bank Overdraft 8,700 Accounts Receivable 241,000 Equipment 393,000 Raw Materials Inventory 237,000 Work-in-Process Inventory 50,000 Supplies Expense 64,000 Cash 62,000 Allowance for Doubtful Accounts 26,000 FV-NI Investments 43,000 Intangible Assets-Trade Names 38,000 Interest Payable 54,000 Contributed Surplus 15,000 Restricted Cash (for Plant Expansion) 62,000 Common Shares 315,000 The following additional information is available: 1. Inventory is valued at the lower of cost and net realizable value using FIFO. 2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $59,600. 3. The FV-NI investments have a fair value of $35,000. The notes receivable are due April 30, 2021, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 4. 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as collater len a bank loan
Transcribed Image Text:Selected accounts follow of Riverbed Limited at December 31, 2020: Finished Goods Inventory $166,000 Cost of Goods Sold $3,800,000 Unearned Revenue 102,000 Notes Receivable 44,000 Bank Overdraft 8,700 Accounts Receivable 241,000 Equipment 393,000 Raw Materials Inventory 237,000 Work-in-Process Inventory 50,000 Supplies Expense 64,000 Cash 62,000 Allowance for Doubtful Accounts 26,000 FV-NI Investments 43,000 Intangible Assets-Trade Names 38,000 Interest Payable 54,000 Contributed Surplus 15,000 Restricted Cash (for Plant Expansion) 62,000 Common Shares 315,000 The following additional information is available: 1. Inventory is valued at the lower of cost and net realizable value using FIFO. 2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $59,600. 3. The FV-NI investments have a fair value of $35,000. The notes receivable are due April 30, 2021, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) 4. 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $62,000 are pledged as collater len a bank loan
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