2.3.4.5.6.7.(a)The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances$53,000; (b) accounts receivable credit balances $9,500; and (c) allowance for expected credit losses $3,700.Inventory costing $7,300 was shipped out on consignment on July 31, 2023. The ending inventory balance does not includethe consigned goods. Receivables of $7,300 were recognized on these consigned goods.Equipment had a cost of $263,000 and an accumulated depreciation balance of $46,000.Income tax payable of $9,900 was accrued on July 31. Novak, however, had set up a cash fund to meet this obligation. Thiscash fund was not included in the cash balance, but was offset against the income tax payable account.Long-term liabilities are bonds payable issued at par, due in 2028.Shareholders' equity is made up of two account balances: Common Shares of $200,500 and Retained Earnings of $100,300.Use the information available to prepare a corrected classified statement of financial position as at July 31, 2023. (Adjust the accountbalances based on the additional information.) (List Current Assets in order of liquidity.)NOVAK CORP.Statement of Financial Position=SUPPORT The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023:CashAccounts receivable (net)InventoryEquipment (net)Patents (net)1.Novak Corp.Statement of Financial PositionAs at July 31, 20232.$84,00039,80072,000217,00023,000$435,800The following additional information is provided:Notes and accounts payableLong-term liabilitiesShareholders' equity$52,00083,000300,800$435,800Cash includes $1,700 in a petty cash fund and $29,000 in a bond sinking fund.The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances=SUPPORT

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Description: 2.3.4.5.6.7.(a)The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances$53,000; (b) accounts receivable credit balances $9,500; and (c) allowance for expected credit losses $3,700.Inventory

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The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) Novak Corp. Statement of Financial Position As at July 31, 2023 $84,000 39,800 72,000 217,000 23,000 $435,800 Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800

The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) Novak Corp. Statement of Financial Position As at July 31, 2023 $84,000 39,800 72,000 217,000 23,000 $435,800 Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800

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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