The following additional information is provided:1. Cash includes the cash surrender value of a life insurance policy of £12,400, and a bank overdraft (part of management policy to control cash) of £2,500 has been deducted.2. The net accounts receivable balance includes:(a) accounts receivable-debit balances £60,000;(b) accounts receivable-credit balances £4,000;(c) allowance for doubtful accounts £3,800.3. Inventories do not include goods costing £5,000 shipped out on consignment. Receivables of £5,000 were recorded on these goods.4. Investments include investments in ordinary shares, trading £19,000 and non-trading £48,300, and franchises £9,000.5. Equipment costing £10,000 with accumulated depreciation of £5,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is £45,000.Required: after preparing a statement of financial position in good form answer the following question:what is the cost of equipment to be reported at the statement of financial position 31/12/2021 at the property, plant, and equipment section? The following statement of financial position was prepared by the bookkeeper for Rima Company as of December 31, 2021.Rima CompanyStatement of Financial Positionas of December 31, 2021Investments£ 50,100Equity£????Equipment (net)56,000Non-current liabilities100,000Patents32,000Accounts payable78,000Inventories30,000Accounts receivable (net)52,200Cash180,000The following additional information is provided:1Cash includes the cash surrender value of a life insurance policy of £12,400, and a bank overdraft (part of management policy to2. The net accounts receivable balance includes:

The statement of financial position is prepared at the end of an accounting period. This statement…

The following statement of financial position was prepared by the bookkeeper for Rima Company as of December 31, 2021. Rima Company Statement of Financial Position as of December 31, 2021 Investments £ 50,100 Equity £???? Equipment (net) 56,000 Non-current liabilities 100,000 Patents 32,000 Accounts payable 78,000 Inventories 30,000 Accounts receivable (net) 52,200 Cash 180,000 The following additional information is provided: Cash includes the cash surrender value of a life insurance policy of £12,400, and a bank overdraft (part of management policy 2. The net accounts receivable balance includes:

The following statement of financial position was prepared by the bookkeeper for Rima Company as of December 31, 2021. Rima Company Statement of Financial Position as of December 31, 2021 Investments £ 50,100 Equity £???? Equipment (net) 56,000 Non-current liabilities 100,000 Patents 32,000 Accounts payable 78,000 Inventories 30,000 Accounts receivable (net) 52,200 Cash 180,000 The following additional information is provided: Cash includes the cash surrender value of a life insurance policy of £12,400, and a bank overdraft (part of management policy 2. The net accounts receivable balance includes:

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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