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Selected accounts follow of Concord Limited at December 31, 2020: Finished Goods Inventory $157,000 Cost of...

Selected accounts follow of Concord Limited at December 31, 2020:

Finished Goods Inventory

$157,000

Cost of Goods Sold

$3,900,000

Unearned Revenue

104,000

Notes Receivable

48,000

Bank Overdraft

9,100

Accounts Receivable

181,000

Equipment

263,000

Raw Materials Inventory

227,000

Work-in-Process Inventory

38,000

Supplies Expense

80,000

Cash

69,000

Allowance for Doubtful Accounts

22,000

FV-NI Investments

43,000

Intangible Assets—Trade Names

25,000

Interest Payable

47,000

Contributed Surplus

17,000

Restricted Cash (for Plant Expansion)

69,000

Common Shares

321,000


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 $58,600.
3. The FV-NI investments have a fair value of $42,000.
4. 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.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $69,000 are pledged as collateral on a bank loan.
6. Intangible Assets—Trade Names are reported net of accumulated amortization of $22,000.
7. The bank overdraft is at the same bank as the amount reported above under Cash.


(a)

Prepare the current assets section of Concord Limited’s statement of financial position as at December 31, 2020.

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