Question

In: Accounting

The statement of financial position of Larkspur Limited follows for the current year, 2020: LARKSPUR LIMITED...

The statement of financial position of Larkspur Limited follows for the current year, 2020:

LARKSPUR LIMITED
Statement of Financial Position
December 31, 2020
Current assets $167,580 Current liabilities $122,220
Investments 108,360 Long-term liabilities 214,200
Property, plant, and equipment 267,120 Shareholders’ equity 294,840
Intangible assets 40,320
Other assets 47,880
$631,260 $631,260


The following additional information is available:

1. Current Assets include the following: bank account with an overdraft balance of $18,900; inventory with a FIFO cost of $109,620 and a net realizable value of $107,100; accounts receivable of $83,160 less allowance for doubtful accounts of $3,780.
2. Investments include the following: a mortgage receivable from parent company $75,600, due in 2025; FV-NI investments held for trading with a cost of $12,600 and a fair value of $15,120; FV-OCI investments with a cost of $18,900 and a fair value of $17,640.
3. Property, Plant and Equipment include the following: land $30,240; buildings $548,100 less accumulated depreciation of $365,400; vehicles $99,540 less accumulated depreciation of $61,740; land held for future use $16,380.
4. Intangible assets include the following:patents net of accumulated amortization of $40,320.
5. Other assets include the following: customer deposits of $8,820, unearned revenue of $3,780, goodwill $55,440 and accumulated other comprehensive income (loss) of $(5,040).
6. Current Liabilities include the following: pension obligation of $68,040, interest payable of $5,040; salaries and wages payable of $10,080; accounts payable $39,060.
7. Long-term Liabilities include the following:demand bank loan of $94,500; mortgage payable $119,700 of which $8,820 is due in the next year.
8. Shareholders’ Equity has 1,260 preferred shares (37,800 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 69,300 shares issued at an average price of $1 per share, retained earnings of $131,040.


Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.)

Solutions

Expert Solution


Related Solutions

The statement of financial position of Swifty Corporation follows for the current year, 2020: SWIFTY CORPORATION...
The statement of financial position of Swifty Corporation follows for the current year, 2020: SWIFTY CORPORATION Statement of Financial Position December 31, 2020 Current assets $504,400 Current liabilities $395,200 Investments 665,600 Long-term liabilities 998,400 Property, plant, and equipment 1,788,800 Shareholders' equity 1,840,800 Intangible assets 275,600 $3,234,400 $3,234,400 The following additional information is available: 1. The current assets section includes the following: cash $156,000; accounts receivable $176,800, less $10,400 allowance for doubtful accounts; inventory $187,200; and unearned revenue $5,200. The cash...
Current Attempt in Progress The statement of financial position of Sage Hill Limited follows for the...
Current Attempt in Progress The statement of financial position of Sage Hill Limited follows for the current year, 2020: SAGE HILL LIMITED Statement of Financial Position December 31, 2020 Current assets $146,300 Current liabilities $106,700 Investments 94,600 Long-term liabilities 187,000 Property, plant, and equipment 233,200 Shareholders’ equity 257,400 Intangible assets 35,200 Other assets 41,800 $551,100 $551,100 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $16,500; inventory with a FIFO...
An excerpt from the statement of financial position of Twilight Limited follows: TWILIGHT LIMITED Selected Statement...
An excerpt from the statement of financial position of Twilight Limited follows: TWILIGHT LIMITED Selected Statement of Financial Position Information At December 31, 2020 Long-term debt Notes payable, 10% $5,000,000 4% convertible bonds payable 2,000,000 6% convertible bonds payable 3,000,000 Total long-term debt $10,000,000 Shareholders' equity $0.68 cumulative, no par value, convertible preferred shares (unlimited number of shares authorized, 600,000 shares issued and outstanding) $3,000,000 Common shares, no par value (8,000,000 shares authorized, 3,000,000 shares issued and outstanding) 25,000,000 Contributed...
An excerpt from the statement of financial position of Twilight Limited follows: TWILIGHT LIMITED Selected Statement...
An excerpt from the statement of financial position of Twilight Limited follows: TWILIGHT LIMITED Selected Statement of Financial Position Information At December 31, 2020 Long-term debt Notes payable, 10% $5,000,000 4% convertible bonds payable 2,000,000 6% convertible bonds payable 3,000,000 Total long-term debt $10,000,000 Shareholders' equity $0.68 cumulative, no par value, convertible preferred shares (unlimited number of shares authorized, 600,000 shares issued and outstanding) $3,000,000 Common shares, no par value (8,000,000 shares authorized, 3,000,000 shares issued and outstanding) 25,000,000 Contributed...
The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows:...
The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows: DELACOSTA CORPORATION Statement of Financial Position December 31, 2020 Assets Goodwill (Note 1) $70,000 Buildings (Note 2) 1,640,000 Inventory 312,100 Investments—trading (Note 3) 100,000 Land 950,000 Accounts receivable 170,000 Investments in shares (FV-OCI) (Note 4) 87,000 Cash 175,900 Assets allocated to trustee for plant expansion Cash 120,000 Treasury notes, at cost and fair value 138,000 $3,763,000 Equities Notes payable (Note 4) $600,000 Common shares,...
Statement of financial position items for Blue Spruce Inc. follow for the current year, 2020: Goodwill...
Statement of financial position items for Blue Spruce Inc. follow for the current year, 2020: Goodwill $133,750 Accumulated depreciation—equipment $312,440 Bank loan 190,022 Inventory 256,586 Bonds payable due 2024 303,900 Rent payable 48,150 Cash 385,200 Income tax payable 105,247 Land 513,600 Rent payable (long-term) 513,600 Notes receivable 476,899 Common shares (20,000 shares issued) 214,000 Notes payable 283,550 Preferred shares (15,000 shares issued) 160,500 Accounts payable 524,300 Prepaid expenses 94,074 Retained earnings ? Equipment 1,572,900 Income tax receivable 104,464 FV-NI investments...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows:...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows: The comparative statement of financial position of Monty Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: MONTY INC. Statement of Financial Position June 30, 2020 June 30 Assets 2020 2019 Cash $ 20,000 $ 42,000 Accounts receivable 86,100 74,100 Inventory 104,000 102,000 Prepaid expenses 2,100 5,600 FV-OCI investments 47,100 45,200 Equipment 177,000 159,000 Accumulated...
The comparative statement of financial position of Bramble Corporation as at December 31, 2020, follows: BRAMBLE...
The comparative statement of financial position of Bramble Corporation as at December 31, 2020, follows: BRAMBLE CORPORATION Statement of Financial Position December 31 December 31 Assets 2020 2019 Cash $ 54,000 $ 14,700 Accounts receivable 89,600 88,600 Equipment 26,700 21,300 Less: Accumulated depreciation (10,300 ) (10,900 ) Total $ 160,000 $ 113,700 Liabilities and Shareholders’ Equity Accounts payable $ 19,600 $ 15,800 Common shares 100,000 80,100 Retained earnings 40,400 17,800 Total $ 160,000 $ 113,700 Net income of $36,100 was...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows:...
The comparative statement of financial position of Blue Spruce Corporation as at December 31, 2020, follows: BLUE SPRUCE CORPORATION Statement of Financial Position December 31 December 31 Assets 2020 2019 Cash $ 53,500 $ 11,900 Accounts receivable 89,600 87,200 Equipment 26,200 21,700 Less: Accumulated depreciation (9,800 ) (10,800 ) Total $ 159,500 $ 110,000 Liabilities and Shareholders’ Equity Accounts payable $ 20,300 $ 15,500 Common shares 100,000 79,600 Retained earnings 39,200 14,900 Total $ 159,500 $ 110,000 Net income of...
A comparative statement of financial position for Ayayai Corporation follows: AYAYAI CORPORATION Statement of Financial Position...
A comparative statement of financial position for Ayayai Corporation follows: AYAYAI CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $48,100 $21,460 Accounts receivable 64,380 43,660 Inventory 98,420 59,940 FV-OCI investments in shares 46,620 62,160 Land 48,100 76,220 Equipment 288,600 318,200 Accumulated depreciation—equipment (86,580 ) (63,640 ) Goodwill 91,760 128,020         Total $599,400 $646,020 Liabilities and Shareholders’ Equity Accounts payable $8,880 $37,740 Dividends payable 11,100 23,680 Notes payable 162,800 247,900 Common shares 196,100 92,500 Retained earnings 213,120 210,160 Accumulated...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT