At the end of December 31, 2012, Cougar Inc.s accounts are as follows: Accumulated depreciation ............ $100,000
Question:
At the end of December 31, 2012, Cougar Inc.’s accounts are as follows:
Accumulated depreciation ............ $100,000
Current income taxes payable .......... 5,000
Long-term borrowings ............. 25,000
Inventories .................. 90,000
Trade receivables ............... 60,000
Non-current assets (at cost) ...........300,000
Trade and other payables ............. 40,000
Mortgage ...................130,000
Accrued expenses ............... 10,000
Future income taxes payable .......... 5,000
Share capital ................. 100,000
Prepaid expenses ................10,000
Intangible assets ................20,000
Cash and cash equivalents ............25,000
Retained earnings ..............80,000
Short-term borrowings .............10,000
Prepare Cougar Inc.’s statement of financial position as at December 31, 2012.
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Step by Step Answer:
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