Leons Furniture Ltd. is one of Canadas largest retailers, selling a wide range of merchandise, including furniture,
Question:
Leon’s Furniture Ltd. is one of Canada’s largest retailers, selling a wide range of merchandise, including furniture, major appliances, and home electronics. A recent statement of financial position contained the following items (in millions). Prepare a statement of financial position as at December 31, 2012, solving for the missing amount.
Cash and cash equivalents .................$ 75
Dividends payable .................... 7
Intangible assets and goodwill ..............14
Inventories 86 Net property, plant, and equipment ...... 218
Noncurrent liabilities ...................18
Other assets .....................11
Other current assets .................. 152
Other current liabilities ..................35
Retained earnings .................... 425
Contributed capital ..................27
Total assets ..................... 586
Total liabilities and shareholders’ equity .......... ?
Trade receivables ...................30
Trade and other payables ................74
GoodwillGoodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Step by Step Answer:
Leons Furniture Limited Statement of Financial Position As at D...View the full answer
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
