The following is a list of assets and claims of a manufacturing business at a particular point
Question:
The following is a list of assets and claims of a manufacturing business at a particular point in time:
........................................................................................................................£
Short-term borrowings ............................................................................22,000
Property ...................................................................................................245,000
Inventories of raw materials ....................................................................18,000
Trade payables ..........................................................................................23,000
Plant and equipment ..............................................................................127,000
Loan from Manufacturing Finance Co. (long-term borrowing) .........100,000
Inventories of finished goods ..................................................................28,000
Delivery vans ..............................................................................................54,000
Trade receivables .......................................................................................34,000
Required:
Write out a statement of financial position in the standard format incorporating these figures. (Hint: There is a missing item that needs to be deduced and inserted.)
Step by Step Answer:
Accounting and Finance An Introduction
ISBN: 978-1292088297
8th edition
Authors: Peter Atrill, Eddie McLaney