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

   

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The statement of financial position of Kingbird Limited follows for the current year, 2020: KINGBIRD LIMITED Statement of Financial Position December 31, 2020 Current assets $135,660 Current liabilities $98,940 Investments 87,720 Long-term liabilities 173,400 Property, plant, and equipment 216,240 Shareholders' equity 238,680 Intangible assets 32,640 Other assets 38,760 $511,020 $511,020 The following additional information is available: Current Assets include the following: bank account with an overdraft balance of $15,300; inventory with a FIFO cost of $88,740 and a net realizable value of $86,700; accounts receivable of $67,320 less allowance for doubtful accounts of 1. $3,060. Investments include the following: a mortgage receivable from parent company $61,200, due in 2025; FV-NI investments held for trading with a cost of $10,200 and a fair value of $12,240; FV-OCI investments with a cost of $15,300 and a fair value of $14,280. 2. Property, Plant and Equipment include the following: land $24,480; buildings $443,700 less accumulated depreciation of $295,800; vehicles $80,580 less accumulated depreciation of $49,980; land held for future use $13,260. 3. 4. Intangible assets include the following:patents net of accumulated amortization of $32,640. Other assets include the following: customer deposits of $7,140, unearned revenue of $3,060, goodwill $44,880 and accumulated other comprehensive income (loss) of $(4,080). 5. Current Liabilities include the following: pension obligation of $55,080, interest payable of $4,080; salaries and wages payable of $8,160; accounts payable $31,620. 6. Long-term Liabilities include the following:demand bank loan of $76,500; mortgage payable $96,900 of which $7,140 is due in the next year. 7. Shareholders' Equity has 1,020 preferred shares (30,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 56,100 shares issued at an average price of $1 per share, retained earnings of $106,080. 8. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.) Kingbird Limited Statement of Financial Position December 31, 2020 Assets 2$ The statement of financial position of Kingbird Limited follows for the current year, 2020: KINGBIRD LIMITED Statement of Financial Position December 31, 2020 Current assets $135,660 Current liabilities $98,940 Investments 87,720 Long-term liabilities 173,400 Property, plant, and equipment 216,240 Shareholders' equity 238,680 Intangible assets 32,640 Other assets 38,760 $511,020 $511,020 The following additional information is available: Current Assets include the following: bank account with an overdraft balance of $15,300; inventory with a FIFO cost of $88,740 and a net realizable value of $86,700; accounts receivable of $67,320 less allowance for doubtful accounts of 1. $3,060. Investments include the following: a mortgage receivable from parent company $61,200, due in 2025; FV-NI investments held for trading with a cost of $10,200 and a fair value of $12,240; FV-OCI investments with a cost of $15,300 and a fair value of $14,280. 2. Property, Plant and Equipment include the following: land $24,480; buildings $443,700 less accumulated depreciation of $295,800; vehicles $80,580 less accumulated depreciation of $49,980; land held for future use $13,260. 3. 4. Intangible assets include the following:patents net of accumulated amortization of $32,640. Other assets include the following: customer deposits of $7,140, unearned revenue of $3,060, goodwill $44,880 and accumulated other comprehensive income (loss) of $(4,080). 5. Current Liabilities include the following: pension obligation of $55,080, interest payable of $4,080; salaries and wages payable of $8,160; accounts payable $31,620. 6. Long-term Liabilities include the following:demand bank loan of $76,500; mortgage payable $96,900 of which $7,140 is due in the next year. 7. Shareholders' Equity has 1,020 preferred shares (30,600 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 56,100 shares issued at an average price of $1 per share, retained earnings of $106,080. 8. Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.) Kingbird Limited Statement of Financial Position December 31, 2020 Assets 2$

Answer rating: 100% (QA)

Assets Current Assets FVNI investment at fair value 12240 Accounts Receivable 67320 Less Allowance f... View the full answer