Barton Limited had the following statement of financial position for the current year, 2023: BARTON LIMITED...

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Barton Limited had the following statement of financial position for the current year, 2023: BARTON LIMITED Statement of Financial Position December 31, 2023 Current assets $133.000 Current liabilities $97,000 Investments 86,000 Long-term liabilities 170,000 Property, plant, and equipment 212.000 Shareholders equity 234,000 Intangible assets 32,000 Other assets 38,000 $501,000 $501.000 The following additional information is available and provides information regarding errors in classification which need to be corrected: 1. Current Assets include the following: bank account with an overdraft balance of $15,000; inventory with a FIFO cost of $87,000 and a net realizable value of $85,000: accounts receivable of $66.000 less allowance for expected credit losses of $3,000 The following additional information is available and provides information regarding errors in classification which need to be corrected: 1. Current Assets include the following: bank account with an overdraft balance of $15,000; inventory with a FIFO cost of $87,000 and a net realizable value of $85,000; accounts receivable of $66,000 less allowance for expected credit losses of $3,000. 2. 3. Investments include the following: a mortgage receivable from parent company $60.000, due in 2028; FV-NI investments held for trading with a cost of $10,000 and a fair value of $12,000; FV-OCI investments with a cost of $15,000 and a fair value of $14,000. Property, Plant and Equipment include the following: land $24,000; buildings $435,000 less accumulated depreciation of $290,000; vehicles $79,000 less accumulated depreciation of $49,000; land held for future use $13,000. 4. Intangible assets include the following:patents net of accumulated amortization of $32.000. 5. 6. 7. 8. Other assets include the following: customer deposits of $7,000, unearned revenue of $3,000, goodwill $44,000 and accumulated other comprehensive income (loss) of $(4.000). Current Liabilities include the following: perision obligation of $54,000, interest payable of $4,000; salaries and wages payable of $8,000; accounts payable $31,000. Long-term Liabilities include the following: demand bank loan of $75,000; mortgage payable $95,000 of which $7,000 is due in the next year. Shareholders' Equity has 1,000 preferred shares (30,000 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 55,000 shares issued at an average price of $1 per share. retained earnings of $104,000, 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.) Barton Limited Statement of Financial Position Assets Barton Limited had the following statement of financial position for the current year, 2023: BARTON LIMITED Statement of Financial Position December 31, 2023 Current assets $133.000 Current liabilities $97,000 Investments 86,000 Long-term liabilities 170,000 Property, plant, and equipment 212.000 Shareholders equity 234,000 Intangible assets 32,000 Other assets 38,000 $501,000 $501.000 The following additional information is available and provides information regarding errors in classification which need to be corrected: 1. Current Assets include the following: bank account with an overdraft balance of $15,000; inventory with a FIFO cost of $87,000 and a net realizable value of $85,000: accounts receivable of $66.000 less allowance for expected credit losses of $3,000 The following additional information is available and provides information regarding errors in classification which need to be corrected: 1. Current Assets include the following: bank account with an overdraft balance of $15,000; inventory with a FIFO cost of $87,000 and a net realizable value of $85,000; accounts receivable of $66,000 less allowance for expected credit losses of $3,000. 2. 3. Investments include the following: a mortgage receivable from parent company $60.000, due in 2028; FV-NI investments held for trading with a cost of $10,000 and a fair value of $12,000; FV-OCI investments with a cost of $15,000 and a fair value of $14,000. Property, Plant and Equipment include the following: land $24,000; buildings $435,000 less accumulated depreciation of $290,000; vehicles $79,000 less accumulated depreciation of $49,000; land held for future use $13,000. 4. Intangible assets include the following:patents net of accumulated amortization of $32.000. 5. 6. 7. 8. Other assets include the following: customer deposits of $7,000, unearned revenue of $3,000, goodwill $44,000 and accumulated other comprehensive income (loss) of $(4.000). Current Liabilities include the following: perision obligation of $54,000, interest payable of $4,000; salaries and wages payable of $8,000; accounts payable $31,000. Long-term Liabilities include the following: demand bank loan of $75,000; mortgage payable $95,000 of which $7,000 is due in the next year. Shareholders' Equity has 1,000 preferred shares (30,000 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 55,000 shares issued at an average price of $1 per share. retained earnings of $104,000, 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.) Barton Limited Statement of Financial Position Assets