Current Attempt in Progress

Concord Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion:

Shareholders' equity

Common shares, unlimited authorized, $310,000$ issued

Contributed surplus

$350,000$

Retained earnings

$($a$)$

Prepare a revised statement of financial position using the available information. Assume that the bank overdraft relates to a bank account held at a different bank from the account with the cash balance. Assume that the accumulated depreciation balance for the buildings is $\backslash (\backslash$$ $330,000\backslash )$ and that the accumulated depreciation balance for the equipment is $\backslash (\backslash$$ $205,000\backslash ).$ The allowance for expected credit losses has a balance of $\backslash (\backslash$$ $23,000\backslash ).$ The pension obligation is considered a long$-$term liability. $($List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings, and Equipment.$)$

CONCORD CORP. Statement of Financial Position

Liabilities and Shareholders' Equity

Current Liabilities

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