Statement of financial position items for Elridge Inc. follow for the current year, 2020: Accumulated depreciation-...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Statement of financial position items for Elridge Inc. follow for the current year, 2020: Accumulated depreciation- equipment Inventory Rent Payable Income tax payable Rent payable (long-term) Common Shares (20,000 shares issued) Preferred shares (15,000 shares issued) Prepaid expenses Equipment Goodwill $125,000 $292,000 Payroll taxes payable Bonds payable due 2021 Discount on bonds payable 177,591 239,800 45,000 98,362 285,000 15,000 Cash 360,000 480,000 Land 480,000 200,000 Notes receivable 445,700 150,000 87,920 1,470,000 Notes payable 265,000 Accounts payable 490,000 Retained earnings ? FV-NI investments 121,000 Accumulated depreciation- building Income tax receivable 97,630 270,200 Notes payable (due in five years) 1,600,000 Buildings 1,640,000 1- Prepare a classified statement of financial position in good form. (10 marks) The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, and notes payable are short-term, unless stated otherwise, and that the fair value - net income investments are stated at fair value. 2- Calculate the current ratio. What does it measure? (3 marks) Statement of financial position items for Elridge Inc. follow for the current year, 2020: Accumulated depreciation- equipment Inventory Rent Payable Income tax payable Rent payable (long-term) Common Shares (20,000 shares issued) Preferred shares (15,000 shares issued) Prepaid expenses Equipment Goodwill $125,000 $292,000 Payroll taxes payable Bonds payable due 2021 Discount on bonds payable 177,591 239,800 45,000 98,362 285,000 15,000 Cash 360,000 480,000 Land 480,000 200,000 Notes receivable 445,700 150,000 87,920 1,470,000 Notes payable 265,000 Accounts payable 490,000 Retained earnings ? FV-NI investments 121,000 Accumulated depreciation- building Income tax receivable 97,630 270,200 Notes payable (due in five years) 1,600,000 Buildings 1,640,000 1- Prepare a classified statement of financial position in good form. (10 marks) The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, and notes payable are short-term, unless stated otherwise, and that the fair value - net income investments are stated at fair value. 2- Calculate the current ratio. What does it measure? (3 marks)
Expert Answer:
Answer rating: 100% (QA)
Elridge Inc Balance sheet December 31 2020 Assets Current Assets Cash 360000 FVNI Investments 121000 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
In alphabetical order below is statement of financial position items for Grande Company Ltd. at December 31, 2017. Kit Grande is the owner of Grande Company Ltd. Prepare a statement of financial...
-
Statement of financial position items for Montoya Inc. follow for the current year, 2014: Instructions (a) Prepare a classified statement of financial position in good form. The numbers of authorized...
-
A comparative statement of financial position for Spencer Corporation follows: Additional information: 1. Net income for the fiscal year ending December 31, 2014, was $19,000. 2. In March 2014, a...
-
In Exercises determine whether the statement is true or false. If it is false, explain why or give an example that shows it is false. The curve represented by the parametric equations x = t and y =...
-
Using AICPA sample evaluation tables, determine the conclusion from a statistical sample of internal controls when a sample of 125 documents indicates five deviations if the tolerable rate of...
-
In 1954, Brown v. Board of Education desegregated schools in the United States and deemed desegregated schools separate but unequal. Do you think the Supreme Court decision was an appropriate...
-
In its 2014 annual report, Merck & Co., Inc., reported that its basic earnings per share were \($4.12\) per share while its diluted earnings per share were \($4.07\) per share. Discuss the factors...
-
Identification of Component Units. Following are descriptions of several relationships between primary governments and other organizations. Required Using just the information provided, indicate...
-
Pojman says that moral goodness has something to do with _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ .
-
Holman Electronics manufactures audio equipment, selling it through various distributors. Holmans days sales outstanding (Accounts receivable/Average daily credit sales) figures increased steadily in...
-
The local community is considering two options to raise money to finance a new civic center. The first option is to institute a per unit tax on restaurant meals of $2.46. The market demand and supply...
-
How do contemporary urbanization trends influence the ecological footprint of cities, and what strategies are being implemented to mitigate adverse environmental impacts ?
-
What role do technological advancements play in shaping urbanization, and how can smart city initiatives contribute to more efficient and sustainable urban environments ?
-
Describe a brief summary describing historical and political background of the country and what has led to the current economic and demographic conditions in the Solomon Islands
-
Identify another strategy your peer could use to build trust with the Garcias and explain how it would complement the strategies your peer described. Describe additional ways your peer could partner...
-
solve this. The requireds are in the case. You, CPA, have recently obtained a position with Green Inc. (Green), a manufacturer and distributor of environmentally friendly cleaning products.Jason and...
-
For the theory, Social Penetration Theory, how do we develop a close relationship? Give a critique about this theory. What are the strengths and weaknesses
-
The manager for retail customers, Katie White, wants to hear your opinion regarding one business offer she has received from an entrepreneur who is starting a mobile phone app called Easy Money. The...
-
Describe what is meant by information asymmetry.
-
PrideTalk Corp., reporting under ASPE, has provided the following information regarding its intangible assets : 1. A patent was purchased from Marvin Inc. for $1.2 million on January 1, 2013....
-
You have two clients in the construction industry that are considering exchanging machinery with each other. Ames Construction has decided to market its services to clients who need major...
-
Job Cost Journal Entries Holiday Manufacturing had the following inventories at December 31, 2018, the end of its fiscal year: During January 2019, the following transactions occurred: 1. Purchased...
-
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would in- cur \($176,000\) of manufacturing overhead cost during 2019, using 16,000 direct labor hours to...
-
Job Cost Journal Entries and T Accounts Following are certain operating data for Durango Manu- facturing Company for January 2019: Total sales were \($1,800,000\), on which the company earned a 40%...
Study smarter with the SolutionInn App