Statement of financial position items for Swifty Inc. follow for the current year, 2020: Goodwill $130,000...
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Statement of financial position items for Swifty Inc. follow for the current year, 2020: Goodwill $130,000 Accumulated depreciation-equipment $303,680 Bank loan 184,695 Inventory 249,392 Bonds payable due 2024 295,800 Rent payable 46,800 Cash 374,400 Income tax payable 102,296 Land 499,200 Rent payable (long-term) 499,200 Notes receivable 463,528 Common shares (20,000 shares issued) 208,000 Notes payable 275,600 Preferred shares (15,000 shares issued) 156,000 Accounts payable 509,600 Prepaid expenses 91,437 Retained earnings ? Equipment 1,528,800 Income tax receivable 101,535 FV-NI investments 125,840 Notes payable (due in five years) 1,664,000 Accumulated depreciation-buildings 281,008 Buildings 1,705,600 (a) Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, bank loan, and notes payable are short-term, unless stated otherwise, and that the FV-NI investments are stated at fair value. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) Swifty Inc. Statement of Financial Position Assets Statement of financial position items for Swifty Inc. follow for the current year, 2020: Goodwill $130,000 Accumulated depreciation-equipment $303,680 Bank loan 184,695 Inventory 249,392 Bonds payable due 2024 295,800 Rent payable 46,800 Cash 374,400 Income tax payable 102,296 Land 499,200 Rent payable (long-term) 499,200 Notes receivable 463,528 Common shares (20,000 shares issued) 208,000 Notes payable 275,600 Preferred shares (15,000 shares issued) 156,000 Accounts payable 509,600 Prepaid expenses 91,437 Retained earnings ? Equipment 1,528,800 Income tax receivable 101,535 FV-NI investments 125,840 Notes payable (due in five years) 1,664,000 Accumulated depreciation-buildings 281,008 Buildings 1,705,600 (a) Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income tax accounts, notes receivable, bank loan, and notes payable are short-term, unless stated otherwise, and that the FV-NI investments are stated at fair value. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) Swifty Inc. Statement of Financial Position Assets
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Answer Statement of Financial Position of Blue Spruce Inc Assets Amount in Current Assets Cash 37440... 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:
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