The current assets section includes the following: cash $$150,000$; accounts receivable $$170,000,$ less $$10,000$ allowance for

expected credit losses; inventory $$180,000$; and unearned revenue $$5,000.$ The cash balance $is$ composed $of$ $$190,000.$ less $a$

bank overdraft $of$ $$40,000(at$ a separate financial institution$).$ Inventory $is$ stated $at$ the lower $of$ ElFO cost and net realizable

value.

The investments section includes the following: note receivable from a related company. due $in2029,$$$40,000$; $FV-NI$

investments $in$ shares $$80,000$$$80,000$ $$125,000$$$155,000$ $$250,000$; and patents $$115,000,$ net $of$ accumulated amortization.

Property, plant, and equipment include buildings $$1,040,000,$ less accumulated depreciation $$360,000$; equipment $$450,000,$

less accumulated depreciation $$180,000$; land $$500,000$; and land held for future use $$270,000.$

Intangible assets include franchise, net $of$ accumulated amortization, $$265,000.$

Current liabilities include the following: accounts payable $$140,000$; notes payable, short term $$80,000,$ long term $$120,000$;

and income tax payable $$40,000.$

Long$-$term liabilities are composed solely $of7\%$ bonds payable issued $at$ a discount, due $in2031.$

Shareholders' equity has $70,000$ preferred shares $(200,000$ authorized$),$ which were issued for $$450,000,$ and $100,000$

common shares $(unlimited$ number authorized$),$ which were issued $atan$ average price $of$ $$10$ per share. $In$ addition, the

corporation has retained earnings $of$ $$290,000$ and accumulated other comprehensive income $of$ $$30,000.$

Instructions:

Prepare a statement $of$ financial position $in$ good form. $(Adjust$ the amounts $in$ each $SFP$ classification based $on$ the additional

information.$)$

What makes the condensed format $of$ the original $SFP$ inadequate $in$ terms $of$ the amount $of$ detail that needs $tobe$ disclosed

under IFRS and ASPE?

Use the editor $to$ format your answer $as$ minutes remaining &

Calculation and short Answer

The statement $of$ financial position $of$ Sargent Corporation follows for the current year. $2023$

Attempts

atietrot let

Grading

The following additional information $is$ available:

The current assets section includes the following: cash $$150,000$; accounts receivable $$170,000,$ less $$10,000$ allowance for

expected credit losses; inventory $$180,000$; and unearned revenue $$5,000.$ The cash balance $is$ composed $of$ $$190,000,$ less $a$

bank overdraft $of$ $$40,000(at$ a separate financial institution$).$ Inventory $is$ stated $at$ the lower $of$ fifo cost and net realizable

Worth $25\%-$ Covering chapters $4$ ands $50of$ ourstions