The assets of Fonzarelli SpA are presented as follows (amounts in thousands). Instructions Indicate the deficiencies, if
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Instructions
Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli's assets.
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Fonzarelli SpA Statement of Financial Position (Partial) December 31, 2019 Assets Current assets € 100,000 Cash Non-controlling interest 27,500 Trading securities (fair value €30,000) at cost 37,000 Accounts receivable (less bad debt reserve) 75,000 240,000 Inventory-at lower-of-cost (determined by the first-in, first-out method)-or-net realizable value Total current assets 479,500 Tangible assets 80,000 Land (less accumulated depreciation) Buildings and equipment €800,000 250,000 Less: Accumulated depreciation 550,000 Net tangible assets 630,000 Investments Bonds 100,000 Treasury shares 70,000 Total investments 170,000 Other assets Land held for future factory site 19,400 Sinking fund 975,000 Total other assets 994,400 €2,273,900 Total assets
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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