FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please do not give solution in image format thanku

Prepare the statement of financial position as it would appear at December 31, 2023. (List Assets in order of liquidity)
Cash
FV-NI Investments
Accounts Receivable
Land
Total
Accounts Payable
Bonds Payable
Common Shares
Retained Earnings
Total
BLUE SPRUCE INC.
Statement of Financial Position
December 31, 2023
Assets
Liabilities and Shareholders' Equity
25,930
27,130
45,930
expand button
Transcribed Image Text:Prepare the statement of financial position as it would appear at December 31, 2023. (List Assets in order of liquidity) Cash FV-NI Investments Accounts Receivable Land Total Accounts Payable Bonds Payable Common Shares Retained Earnings Total BLUE SPRUCE INC. Statement of Financial Position December 31, 2023 Assets Liabilities and Shareholders' Equity 25,930 27,130 45,930
Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022:
Blue Spruce Inc.
Statement of Financial Position
December 31, 2022
$25,930
Accounts payable
27,130
Bonds payable
32,000
Common shares
86,930 Retained earnings
45,930
$217,920
Cash
Accounts receivable
FV-NI investments
Equipment (net)
Land
$35,930
46,930
105,930
29,130
$217,920
During 2023, the following occurred:
1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930.
2. A parcel of land was purchased for $43,930.
3. An additional $30,000 worth of common shares was issued.
4. Dividends totalling $15,930 were declared and paid to shareholders.
5. Net income for 2023 was $40,930, including $17,930 in depreciation expense.
6. Land was purchased through the issuance of $35,930 in additional bonds.
7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.
expand button
Transcribed Image Text:Blue Spruce Inc. had the following statement of financial position at the end of operations for 2022: Blue Spruce Inc. Statement of Financial Position December 31, 2022 $25,930 Accounts payable 27,130 Bonds payable 32,000 Common shares 86,930 Retained earnings 45,930 $217,920 Cash Accounts receivable FV-NI investments Equipment (net) Land $35,930 46,930 105,930 29,130 $217,920 During 2023, the following occurred: 1. Blue Spruce liquidated its FV-NI investments portfolio at a loss of $10,930. 2. A parcel of land was purchased for $43,930. 3. An additional $30,000 worth of common shares was issued. 4. Dividends totalling $15,930 were declared and paid to shareholders. 5. Net income for 2023 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2023, Cash was $76,130; Accounts Receivable was $47,930; and Accounts Payable was $45,930.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education