FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 640,000 (a) 190,000 385,000 $16,104,000 The investment income or loss relates to the FV-NI investments. 970,000 2,100,000 77,000 939,000 94,000 90,000 $16,104,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)
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Transcribed Image Text:Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Intangible assets-franchises (net) Common shares Intangible assets-patents (net) Retained earnings (opening) Accumulated other comprehensive income (opening) Totals 640,000 (a) 190,000 385,000 $16,104,000 The investment income or loss relates to the FV-NI investments. 970,000 2,100,000 77,000 939,000 94,000 90,000 $16,104,000 Prepare a classified statement of financial position as at December 31, 2023. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)
The trial balance of Concord Ltd. at December 31, 2023, follows: Cash Sales revenue FV-NI investments (at fair value) Cost of goods sold Bond investment at amortized cost FV-OCI investments (fair value $435,000) Notes payable (due in six months) Accounts payable Selling expenses Investment income or loss Land Buildings Dividends payable Show Transcribed Text Buildings Dividends payable Income tax payable Accounts receivable Accumulated depreciation-buildings Allowance for expected credit losses Administrative expenses Interest expense Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Debits $405,000 233,000 5,600,000 309,000 369,000 3,260,000 390,000 1,740,000 $10,341,000 1,740,000 605,000 970,000 261,000 697,000 50,000 Credits 640,000 106,000 785,000 13,000 36,000 36,000 111,000 352,000 40,000 50,000 970,000 2,100,000 77,000
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Transcribed Image Text:The trial balance of Concord Ltd. at December 31, 2023, follows: Cash Sales revenue FV-NI investments (at fair value) Cost of goods sold Bond investment at amortized cost FV-OCI investments (fair value $435,000) Notes payable (due in six months) Accounts payable Selling expenses Investment income or loss Land Buildings Dividends payable Show Transcribed Text Buildings Dividends payable Income tax payable Accounts receivable Accumulated depreciation-buildings Allowance for expected credit losses Administrative expenses Interest expense Inventory Gain on disposal of land Dividends Notes payable (due in five years) Equipment Bonds payable (due in three years) Accumulated depreciation-equipment Debits $405,000 233,000 5,600,000 309,000 369,000 3,260,000 390,000 1,740,000 $10,341,000 1,740,000 605,000 970,000 261,000 697,000 50,000 Credits 640,000 106,000 785,000 13,000 36,000 36,000 111,000 352,000 40,000 50,000 970,000 2,100,000 77,000
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Step 1: Introduction
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Step 2: Statement of Comprehensive Income
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Step 3: Statement of Changes in Equity
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Step 4: Statement of Financial Position
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