The statement of financial position of Metlock Limited follows for the current year, 2020:
|
METLOCK LIMITED |
||||||
| Current assets |
$114,380 |
Current liabilities |
$83,420 |
|||
| Investments |
73,960 |
Long-term liabilities |
146,200 |
|||
| Property, plant, and equipment |
182,320 |
Shareholders’ equity |
201,240 |
|||
| Intangible assets |
27,520 |
|||||
| Other assets |
32,680 |
|||||
|
$430,860 |
$430,860 |
|||||
The following additional information is available:
|
1. |
Current Assets include the following: bank account with an overdraft balance of $12,900; inventory with a FIFO cost of $74,820 and a net realizable value of $73,100; accounts receivable of $56,760 less allowance for doubtful accounts of $2,580. | |
|
2. |
Investments include the following: a mortgage receivable from parent company $51,600, due in 2025; FV-NI investments held for trading with a cost of $8,600 and a fair value of $10,320; FV-OCI investments with a cost of $12,900 and a fair value of $12,040. | |
|
3. |
Property, Plant and Equipment include the following: land $20,640; buildings $374,100 less accumulated depreciation of $249,400; vehicles $67,940 less accumulated depreciation of $42,140; land held for future use $11,180. | |
|
4. |
Intangible assets include the following:patents net of accumulated amortization of $27,520. | |
|
5. |
Other assets include the following: customer deposits of $6,020, unearned revenue of $2,580, goodwill $37,840 and accumulated other comprehensive income (loss) of $(3,440). | |
|
6. |
Current Liabilities include the following: pension obligation of $46,440, interest payable of $3,440; salaries and wages payable of $6,880; accounts payable $26,660. | |
|
7. |
Long-term Liabilities include the following:demand bank loan of $64,500; mortgage payable $81,700 of which $6,020 is due in the next year. | |
|
8. |
Shareholders’ Equity has 860 preferred shares (25,800 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 47,300 shares issued at an average price of $1 per share, retained earnings of $89,440. |
Prepare a statement of financial position in good form. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Vehicles.)
