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    Problem 8-2: Exemplar Company Statement of Financial Position December 31, 2019 Assets

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    Chincel G. ANI
    The Exemplar Company's statement of financial position as of December 31, 2019 shows total assets of $12.9 million, consisting of current assets of $2.79 million and non-current assets of $10.11 million. Total liabilities are $7.9 million, including current liabilities of $1 million and non-current liabilities of $6 million. Shareholder's equity is $5.9 million, with share capital of $7 million and retained earnings deficit of $1.8 million. Notes provide additional details on account balances and classifications.

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    Problem 8-2: Exemplar Company Statement of Financial Position December 31, 2019 Assets

    Uploaded by

    Chincel G. ANI
    781 views3 pages
    The Exemplar Company's statement of financial position as of December 31, 2019 shows total assets of $12.9 million, consisting of current assets of $2.79 million and non-current assets of $10.11 million. Total liabilities are $7.9 million, including current liabilities of $1 million and non-current liabilities of $6 million. Shareholder's equity is $5.9 million, with share capital of $7 million and retained earnings deficit of $1.8 million. Notes provide additional details on account balances and classifications.

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    The Exemplar Company's statement of financial position as of December 31, 2019 shows total assets of $12.9 million, consisting of current assets of $2.79 million and non-current assets of $10.11 million. Total liabilities are $7.9 million, including current liabilities of $1 million and non-current liabilities of $6 million. Shareholder's equity is $5.9 million, with share capital of $7 million and retained earnings deficit of $1.8 million. Notes provide additional details on account balances and classifications.

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    781 views3 pages

    Problem 8-2: Exemplar Company Statement of Financial Position December 31, 2019 Assets

    Uploaded by

    Chincel G. ANI
    The Exemplar Company's statement of financial position as of December 31, 2019 shows total assets of $12.9 million, consisting of current assets of $2.79 million and non-current assets of $10.11 million. Total liabilities are $7.9 million, including current liabilities of $1 million and non-current liabilities of $6 million. Shareholder's equity is $5.9 million, with share capital of $7 million and retained earnings deficit of $1.8 million. Notes provide additional details on account balances and classifications.

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    Problem 8-2

    EXEMPLAR COMPANY
    Statement of Financial Position
    December 31, 2019

    ASSETS

    Note
    Current assets:
    Cash and cash equivalent 500,000
    Trading securities 280,000
    Trade and other receivables (1) 640,000
    Inventories 1,300,000
    Prepaid expenses 70,000
    Total current assets 2,790,000

    Noncurrent Assets:
    Property, plant and equipment (2) 5,300,000
    Long-term investments (3) 1,310,000
    Intangible assets (4) 3,350,000
    Other noncurrent assets (5) 150,000
    Total noncurrent assets 10,110,000
    Total assets 12,900,000

    LIABILITIES AND SHAREHOLDER’S EQUITY

    Current liabilities:
    Trade and other Payables (6) 1,000,000

    Noncurrent liabilities:
    Bonds payable 5,000,000
    Premium on Bonds Payable 1,000,000
    Total noncurrent liabilities 6,000,000

    Shareholder’s equity
    Share capital (7) 7,000,000
    Reserves (8) 700,000
    Retained Earnings (deficit) (1,800,00)
    Total Shareholder’s Equity 5,900,000
    Total Liabilities and Shareholder’s Equity 12,900,000
    Note 1- Trade and other receivables

    Accounts Receivable 400,000


    Allowance for doubtful accounts (20,000)
    Notes Receivable 250,000
    Accrued interest on notes receivable 10,000
    Total trade and other receivables 640,000

    Note 2-Property, Plant and Equipment

    Land 1,500,000
    Building 5,000,000
    Equipment 1,000,000
    Total 7,500,000
    Accumulated Depreciation (2,200,000)
    Carrying amount 5,300,000

    Accumulated Depreciation:
    Building 2,000,000
    Equipment 200,000
    Total accumulated depreciation 2,200,000

    Note 3- Long-term investment

    Land held for speculation 500,000


    Sinking Fund 400,000
    Preference share redemption fund 350,000
    Cash surrender value 60,000
    Total other long-term investments 1,310,000

    Note 4- Intangible assets

    Patent 100,000
    Computer Software 3,250,000
    Total Intangible assets 3,350,000

    Note 5-Other noncurrent assets

    Long-term refundable deposit 50,000


    Advances to officers-not currently collectible 100,000
    Total other non-current assets 150,000
    Note 6- Trade and Other Payables

    Accounts Payable 400,000


    Notes Payable 300,000
    Unearned Rent Income 40,000
    SSS Payable 10,000
    Accrued Salaries 100,000
    Dividends Payable 120,000
    Withholding tax Payable 30,000
    Total Trade and Other Payable 1,000,000

    Note 7- Share Capital

    Preference Share Capital 2,000,000


    Ordinary Share Capital 5,000,000
    Total Share Capital 7,000,000

    Note 8- Reserves

    Share Premium- Preference 500,000


    Share Premium Ordinary 200,000
    Total Reserves 700,000

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