Reference no: EM132203494
The following statement of financial position was prepared by the bookkeeper for Bulldog Corp. at December 31, 2017.
Bulldog Corp.
Statement of Financial Position
December 31, 2017
Cash ............................................... $ 90,000 Accounts payable .......................... $ 75,000
Accounts receivable (net) ... 52,200 Long-term liabilities .................... 110,000
Inventories ................................. 57,000 Shareholders' equity .................... 208,500
Investments ............................... 76,300
Equipment (net) ...................... 86,000
Patents ......................................... 32,000 ________
......................................................... $393,500 $393,500
The following additional information is provided:
1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500 has been deducted.
2. The net accounts receivable balance includes:
(a) accounts receivable-debit balances $62,000;
(b) accounts receivable-credit balances $5,000;
(c) allowance for doubtful accounts $4,800.
3. Inventories do not include goods costing $5,000 shipped out on consignment. Receivables of $5,000 were recorded on these goods.
4. Investments include investments in common shares, trading $24,000 and long term $43,300, and franchises $9,000.
5. Equipment costing $8,000 with accumulated depreciation $6,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.
Required:
Prepare a statement of financial position in standard format (shareholders' equity details can be omitted.)