Prepare the asset side of a statement of financial position

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Reference no: EM132779096

The following additional information is provided:

1 Cash value $95,000 above includes the cash surrender value of a life insurance policy that cannot be used unless the policy is cancelled $9,400, and a bank overdraft of $2,500 that has been deducted already.

2. The net accounts receivable balance above $52,200 includes:

(a) accounts receivable-debit balances $60,000;

(b) accounts receivable-credit balances $4,000;

3 Inventory value above of $62,000 does not include goods costing $3,000 shipped out on consignment. The Journal Entry recorded for this was: Dr A/R $3,000 and Cr Inventory $3,000. The inventory accounting policy chosen is Lower of Cost & NRV and the costing method applied is FIFO.

4 Investments value of $76,300 includes: · investments in common shares using FV-NI method, ($19,000),

strategic investments applying the FV-OCI method ($48,300)
, and Net Franchises ($9,000) that have already been amortized by 15,000 using a straight line amortization method over a useful life of 4 years.

5 Equipment with a Net Book Value of $5,000 is no longer used and is held for sale. Accumulated depreciation on the remainder of the equipment is $40,000 which is depreciated straight line over 8 years.

Instructions

Problem 1: Prepare the ASSET side of a statement of financial position in good form including all relevant Note Disclosures for information provided in the question. Assume Angel reports in accordance with IFRS.

Reference no: EM132779096

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