Reference no: EM132496191
Finished Goods Inventory $154,000
Cost of Goods Sold $4,000,000
Unearned Revenue 92,000
Notes Receivable 50,000
Bank Overdraft 9,700
Accounts Receivable 361,000
Equipment 363,000
Raw Materials Inventory 227,000
Work-in-Process Inventory 39,000
Supplies Expense 70,000
Cash 58,000
Allowance for Doubtful Accounts 13,000
FV-NI Investments 48,000
Intangible Assets-Trade Names 28,000
Interest Payable 53,000
Contributed Surplus 15,000
Restricted Cash (for Plant Expansion) 58,000
Common Shares 310,000
The following additional information is available:
1. Inventory is valued at the lower of cost and net realizable value using FIFO.
2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $56,600.
3. The FV-NI investments have a fair value of $30,000.
4. The notes receivable are due April 30, 2021, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $58,000 are pledged as collateral on a bank loan.
6. Intangible Assets-Trade Names are reported net of accumulated amortization of $34,000.
7. The bank overdraft is at the same bank as the amount reported above under Cash.
Question (a) Prepare the current assets section of Novak Limited's statement of financial position as at December 31, 2020.