Question

The statement of financial position of Marin Limited follows for the current year, 2020: MARIN LIMITED Statement of Financial Position December 31, 2020 Current assets $111,720 Current liabilities Investments 72,240 Long-term liabilities Property, plant, and equipment 178,080 Shareholders' equity Intangible assets 26,880 Other assets 31,920 $420,840 $81,480 142,800 196,560 $420,840 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $12,600; inventory with a FIFO cost of $73,080 and a net realizable value of $71,400; accounts receivable of $55,440 less allowance for doubtful accounts of $2,520. 2. Investments include the following: a mortgage receivable from parent company $50,400, due in 2025; FV-NI investments held for trading with a cost of $8,400 and a fair value of $10,080; FV- OCI investments with a cost of $12,600 and a fair value of $11,760. 3. Property, Plant and Equipment include the following: land $20,160; buildings $365,400 less accumulated depreciation of $243,600; vehicles $66,360 less accumulated depreciation of $41,160; land held for future use $10,920. 4. Intangible assets include the following: patents net of accumulated amortization of $26,880. 5. Other assets include the following: customer deposits of $5,880, unearned revenue of $2,520, goodwill $36,960 and accumulated other comprehensive income (loss) of $(3,360). 6. Current Liabilities include the following: pension obligation of $45,360, interest payable of $3,360; salaries and wages payable of $6,720; accounts payable $26,040. 7. Long-term Liabilities include the following:demand bank loan of $63,000; mortgage payable $79,800 of which $5,880 is due in the next year. 8. Shareholders' Equity has 840 preferred shares (25,200 authorized) which were issued at an average price of $75 per share, and an unlimited number of authorized common shares with 46,200 ed at an average price of $1 per share, retained earnings of $87,360. 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.)

How to get Retained Earnings of 87360 and Accumulated OCI of -3360

Answer 1

Retained earnings of $87,360 are given in the additional information related to shareholders' equity. It is given in the 8th point of additional information.

Accumulated other comprehensive incomes (OCI)/(loss) -3,360 is given in the additional information related to other assets. It is given in the 5th point of additional information.