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The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December...


The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Co
Av The following additional information is provided: 1. Cash includes prepaid insurance of $9,400; as well, a bank overdraf
The following statement of financial position was prepared by the bookkeeper for Badger Corp. at December 31, 2020. Badger Corp. Statement of Financial Position December 31, 2020 Cash$ 90,000Accounts payable$ 75,000 Accounts receivable (net)52,200Long-term liabilities110,000 Inventories57,000Shareholders' equity208,500 Investments76,300 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.
Av 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. Instructions Prepare a statement of financial position in good form (shareholders' equity details can be omitted.)
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ReportAnswer #1

Badger Corp

Statement of Financial Position

Current Assets

Cash (90,000-9400+1500)

82,100

Accounts receivable (62000 -57000)

57,000

Less: allowance for doubtful debts

-4800

52200

Inventories (57000 +5000)

62,000

Prepaid insurance

9400

Equipment held for sale (8000-6000)

2,000

Investments held for trading

24,000

Total current assets

231,700

Investments- Long term

43,300

Property, Plant & Equipment ($86,000 + $40,000 – $8,000 + $6,000)

124000

Less: accumulated depreciation

-40000

84,000

Intangible assets -

Patents

32000

Franchises - investments

9000

Total Assets

400,000

Liabilities and shareholders' equity

Current Liabilities

Accounts Payable ($75,000 + $5,000)

80,000

Bank Overdraft

1,500

Total current liabilities

81,500

Long term liabilities

110000

Total Liabilities

191500

Shareholders equity

208500

Total Liabilities and shareholders' equity

400,000

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