Problem: Selected accounts follow of Swifty Limited at December 31, 2020:
Finished Goods Inventory $157,000
Cost of Goods Sold $4,000,000
Unearned Revenue 109,000
Notes Receivable 54,000
Bank Overdraft 9,400
Accounts Receivable 191,000
Equipment 343,000
Raw Materials Inventory 367,000
Work-in-Process Inventory 36,000
Supplies Expense 79,000
Cash 53,000
Allowance for Doubtful Accounts 19,000
FV-NI Investments 34,000
Intangible Assets-Trade Names 19,000
Interest Payable 46,000
Contributed Surplus 17,000
Restricted Cash (for Plant Expansion) 53,000
Common Shares 306,000
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 $60,600.
3. The FV-NI investments have a fair value of $37,000.
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 $53,000 are pledged as collateral on a bank loan.
6. Intangible Assets-Trade Names are reported net of accumulated amortization of $24,000.
7. The bank overdraft is at the same bank as the amount reported above under Cash.
Required: Prepare the current assets section of Swifty Limited's statement of financial position as at December 31, 2020.
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