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    HARD ROCK COMPANY Statement of Financial Position

    Uploaded by

    Jade Lykarose Ochavillo Galendo
    The statement of financial position for Hard Rock Company shows total assets of $9,250,000 as of December 31, 2019, including current assets of $2,310,000 and non-current assets of $6,940,000. Total liabilities are $2,870,000, consisting of current liabilities of $770,000 and non-current liabilities of $2,100,000. Shareholders' equity is $6,380,000, made up of share capital, reserves, and retained earnings. The company's major assets include property, plant and equipment of $4,640,000 and long-term investments of $2,000,000.

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    HARD ROCK COMPANY Statement of Financial Position

    Uploaded by

    Jade Lykarose Ochavillo Galendo
    71 views3 pages
    The statement of financial position for Hard Rock Company shows total assets of $9,250,000 as of December 31, 2019, including current assets of $2,310,000 and non-current assets of $6,940,000. Total liabilities are $2,870,000, consisting of current liabilities of $770,000 and non-current liabilities of $2,100,000. Shareholders' equity is $6,380,000, made up of share capital, reserves, and retained earnings. The company's major assets include property, plant and equipment of $4,640,000 and long-term investments of $2,000,000.

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    The statement of financial position for Hard Rock Company shows total assets of $9,250,000 as of December 31, 2019, including current assets of $2,310,000 and non-current assets of $6,940,000. Total liabilities are $2,870,000, consisting of current liabilities of $770,000 and non-current liabilities of $2,100,000. Shareholders' equity is $6,380,000, made up of share capital, reserves, and retained earnings. The company's major assets include property, plant and equipment of $4,640,000 and long-term investments of $2,000,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    71 views3 pages

    HARD ROCK COMPANY Statement of Financial Position

    Uploaded by

    Jade Lykarose Ochavillo Galendo
    The statement of financial position for Hard Rock Company shows total assets of $9,250,000 as of December 31, 2019, including current assets of $2,310,000 and non-current assets of $6,940,000. Total liabilities are $2,870,000, consisting of current liabilities of $770,000 and non-current liabilities of $2,100,000. Shareholders' equity is $6,380,000, made up of share capital, reserves, and retained earnings. The company's major assets include property, plant and equipment of $4,640,000 and long-term investments of $2,000,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    HARD ROCK COMPANY

    Statement of Financial Position


    December 31,2019

    ASSETS
    Current Assets
    Cash and cash equivalents $ 420,000.00
    Trade and other receivables $ 620,000.00
    Inventories $ 1,250,000.00
    Prepaid Expenses $ 20,000.00
    Total Current Assets $ 2,310,000.00

    Noncurrent Assets
    Property plant and Equipment $ 4,640,000.00
    Long - Term Investment $ 2,000,000.00
    Intangible Assets $ 300,000.00
    Total Noncurrent Assets $ 6,940,000.00
    Total Assets $ 9,250,000.00

    LIABILITIES AND SHAREHOLDERS EQUITY


    Current Liabilities
    Trade and other Payables $ 620,000.00
    Warranty Liability $ 50,000.00
    Unearned Revenue $ 100,000.00
    Total Current Liabilities $ 770,000.00

    Noncurrent Liabilities
    Bonds payable due on July 2021 $ 1,200,000.00
    Bonds payable due on January 15 $ 200,000.00
    Notes payable due on June 2021 $ 600,000.00
    Deffered Tax Liability $ 100,000.00
    Total Noncurrent Liabilities $ 2,100,000.00

    Shareholders Equity
    Share Capital $ 5,000,000.00
    Reserves $ 500,000.00
    Retained Earnings $ 880,000.00
    Total Shareholders Equity $ 6,380,000.00

    Total Liabilities and Shareholders Equity $ 9,250,000.00


    Note 1- Cash and cash equivalents
    Cash $ 420,000.00
    Total Cash and cash equivalents $ 420,000.00

    Note 2- Trade and other Receivables


    Accounts Receivable $ 500,000.00
    Allowance for Doubtful Accounts $ (50,000.00)
    Notes Receivable $ 150,000.00
    Claim Receivable $ 20,000.00
    Total Trade and other Receivables $ 620,000.00

    Note 3- Inventories
    Finished Goods $ 400,000.00
    Goods in Process $ 600,000.00
    Raw Materials $ 200,000.00
    Factory Supplies $ 50,000.00
    Total Inventories $ 1,250,000.00

    Note 4- Prepaid Expenses


    Prepaid Insurance $ 20,000.00
    Total Prepaid Expenses $ 20,000.00

    Note 5- Property, Plant, and Equipment


    Land $ 1,500,000.00
    Building $ 4,000,000.00
    Machinery $ 2,000,000.00
    Tools $ 40,000.00
    Total $ 7,540,000.00
    Accumulated Depreciation $ 2,900,000.00
    Carrying Amount $ 4,640,000.00

    ***Accumulated Depreciation
    Building $ 1,600,000.00
    Machinery $ 1,300,000.00
    Total Accumulated Depreciation $ 2,900,000.00

    NOTE 6- Long- Term Investments


    Plant Expansion Fund $ 500,000.00
    Investmenrt in bonds $ 1,500,000.00
    Total Long- Term Investments $ 2,000,000.00

    NOTE 7- Intangible Assets


    Franchise $ 200,000.00
    Goodwill $ 100,000.00
    Total Intangible Assets $ 2,000,000.00
    NOTE 8- Note and Other Payables
    Accounts Payable $ 300,000.00
    Notes Payable $ 100,000.00
    Accrued Interest on note payable $ 10,000.00
    Income Tax Payable $ 60,000.00
    Dividends Payable $ 100,000.00
    Accrued Expenses $ 30,000.00
    Employees Income Tax Payable $ 20,000.00
    $ 620,000.00

    NOTE 9-Reserves
    Share premium $ 500,000.00
    Total reserves $ 500,000.00

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