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    Hard Rock Company Statementof Financial Position

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    Jade Lykarose Ochavillo Galendo
    The Hard Rock Company's statement of financial position as of December 31, 2019 shows total assets of $9.25 million, including current assets of $2.31 million and non-current assets of $6.94 million. Total liabilities are $2.87 million, including current liabilities of $770,000 and non-current liabilities of $2.1 million. Shareholders' equity is $6.38 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items such as cash, receivables, inventories, property and equipment, investments, payables, and reserves.

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    Hard Rock Company Statementof Financial Position

    Uploaded by

    Jade Lykarose Ochavillo Galendo
    60 views7 pages
    The Hard Rock Company's statement of financial position as of December 31, 2019 shows total assets of $9.25 million, including current assets of $2.31 million and non-current assets of $6.94 million. Total liabilities are $2.87 million, including current liabilities of $770,000 and non-current liabilities of $2.1 million. Shareholders' equity is $6.38 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items such as cash, receivables, inventories, property and equipment, investments, payables, and reserves.

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    HardRockCompanyStatementofFinancialPosition

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    The Hard Rock Company's statement of financial position as of December 31, 2019 shows total assets of $9.25 million, including current assets of $2.31 million and non-current assets of $6.94 million. Total liabilities are $2.87 million, including current liabilities of $770,000 and non-current liabilities of $2.1 million. Shareholders' equity is $6.38 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items such as cash, receivables, inventories, property and equipment, investments, payables, and reserves.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    60 views7 pages

    Hard Rock Company Statementof Financial Position

    Uploaded by

    Jade Lykarose Ochavillo Galendo
    The Hard Rock Company's statement of financial position as of December 31, 2019 shows total assets of $9.25 million, including current assets of $2.31 million and non-current assets of $6.94 million. Total liabilities are $2.87 million, including current liabilities of $770,000 and non-current liabilities of $2.1 million. Shareholders' equity is $6.38 million, consisting of share capital, reserves, and retained earnings. Various notes provide additional details on line items such as cash, receivables, inventories, property and equipment, investments, payables, and reserves.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 7

    HARD ROCK COMPANY

    Statement of Financial Position


    December 31, 2019

    ASSETS

    Current Assets Note


    Cash and Cash equivalents (1)
    Trade and Other Receivables (2)
    Inventories (3)
    Prepaid Expenses (4)
    Total Current Assets

    Noncurrent Assets
    Property,Plant and Equipment (5)
    Long-Term Investments (6)
    Intangible Assets (7)
    Total Noncurrent Assets
    Total Assets

    LIABILITIES AND SHAREHOLDER'S EQUITY


    Current Liabilities
    Trade and Other Payables (8)
    Warranty Liability
    Unearned Revenue
    Total Noncurrent Liabilities

    Noncurrent Liabilities
    Bonds Payable Due on July 2021
    Bonds Payable Due on January 15
    Notes Payable Due on June 2021
    Deferred Tax Liability
    Total Noncurrent Liabilities

    Shareholders' Equity
    Share Capital
    Reserves (9)
    Retained Earnings
    Total Shareholder's Equity
    Total Liabilities and Shareholders' Equity
    n

    Current Assets
    420,000 Cash and Cash Equivalents
    620,000 Trade and Other Receivables
    1,250,000 Inventories
    20,000 Prepaid Expenses
    2,310,000 Total Current Assets

    Noncurrent Assets
    4,640,000 Property,Plant and Equipment
    2,000,000 Long- Term Investments
    300,000 Intangible Assets
    6,940,000 Total Noncurrent Assets
    9,250,000

    QUITY

    620,000
    50,000
    100,000 Total Assets
    770,000

    1,200,000
    200,000
    600,000
    100,000
    2,100,000

    5,000,000
    500,000
    880,000
    6,380,000
    9,250,000
    HARD ROCK COMPANY
    Statement of Financial Position
    December 31,2019

    ASSETS

    Note Current Liabilities


    (1) 420,000 Trade and Other Payables
    (2) 620,000 Warranty Liability
    (3) 1,250,000 Unearned Revenue
    (4) 20,000 Total Noncurrent Liabilites
    2,310,00

    Noncurrent Liabalities
    (5) 4,640,000 Bonds Payable Due on July 2021
    (6) 2,000,000 Bonds Payable Due on January 15
    (7) 300,000 Notes Payable Due on June 2021
    6,940,000 Deferred Tax Liability
    Total Noncurrent Liabilities

    Shareholders' Equity
    Share Capital
    Reserves
    Retained Earnings
    Total Shareholder's Equity
    9,250,000 Total Liabilities and Shareholders'Equity
    HARD ROCK COMPANY
    Statement of Financial Position
    December 31,2019

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current Liabilities Notes


    Trade and Other Payables (8) 620,000
    Warranty Liability 50,000
    Unearned Revenue 100,000
    Total Noncurrent Liabilites 770,000

    Noncurrent Liabalities
    Bonds Payable Due on July 2021 1,200,000
    Bonds Payable Due on January 15 200,000
    Notes Payable Due on June 2021 600,000
    Deferred Tax Liability 100,000
    Total Noncurrent Liabilities 2,100,000

    Shareholders' Equity
    Share Capital (9) 5,000,000
    Reserves 500,000
    Retained Earnings 880,000
    Total Shareholder's Equity 6,380,000
    Total Liabilities and Shareholders'Equity 9,250,000
    Note 1 - Cash and Cash Equivalents
    Cash 420000
    Total Cash and Cash Equivalents 420,000

    Note 2 - Trade and Other Receivables


    Accounts Receivable 500,000
    Claim Receivable 20,000
    Notes Receivable 150,000
    Allowance for Doubtful Accounts (50000)
    Total Trade and Other Receivables 620,000

    Note 3 - Inventories
    Finished Goods 400,000
    Goods in Process 600,000
    Raw Materials 200,000
    Factory Supplies 50,000
    Total Inventories 1,250,000

    Note 4 - Prepaid Expenses


    Prepaid Insurance 20,000
    Total Prepaid Expenses 20,000

    Note 5 - Property, Plant, and Equipment


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

    *** Accumulated Depreciation


    Accumulated Depreciation - Machinery 1,300,000
    Accumulated Depreciation - Building 1,600,000
    Total Accumulated Depreciation 2,900,000

    Note 6 - Long- Term Investments


    Plant Expansion Fund 500,000
    Investments in Bond 1,500,000
    Total Long - Term Investments 2,000,000

    Note 7 - Intangible Assets


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

    Note 9 - Reserves
    Share Premuim 500,000
    Total Reserves 500,000

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