Please help me Wright Corporation had the following permanent accounts and ending balances on December 31,2019 (before adjusting entries):Cr. ($)CashEquipmentBonds payableRetained earningsAllowance for Expected Credit LossesFV-OCI investmentsInventoryAccumulated Depreciation-EquipmentAccounts payableAccounts receivableCommon sharesPrepaid insuranceFV-NI investmentsDr. ($)350,0001,600,000600,000720,000320,00020,000180,000900,000330,0009,000120,000560,0001,700,000There were no transactions recorded in Allowance for Expected Credit Losses during the year.The company should recognize bad debt expenses for $5,000 at the end of 2019. The companyprepaid $20,000 for one-year insurance becoming effective on October 1, 2019. The companypurchased the equipment on July 1, 2017, and estimated that the useful life of the equipment is20 years and there is no residual value of the equipment. The company adopted straight-linemethod to account for depreciation. On December 31, 2019, the fair values of FV-NI investmentand FV-OCI investments were $200,000 and $520,000, respectively. The company used theperpetual inventory system. There were no accrued interest and discount/premium on bonds, andother accrual items. Please do not consider the income tax effect.Required:Prepare a statement of financial position as at December 31, 2019, presenting assets andliabilities in order of liquidity.

Statement of Financial Position A balance sheet, sometimes referred to as a statement of financial…

and FV-OCI investments were $200,000 and $520,000, respectively. The company used the perpetual inventory system. There were no accrued interest and discount/premium on bonds, and other accrual items. Please do not consider the income tax effect. Required: Prepare a statement of financial position as at December 31, 2019, presenting assets and liabilities in order of liquidity.

and FV-OCI investments were $200,000 and $520,000, respectively. The company used the perpetual inventory system. There were no accrued interest and discount/premium on bonds, and other accrual items. Please do not consider the income tax effect. Required: Prepare a statement of financial position as at December 31, 2019, presenting assets and liabilities in order of liquidity.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9PA: Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables....

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