Simple Company

Statement of Financial Position

December 31, 2020

ASSETS
Current Assets:
Cash 420,000
Tading Securities 250,000
Trade and other receivables (1) 620,000.00
Inventories (2) 1,250,000.00
Prepaid insurance 20,000.00
Total current assets 2,560,000.00

Noncurrent Assets:
Property, plant and equipment 3 4,640,000.00
Long-term investments 4 2,000,000.00
Intagible assets 5 300,000.00
Total noncurrent asset 6,940,000.00
Total assets 9,500,000.00

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Trade and other payables 6 620,000.00
Serial bonds payable-current portion 500,000.00
Total current liabilities 1,120,000.00

Noncurrent liabilities
Serial bonds payable- remaining portion 2,000,000.00
Total noncurrent liability 2,000,000.00

Shareholders' equity
Share capital 5,000,000.00
Share premium 500,000.00
Retained earnings 880,000.00
Total shareholders' equity 6,380,000.00
Total liabilities and shareholders' equity 9,500,000.00
NOTE 1 - 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
620,000.00

NOTE 2 - Inventories
Finished goods 400,000.00
Goods in process 600,000.00
Raw materials 200,000.00
Factory supplies 50,000.00
1,250,000.00

NOTE 3 - Property, plant and equipment

Land 1,500,000.00
Machinery 2,000,000.00
Building 4,000,000.00
Tools 40,000.00
Total 7,540,000.00
Accummulated 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 4 - Long-term investments

Investment in bonds 1,500,000.00
Plant expansion fund 500,000.00
2,000,000.00

NOTE 5 - Intagible assets

Franchise 200,000.00
Goodwill 100,000.00
300,000.00

NOTE 6 - Trade and other payables

Accounts payable 300,000.00
Notes payable 100,000.00
Accrued interest on notes payable 10,000.00
Accrued expenses 30,000.00
Income tax payable 60,000.00
Employees income tax payable 20,000.00
Advances from customers 100,000.00
620,000.00