Prepare a classified statement of financial position

The following data, presented in alphabetical order, are taken from the records of Urbina Company.Accounts payable ………………….. $ 240.000Accounts receivable …………………. 140.000Accumulated depreciation-building ……………. 180.000Accumulated depreciation-equipment ……………. 52,000Allowance for doubtful accounts ……………… 6.000Bonds payable (10%, due 2019) ……………. 540.000Buildings ……………………. 950.000Cash ……………………… 42.000Dividends payable ………………….. 80.000Equipment …………………… 275.000Goodwill …………………….. 200.000Income taxes payable …………………. 120.000Investment in Flott ordinary shares (10% ownership), at cost ….. 278.000Investment in Portico ordinary shares (30% ownership), at equity … 380.000Land ……………………… 390.000Market adjustment-AFS (Dr) ……………… 8.000Merchandise inventory ………………. 170.000Notes payable (due 2012) ……………… 70.000Prepaid insurance …………………. 16.000Retained earnings …………………. 103.000 Share capital-ordinary ($10 par value; 500,000 sharesauthorized. 150.000 shares issued) …………… 1,500.000Share premium-ordinary ………………. 130,000Short-term share investment, at fair value (and Cost) …….. 180.000Unrealized gain-available-for-sale securities ………… 8.000The investment in Flou ordinary shares is considered to be a long-term available-for-sale security.

Instructions

Prepare a classified statement of financial position at December 31, 2011.

Solution:

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