STEEL INDUSTRIESStatement of Financial PositionDecember 31, 2020AssetsCurrent assets:CashMarketable equity securitiesAccounts receivable, net50,00019,00060,000InventoryTreasury stockTotal current assets30,00020,000* 179,000Required: Indicate your criticisms ofthe balance sheet and briefly explainthe proper treatment of any itemcriticized.Plant assets:Land and buildings, net160,000Investments:Short-term investments20,000Other assets:SuppliesTotal assets4,000363,000Liabilities and Shareholders' EquityLiabilities:P 123,000Bonds payable PAccounts payableWages payableTotal liabilities40,00010,000173,000Shareholders' equity:Ordinary shares (P20 par, 20,000 sharesauthorized, 6,000 shares outstanding)Retained earnings120,00050,000Redeemable preference sharesTotal Shareholders' EquityTotal Liabilities and Shareholders' Equity20,000190,000363,000

The balance sheet refers to the part of the financial statement that depicts the financial position…

Answered: Required: Indicate your criticisms of…

Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.3C

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