Financial statement presentation

The trial balance of Winter Ltd includes the following asset, liability and equity accounts at 30 June 2017:

  DR

$

CR

$

Cash at bank 18,200
Cash management account 150,000
Accounts receivable 123,900
Interest receivable 6,700
Inventory 212,400
Raw materials 100,500
Prepaid rent 13,600
Investment property 614,000
Loan receivable 60,000
Land (at cost) 1,100,000
Plant and equipment (at cost) 652,200
Accumulated depreciation – plant and equipment 104,300
Goodwill 68,300
Accounts payable 75,800
Allowance for doubtful debts 14,600
Current tax liability 33,500
Accrued wages payable 8,200
Interest payable 8,300
Dividends payable 45,000
Provision for annual leave 36,000
Provision for long service leave 27,000
Provision for warranty 17,000
Debentures (due April 2020) 600,000
Bank loan 500,000
Share capital 500,000
General reserve 276,800
Retained earnings                        873,300
$3,119,800 $3,119,800

Additional information:

  • All assets other than cash at bank, cash management account, accounts receivable, interest receivable, inventory, raw materials, and pre-paid rent are non-current.
  • All liabilities other than accounts payable, allowance for doubtful debts, current tax liability, accrued wages payable, interest payable, dividends payable and provisions listed below are non-current.
  • Provision for annual leave includes $19,000 payable within 1 year.
  • Provision for long service leave includes $8,000 payable within 1 year.
  • Provision for warranty includes $5,000 payable within 1 year.
  • In relation to the statement of financial position, where AASB 101 requires entities to disclose further sub-classifications of the minimum line items on the face of the statement or in the notes, the directors of Winter Ltd want to report only the minimum line items on the face of the statement, and leave the sub-classifications to be disclosed in the notes.

Required:

Prepare the statement of financial position of Winter Ltd for the year ended 30 June 2017 in accordance with AASB 101, using the line items that a listed company is likely to use. Show all workings. Notes and comparative figures are not required.

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