The following statement of financial position was prepared by the bookkeeper for Bulldog Corp. at December 31, 2017. Bulldog Corp. Statement of...

The following statement of financial position was prepared by the bookkeeper for

Bulldog Corp. at December 31, 2017.

Bulldog Corp.

Statement of Financial Position

December 31, 2017

Cash ............................................... $ 90,000 Accounts payable .......................... $ 75,000

Accounts receivable (net) ... 52,200 Long-term liabilities .................... 110,000

Inventories ................................. 57,000 Shareholders' equity .................... 208,500

Investments ............................... 76,300

Equipment (net) ...................... 86,000

Patents ......................................... 32,000 ________

......................................................... $393,500 $393,500

The following additional information is provided:

1. "Cash" includes prepaid insurance of $9,400; as well, a bank overdraft of $1,500

has been deducted.

2. The net accounts receivable balance includes:

(a) accounts receivable—debit balances $62,000;

(b) accounts receivable—credit balances $5,000;

(c) allowance for doubtful accounts $4,800.

3. Inventories do not include goods costing $5,000 shipped out on consignment.

Receivables of $5,000 were recorded on these goods.

4. Investments include investments in common shares, trading $24,000 and long term

$43,300, and franchises $9,000.

5. Equipment costing $8,000 with accumulated depreciation $6,000 is no longer

used and is held for sale. Accumulated depreciation on the other equipment is

$40,000.

Required:

Prepare a statement of financial position in standard format (shareholders' equity

details can be omitted.)