Question

Gravano Engineering co has the following items appearing in its statement of financial position at the year end:

Answer 1

Based on the items appearing in Gravano Engineering's Statement of Financial Position at the year-end, the totals for the following are:

1. Non-current Assets = $192,000

2. Current Assets = $64,000

What is a Statement of Financial Position?

A Statement of Financial Position is a financial statement that shows an entity's assets, liabilities, and equity.

Assets are items owned by an individual or entity that generate current, future, or potential economic benefits.

Liabilities are financial obligations that an individual or entity owes creditors.

Equity is the difference between assets and liabilities, which refers to the financial benefits accruing to the stockholders.

Data and Calculations:

1. Trade payables                                    $39,000

2. Cash at bank                                         14,000

3. Motor vans                                           25,000

4. Inventories                                             7,000

5. Bank overdraft                                     13,000

6. Property                                              96,000            

7. Trade receivables                              43,000            

8. Plant and equipment                        26,000            

9. Trademarks                                        28,000

10.   Fixtures and fittings                        17,000

11.   Mortgage on property                   45,000​

Current Assets:

2. Cash at bank                                          14,000

4. Inventories                                              7,000

7. Trade receivables                                43,000            

Total current assets =                           $64,000

Non-Current Assets:

3. Motor vans                                          25,000

6. Property                                              96,000                      

8. Plant and equipment                         26,000            

9. Trademarks                                        28,000

10.   Fixtures and fittings                         17,000

Total non-current assets =                $192,000

Thus, the total non-current assets are $192,000 and the current assets total $64,000.

Learn more about current and non-current assets at brainly.com/question/24147620

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