SOCORRO COMPANY

Statement of Financial Position

December 31, 2023

ASSETS

Note
Current Assets:
Cash and Cash Equivalents (1) 700,000
Trade and other receivables (2) 700,000
Prepaid Expenses (3) 50,000
Inventories 600,000
Total Current Assets 2,050,000

Noncurrent Assets:
Property Plant and Equipments (4) 4,150,000
Long term Investment (5) 1,000,000
Investment Property (6) 500,000
Intangible Assets (7) 550,000
Other noncurrent assets (8) 450,000
Total Noncurrent Assets 6,650,000

TOTAL ASSETS: 8,700,000

EQUITY AND LIABILITIES

Current Liabilities:
Trade and other payables (9) 820,000
Serial Bonds Payable - Cur. Por. 100,000
Total Current Liabilities 920,000

Noncurrent Liabilities:
Serial Bonds Payable - NonCur Por. 400,000
Unearned Leasehold Inc. 280,000
Total Noncurrent Liabilities: 680,000

EQUITY:
Share Capital (10) 5,150,000
Reserves (11) 1,050,000
Retained Earnings (12) 1,200,000
Treasury Shares, at cost (300,000)
Total Equity 7,100,000

TOTAL LIABILITIES AND EQUITY 8,700,000

NOTE 1: Cash and Cash Equivalents NOTE 10: Common Stock
Cash 500,000 Shared Capital Issued
Money Market Placement 200,000 Stock Dividend Payable
700,000
NOTE 2: Trade and Other Receivables NOTE 11: Reserves
Accounts Receivables 750,000 Share Premium
Allowance for doubtful accounts (50,000) Retained Earnings Appro. for Plant Exp.
700,000 Retained Earnings Appro. for Treasury Share
NOTE 3: Prepaid Expenses
Store Supplies 50,000 NOTE 12: Retained Earnings
Retained Earning Unappropriated
NOTE 4: Property Plant and Equipments Appropriation for Treasury Shares
Land 400,000
Building 3,500,000
Equipment 1,000,000
Total 4,900,000
Less: Accumulated Dep.
Building (500,000)
Equipment (250,000)
Total Accu. Dep. (750,000)
Carrying Amount 4,150,000

NOTE 5: Long Term Investment

Financial assets at amortized cost 1,000,000

NOTE 6: Investment Property

Land undetermined use 500,000

NOTE 7: Intangible Assets

Trademark 300,000
Patent 250,000
550,000
NOTE 8: Other Noncurrent Assets
Advances to Officers 150,000
Restricted Foreign Deposit 300,000
450,000
NOTE 9: Trade and Other Payables
Accounts Payable 500,000
Note Payable 100,000
Income Tax Payable 150,000
Unearned leasehold incomme - Cur. Por. 70,000
(350,000/5) 820,000
Common Stock
pital Issued 5,000,000
dend Payable 150,000
5,150,000

250,000
Earnings Appro. for Plant Exp. 500,000
Earnings Appro. for Treasury Share 300,000
1,050,000
Retained Earnings
Earning Unappropriated 1,500,000
ation for Treasury Shares (300,000)
1,200,000