Homework Answers
SOLUTION
Amount to be reported = $88,350 thus Option A is correct.
| Checkbook balance on December 31, 2020 | 84,700 |
| Add: Check from Wildhorse Co. | 1,640 |
| Less:NSF check from Teal mountain inc. | (3,690) |
| Add: Coin and currency on hand | 5,700 |
| Proper amount to be reported | 88,350 |
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Coronado Industries's checkbook balance on December 31, 2020 was $84700. In addition, Coronado held the following...
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Vaughn Manufacturing’s checkbook balance on December 31, 2020 was $85200. In addition, Vaughn held the following items in its safe on December 31. (1) A check for $1840 from Ivanhoe Company received December 30, 2020, which was not included in the checkbook balance. (2) An NSF check from Pearl Industries in the amount of $3440 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on...
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0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Wildhorse Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivabie...
Wildhorse Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivabie $119,500, Inventory $296,000, Allowance for Doubtful Accounts $9,100, Patents $81,800, Prepaid Insurance $9,820, Accounts Payable $83,100, and Cash $35,800 Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) WILDHORSE CORPORATION Balance Sheet (Partial) December 31, 2020 Current Assets Cash $ Accounts Recelvable Less Allowance for Doubtful Accounts Inventory Prepaid Insurance Total Current Assets $ eTextbook and Media...
Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Coronado Company...
Exercise 5-9
The current assets and current liabilities sections of the balance
sheet of Coronado Company appear as follows.
CORONADO COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2020
Cash
$ 42,800
Accounts payable
$ 64,090
Accounts receivable
$98,100
Notes payable
66,410
Less: Allowance for doubtful
accounts
8,530
89,570
$130,500
Inventory
157,330
Prepaid expenses
8,110
$297,810
The following errors in the corporation’s accounting have been
discovered:
1.
January 2021 cash disbursements entered as of December 2020
included payments of accounts payable in the...
Coronado Company asks you to review its December 31, 2017, inventory values and prepare the necessary...
Coronado Company asks you to review its December 31, 2017,
inventory values and prepare the necessary adjustments to the
books. The following information is given to you.
1.
Coronado uses the periodic method of recording inventory. A
physical count reveals $305,357 of inventory on hand at December
31, 2017.
2.
Not included in the physical count of inventory is $17,446 of
merchandise purchased on December 15 from Browser. This merchandise
was shipped f.o.b. shipping point on December 29 and arrived...
1. On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285....
1. On July 31, 2022, Teal Mountain Company had a cash balance per books of $6,285. The statement from Dakota State Bank on that date showed a balance of $7,835.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $17. 2. The bank collected $1,665.00 for Teal Mountain Company through electronic funds transfer. 3. The July 31 receipts of $1,346.30 were not included in the bank deposits...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
Coronado Corporation's December 31, 2020 balance sheet showed the following: $ 130000 7% preferred stock, $20 par value, cumulative, 9500 shares authorized; 6500 shares issued Common stock, $10 par value, 1010000 shares authorized; 910000 shares issued, 890000 shares outstanding Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Treasury stock (10067 shares) 9100000 35000 11460000 3760000 317100 Coronado's total stockholders' equity was $24218900. $24197900. $24797900. $24167900.
The unadjusted trial balance of Teal Mountain Inc., a private company following ASPE, at December 31, 2020, is as follows: Debit Credit $17,390 104,100 $3,370 61,600 4,720 58,800 28,900 151,600 12,010 Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Goodwill Accounts payable Bonds payable (20-year, 8%) Common shares Retained earnings Sales revenue Rent revenue 34,200 5,700 16,750 100,600 162,000 116,300 73,440 190,500 11,250 Rent expense...
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Wildhorse Corporation has the following accounts included in its December 31, 2020, trial balance: Accounts Receivabie $119,500, Inventory $296,000, Allowance for Doubtful Accounts $9,100, Patents $81,800, Prepaid Insurance $9,820, Accounts Payable $83,100, and Cash $35,800 Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) WILDHORSE CORPORATION Balance Sheet (Partial) December 31, 2020 Current Assets Cash $ Accounts Recelvable Less Allowance for Doubtful Accounts Inventory Prepaid Insurance Total Current Assets $ eTextbook and Media...
Exercise 5-9
The current assets and current liabilities sections of the balance
sheet of Coronado Company appear as follows.
CORONADO COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2020
Cash
$ 42,800
Accounts payable
$ 64,090
Accounts receivable
$98,100
Notes payable
66,410
Less: Allowance for doubtful
accounts
8,530
89,570
$130,500
Inventory
157,330
Prepaid expenses
8,110
$297,810
The following errors in the corporation’s accounting have been
discovered:
1.
January 2021 cash disbursements entered as of December 2020
included payments of accounts payable in the...
Coronado Company asks you to review its December 31, 2017,
inventory values and prepare the necessary adjustments to the
books. The following information is given to you.
1.
Coronado uses the periodic method of recording inventory. A
physical count reveals $305,357 of inventory on hand at December
31, 2017.
2.
Not included in the physical count of inventory is $17,446 of
merchandise purchased on December 15 from Browser. This merchandise
was shipped f.o.b. shipping point on December 29 and arrived...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
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