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As per information and figures provided above.
The Balance Sheet of GermX Co. will be prepared in following manners as -
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Selected accounts from GermX Co.'s adjusted trial balance for the year ended December 31 follow. Prepare...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $ 5,200 23.500 70.500 13.500 Cash Fair value adjustment-stock Accounts receivable Fair value adjustment-trading $ 10.500 (-1.100) 2.500 600 Prepare the assets section of a classified balance sheet. Hint Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases Stock investments (Amounts deducted should be indicated by a minus sign.) GERMX CO. Assets Section of Balance Sheet December 31 Assets Current assets Cash Stock investments...
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars...
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,600 4,800 12,200 Fair Value $ 8,800 2,300 14,200 1. After the fair value adjustment is made, prepare the assets section of Mars Co.'s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In...
Presented are accounts from the adjusted trial balance of Montoya, Inc. at December 31, 2020. Notes...
Presented are accounts from the adjusted trial balance of
Montoya, Inc. at December 31, 2020.
Notes receivable is due in 8 months.Additional information:
Notes Payable – Farmers Merchants is due in 6 months.
Notes Payable – Home Savings is an installment note payable in
ten annual installments of $160,000 each, with the first
installment due next year.
Common Stock has a $1 par value, 1,000,000 shares authorized,
200,000 shares issued and outstanding.
Preferred Stock has a $10 par value, 100,000...
Presented are selected accounts from the adjusted trial balance of Uhura Company at December 31, 2020....
Presented are selected accounts from the adjusted trial balance of Uhura Company at December 31, 2020. All balances are normal. Cash $230,000 Accounts receivable 357,000 Allowance for doubtful accounts 17,000 Inventory (market value $408,000) 401,000 Equity investments - marketable, short-term (fair value $120,000) 140,000 Fair value adjustment – equity investments (20,000) Buildings 730,000 Equipment 265,000 Accumulated depreciation – buildings 160,000 Accumulated depreciation – equipment 125,000 Land held for future use 175,000 Goodwill 80,000 Cash surrender value of life insurance 90,000...
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit...
Presented is the adjusted trial balance of Scott Butler Corporation at December 31, 2020. Debit Credit Cash $ 197,000 Trading Debt Securities (fair value, $153,000) 145,000 Fair Value Adjustment – Trading Debt Securities 8,000 Accounts Receivable 435,000 Allowance for Doubtful Accounts $ 25,000 Inventory (net realizable value, $600,000) 597,000 Available-for-sale Equity Securities (fair value, $278,000) 266,000 Fair Value Adjustment – Available-for-sale Equity Securities 12,000 Held-to-maturity Debt Securities (fair value, $296,000) 299,000 Equipment 600,000 Accumulated Depreciation – Equipment 60,000 Buildings 1,040,000...
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow.
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars...
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of Stock Investments Cost Fair Value Apple stock $ 8,400 $ 11,200 Chipotle stock 7,200 4,700 Under Armour stock 12,800 14,900 1. After the fair value adjustment is made, prepare the assets section of Mars Co.’s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In...
The adjusted trial balance for Berk Corporation at December 31, 2019 contained the following accounts: Short-term...
The adjusted trial balance for Berk Corporation at December 31, 2019 contained the following accounts: Short-term Investments, at fair value ............ Investments in stock of 20-50% owned companies, at equity...... Bonds payable, 10% due 2025 ......... Interest payable............. Discount on bonds payable. .................. Lease liability Mortgage notes payable, 9%, due 2030...... Accounts payable..... $ 150,000 180,000 1,000,000 50,000 20,000 50,000 200,000 90,000 Instructions: Prepare the "partial" Balance Sheet of the Berk Corporation in "good" form. Be sure to classify the...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets Liabilities Current liabilities Long-term liabilities Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial...
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2020. $ Inventory (finished...
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2020. $ Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (short-term) Customer Advances Restricted Cash for Plant Expansion $ $ $ $ $ $ $ $ 52,000 90,000 253,000 34,000 37,000 31,000 36,000 50,000 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allow. for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock 2,100,000 40,000 161,000 207,000 60,000...
Trading securities (at cost) Short-term stock investments (at cost) Equity method investments Held-to-naturity securities (long-tern) $ 5,200 23.500 70.500 13.500 Cash Fair value adjustment-stock Accounts receivable Fair value adjustment-trading $ 10.500 (-1.100) 2.500 600 Prepare the assets section of a classified balance sheet. Hint Fair Value Adjustment-Trading increases trading securities; Fair Value Adjustment-Stock decreases Stock investments (Amounts deducted should be indicated by a minus sign.) GERMX CO. Assets Section of Balance Sheet December 31 Assets Current assets Cash Stock investments...
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Portfolio of Stock Investments Apple stock Chipotle stock Under Armour stock Cost $ 6,600 4,800 12,200 Fair Value $ 8,800 2,300 14,200 1. After the fair value adjustment is made, prepare the assets section of Mars Co.'s December 31 classified balance sheet. Assume Mars plans to sell its trading securities within the next six months. 2. In...
Presented are accounts from the adjusted trial balance of
Montoya, Inc. at December 31, 2020.
Notes receivable is due in 8 months.Additional information:
Notes Payable – Farmers Merchants is due in 6 months.
Notes Payable – Home Savings is an installment note payable in
ten annual installments of $160,000 each, with the first
installment due next year.
Common Stock has a $1 par value, 1,000,000 shares authorized,
200,000 shares issued and outstanding.
Preferred Stock has a $10 par value, 100,000...
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet.
The adjusted trial balance for Berk Corporation at December 31, 2019 contained the following accounts: Short-term Investments, at fair value ............ Investments in stock of 20-50% owned companies, at equity...... Bonds payable, 10% due 2025 ......... Interest payable............. Discount on bonds payable. .................. Lease liability Mortgage notes payable, 9%, due 2030...... Accounts payable..... $ 150,000 180,000 1,000,000 50,000 20,000 50,000 200,000 90,000 Instructions: Prepare the "partial" Balance Sheet of the Berk Corporation in "good" form. Be sure to classify the...
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended Accounts payable Cash Land Pearson, Capital $ 5,000 40,000 25,000 30,000 Accounts receivable Gomez, Capital Long-term notes payable Litt, Capital $10,000 15,000 20,000 5,000 Prepare a classified balance sheet. PEARSON, GOMEZ, AND LITT PARTNERSHIP Balance Sheet December 31 Assets Current assets Total current assets Plant assets Total assets Liabilities Current liabilities Long-term liabilities Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial...
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2020. $ Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (short-term) Customer Advances Restricted Cash for Plant Expansion $ $ $ $ $ $ $ $ 52,000 90,000 253,000 34,000 37,000 31,000 36,000 50,000 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allow. for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock 2,100,000 40,000 161,000 207,000 60,000...
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