Blossom Inc. reports the following current and non-current
liabilities: accounts payable $25,000; salaries payable $3,800;
interest payable $6,000; unearned revenue $900; income tax payable
$6,600; mortgage payable (due within the year) $4,400; mortgage
payable (due in more than one year) $44,000. Prepare the current
liabilities section of the statement of financial position.
Total Current Liabilities
Property, Plant, and Equipment
Total Assets
Shareholders Equity
Total Shareholders Equity
Current Liabilities
Total Current Assets
Total Liabilities & Shareholders Equity
Total Property, Plant, and Equipment
Total Liabilities
Current Assets
Homework Answers
Current Liabilities are the liabilities which are expected to be settled within one year. Therefore, the Mortgage Payable of $44,000 shall be classified under the Long Term Liabilities.
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Blossom Inc. reports the following current and non-current
liabilities: accounts payable $25,000; salaries payable $3,800;
interest...
Oriole Limited reports the following statement of financial position accounts, in alphabetical order: Accounts payable $13,850...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
How to get Retained Earnings of 87360 and Accumulated OCI of -3360 The statement of financial...
How to get Retained Earnings of 87360 and Accumulated OCI of
-3360
The statement of financial position of Marin Limited follows for the current year, 2020: MARIN LIMITED Statement of Financial Position December 31, 2020 Current assets $111,720 Current liabilities Investments 72,240 Long-term liabilities Property, plant, and equipment 178,080 Shareholders' equity Intangible assets 26,880 Other assets 31,920 $420,840 $81,480 142,800 196,560 $420,840 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020:...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 60.000 44,000 50.000 20.000 115.000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Connon stock Retained earnings Totals $ 39,000 45.000 14.500 4.500 150.000 75,000 51.000 $334.000 $334,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
HELP! The trial balance for K and J Nursery, Inc., listed the following account balances at...
HELP! The trial balance for K and J Nursery, Inc., listed the
following account balances at December 31, 2021, the end of its
fiscal year: cash, $27,000; accounts receivable, $22,000;
inventory, $36,000; equipment (net), $91,000; accounts payable,
$25,000; salaries payable, $10,500; interest payable, $6,500; notes
payable (due in 18 months), $41,000; common stock, $72,000. Prepare
a classified balance sheet for K and J Nursery, Inc. The equipment
originally cost $170,000. (Amounts to be deducted should be
indicated by a minus...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts...
Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Net plant and equipment $ 272,047 $ 297,967 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities...
Prepare a classified statement of financial position. Assume that $10,880 of the bank loan payable will...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
How to get Retained Earnings of 87360 and Accumulated OCI of
-3360
The statement of financial position of Marin Limited follows for the current year, 2020: MARIN LIMITED Statement of Financial Position December 31, 2020 Current assets $111,720 Current liabilities Investments 72,240 Long-term liabilities Property, plant, and equipment 178,080 Shareholders' equity Intangible assets 26,880 Other assets 31,920 $420,840 $81,480 142,800 196,560 $420,840 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance...
Question 2 The statement of financial position of Shamrock Limited follows for the current year, 2020: SHAMROCK LIMITED Statement of Financial Position December 31, 2020 Current assets $119,700 Current liabilities Investments 77,400 Long-term liabilities Property, plant, and equipment 190,800 Shareholders' equity Intangible assets 28,800 Other assets 34,200 $450,900 $87,300 153,000 210,600 $450,900 The following additional information is available: 1. Current Assets include the following: bank account with an overdraft balance of $13,500; inventory with a FIFO cost of $78,300 and...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Credits Debits $ 60.000 44,000 50.000 20.000 115.000 Account Title Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation Patent (net) Accounts payable Interest payable Notes payable (due in 10 years) Connon stock Retained earnings Totals $ 39,000 45.000 14.500 4.500 150.000 75,000 51.000 $334.000 $334,000 Prepare a classified balance sheet for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a...
Adams Co. reports the following balance sheet accounts as of December 31. $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,000 Retained earnings 55,000 Notes payable (due in 9 years) 7,000 office supplies 14,000 Land 10,000 Accumulated depreciation-Building 3,000 Mortgages payable (due in 5 years) 4,000 Cash 10,000 $ 50,000 30,000 2,000 22,000 5,000 12,000 16,000 Required: Prepare a classified balance sheet. (Amounts to be deducted should be indicated by a minus...
HELP! The trial balance for K and J Nursery, Inc., listed the
following account balances at December 31, 2021, the end of its
fiscal year: cash, $27,000; accounts receivable, $22,000;
inventory, $36,000; equipment (net), $91,000; accounts payable,
$25,000; salaries payable, $10,500; interest payable, $6,500; notes
payable (due in 18 months), $41,000; common stock, $72,000. Prepare
a classified balance sheet for K and J Nursery, Inc. The equipment
originally cost $170,000. (Amounts to be deducted should be
indicated by a minus...
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term,...
Problem 4-A Classified Balance Sheet Accounts Payable ✓ Accounts Receivable Accumulated Depreciation - Building Building ✓ Cash Common Stock Land Mortgage Payable Prepaid Insurance Retained Earnings Salaries Payable 6,000 5,000 40,000 120,000 12,000 60,000 ? 64,000 2,000 15,000 3,000 1,000 2,000 Supplies Unearned Fees Requirement: Using the above amounts prepare a classified balance sheet, for the Plum Company at December 31 of the current year, that includes the correct balance for Land. Assets Current assets: Liabilities Current liabilities: Total current...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
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