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 |
Prepaid expenses |
12,000 |
Accounts payable |
135,000 |
Notes payable (due next year) |
125,000 |
Pension obligation |
82,000 |
Rent payable |
49,000 |
Premium on bonds payable |
53,000 |
Bonds payable |
500,000 |
Deferred tax liability (asset) |
(5,000) |
Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 shares |
290,000 |
Paid-in capital in excess of par value – common stock |
160,000 |
Retained earnings |
500,000 |
Dividends |
45,000 |
Income summary |
329,000 |
Accumulated other comprehensive income (loss) |
(15,000) |
Tax rate |
25% |
Instructions: Prepare a classified balance sheet for Uhura
Company.
Presented are selected accounts from the adjusted trial balance of Uhura Company at December 31, 2020....
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 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...
Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets: cash and cash equivalents, $150,000; accounts receivable, $170,000; allowance for doubtful accounts, $10,000; inventories, $200,000 cost, $180,000, net realizable value. Fixed assets: buildings, $1,040,000 less $360,000 accumulated depreciation; equipment, $450,000 less $180,000 accumulated depreciation; land $500,000; land held for future use, $270,000. Current liabilities: accounts payable, $150,000; notes payable, $80,000; income taxes payable, $40,000; unearned rent revenue, $5,000. Other liabilities: long-term notes payable issued...
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Exercise 5-12 Presented below is the trial balance of Sandhill Corporation at December 31, 2020. Credit Debit $ 199,690 $ 8,103,140 156,140 4,800,000 301,690 279,690 93,140 458,140 2,003,140 65,840 263,140 1,042,690 138,690 99,140 438,140 Cash Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory...
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