Homework Answers
Machinery is a tangible asset
Long term receivables are non current tangible asset
However, trademarks are classified under the intangible asset section of the balance sheet
Hence the intangible section would report a total of $268000
Correct choice B
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For Pharoah, the following information is available: $685,000 Machinery Trademarks Long-term receivables 268,000 221,000 In Pharoah's...
Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts...
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
Pharoah Company is a private camping ground near the Mount Miguel Recreation Area. It has compiled...
Pharoah Company is a private camping ground near the Mount
Miguel Recreation Area. It has compiled the following financial
information as of December 31, 2017.
Service revenue (from camping fees)
$198,000
Dividends
$13,500
Sales revenue (from general store)
37,500
Notes payable
75,000
Accounts payable
16,500
Expenses during 2017
189,000
Cash
12,750
Supplies
8,250
Equipment
171,000
Common stock
60,000
Retained earnings (1/1/2017)
7,500
Determine Pharoah Company’s net income for 2017.
Pharoah Company’s net income for 2017
$enter Pharoah Company’s net income...
Pharoah Electric Inc. has the following amounts included in its general ledger at December 31,2020: $35,400...
Pharoah Electric Inc. has the following amounts included in its general ledger at December 31,2020: $35,400 Organization costs Purchased trademarks 17,700 Development phase activities (meet all six development phase criteria) 29,800 Deposits with advertising agency for ads to promote goodwill of company 8,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 126,000 74,000 Costs of researching a secret...
Problem 7-09 Pharoah Inc. had the following long-term receivable account balances at December 31, 2019. Note...
Problem 7-09 Pharoah Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,100,000 Note receivable from officer 464,800 Transactions during 2020 and other information relating to Pharoah’s long-term receivables were as follows. 1. The $2,100,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Pharoah’s electronics division to New York Company. Principal payments of $700,000 plus appropriate...
Due tonight, please help! Exercise 2-4 Suppose the following information (in thousands of dollars) is available...
Due tonight, please help!
Exercise 2-4 Suppose the following information (in thousands of dollars) is available for Pharoah Company-famous for ketchup and other fine food products for the year ended April 30, 2022 Prepaid insurance Land Goodwill Trademarks Inventory $ 119,400 Buildings 72,400 Cash 3,970,800 Accounts receivable 771,800 Accumulated depreciation-buildings 1,238,100 $4,034,600 377,000 1,205,500 2,132,900 Prepare the assets section of a classified balance sheet. (List current assets in order of liquidity.) Hroncompany Partial Balance Sheet (in thousands) Assets
The following information is available for Elwes Company for the year ended December 31, 2021: Accounts...
The following information is available for Elwes Company for the year ended December 31, 2021: Accounts payable Accumulated depreciation - equipment Common Stock Retained earnings Intangible assets Notes payable (due in 5 years) Accounts receivable Cash Short-term investments Equipment Long-term investments $3,800 4,000 5,000 4,300 2,300 5,000 1,500 2,800 1,000 8,800 5,700 Use the above information to prepare a classified balance sheet for the year ended December 31, 2021. (List Current Assets in order of liquidity.) ELWES COMPANY Balance Sheet...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31,...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
Pharoah Company has the following information available for accruals for the year ended December 31, 2020.
Pharoah Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually. 1. The December utility bill for $525 was unrecorded on December 31. Pharoah paid the bill on January 11. 2. Pharoah is open 7 days a week and employees are paid a total of $4,340 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that...
What is the long-term debt to equity ratio for the year ending 10/31/2011? (Note the current...
What is the long-term debt to equity ratio for the year ending 10/31/2011? (Note the current portion of long-term debts is short-term debt.) 0.601 0.727 0.844 0.938 1.213 Toro Co. (The) (NYS: TTC) Exchange rate used is that of the Year End reported date As Reported Annual Balance Sheet Report Date 10/31/2011 Currency USD Audit Status Not Qualified Consolidated Yes Scale Thousands Cash & cash equivalents 80,886 Customer receivables, gross 144,364 Less: allowance for doubtful accounts 1,964 Customers receivables, net...
The following pension plan information is for Pharoah Company at December 31, 2018. Projected benefit obligation...
The following pension plan information is for Pharoah Company at December 31, 2018. Projected benefit obligation $ 8600000 Accumulated benefit obligation 7550000 Plan assets (at fair value) 6128000 Accumulated OCI (PSC) 460000 Pension expense for 2018 2600000 Contribution for 2018 2008000 The amount to be reported as the liability for pensions on the December 31, 2018 balance sheet is
Pharoah Company has collected the following
information related to its December 31, 2022, balance sheet.
Accounts receivable $15,000 Equipment $188,000 Accumulated
depreciation-equipment 46,300 Inventory 63,000 Cash 19,500 Supplies
6,300 Stock investments (long-term) 1,500 Goodwill 5,000
Do It! Review 2-012 Pharoah Company has collected the following information related to its December 31, 2022, balance sheet. Accounts receivable Accumulated depreciation-equipment Cash Stock investments (long-term) $15,000 46,300 19,500 1,500 Equipment Inventory Supplies Goodwill $188,000 63,000 6,300 5,000 Prepare the assets section of Pharoah...
Pharoah Company is a private camping ground near the Mount
Miguel Recreation Area. It has compiled the following financial
information as of December 31, 2017.
Service revenue (from camping fees)
$198,000
Dividends
$13,500
Sales revenue (from general store)
37,500
Notes payable
75,000
Accounts payable
16,500
Expenses during 2017
189,000
Cash
12,750
Supplies
8,250
Equipment
171,000
Common stock
60,000
Retained earnings (1/1/2017)
7,500
Determine Pharoah Company’s net income for 2017.
Pharoah Company’s net income for 2017
$enter Pharoah Company’s net income...
Pharoah Electric Inc. has the following amounts included in its general ledger at December 31,2020: $35,400 Organization costs Purchased trademarks 17,700 Development phase activities (meet all six development phase criteria) 29,800 Deposits with advertising agency for ads to promote goodwill of company 8,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 126,000 74,000 Costs of researching a secret...
Due tonight, please help!
Exercise 2-4 Suppose the following information (in thousands of dollars) is available for Pharoah Company-famous for ketchup and other fine food products for the year ended April 30, 2022 Prepaid insurance Land Goodwill Trademarks Inventory $ 119,400 Buildings 72,400 Cash 3,970,800 Accounts receivable 771,800 Accumulated depreciation-buildings 1,238,100 $4,034,600 377,000 1,205,500 2,132,900 Prepare the assets section of a classified balance sheet. (List current assets in order of liquidity.) Hroncompany Partial Balance Sheet (in thousands) Assets
The following information is available for Elwes Company for the year ended December 31, 2021: Accounts payable Accumulated depreciation - equipment Common Stock Retained earnings Intangible assets Notes payable (due in 5 years) Accounts receivable Cash Short-term investments Equipment Long-term investments $3,800 4,000 5,000 4,300 2,300 5,000 1,500 2,800 1,000 8,800 5,700 Use the above information to prepare a classified balance sheet for the year ended December 31, 2021. (List Current Assets in order of liquidity.) ELWES COMPANY Balance Sheet...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
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