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 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...
The following accounts appeared on the trial balance of L&E Company at December 31, 2020. Notes Payable (short-term) Accumulated Depreciation - Bldg. Supplies Salaries and Wages Payable Debt Investments (long-term) Cash Bonds Payable Due 1/1/2028 Allowance for Doubtful Accts Copyrights Notes Receivable (due in 6 months) Income Taxes Payable Preferred Stock $ 192,000 783,000 37.800 34,200 281,400 170 250 1,200,000 7.800 192.900 138,000 156,000 750,000 Accounts Receivable Prepaid Insurance Appropriated Retained Earnings Common Stock Unappropriated Retained Earnings Inventory Land Trading...
Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation-Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000...
Problem 5-2 Presented below are a number of balance sheet items for Sheffield, Inc. for the current year, 2020. Goodwill $128,780 Accumulated Depreciation-Equipment $292,310 Payroll Taxes Payable 181,371 Inventory 243,580 Bonds payable Rent payable (short-term) 303,780 48,780 Discount on bonds payable Income taxes payable 15,310 102,142 Cash Rent payable (long-term) Common stock, $1 par value 363,780 483,780 Land 203,780 483,780 Preferred stock, $10 par value Notes receivable 449,480 153,780 Prepaid expenses Notes payable (to banks) 268,780 91,700 493,780 Equipment Debt...
Problem 5-2 Presented below are a number of balance sheet items for Ayayai, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 129,170 Accumulated Depreciation-Equipment 181,761 Inventory 304,170 Rent payable (short-term) 15,100 Income taxes payable 364,170 Rent payable (long-term) 484,170 Common stock, $1 par value 449,870 Preferred stock, $10 par value 269,170 Prepaid expenses...
Problems: (25 points) 1. (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. (15 points) Accumulated depreciation-equipment S 292,000 Payroll taxes payable 52.591 Inventory 239,800 Bonds payable 285,000 Rent payable (short-term) 45,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, Si par value 200,000 Notes receivable 445.700 Preferred stock, S10 par value 150,000 Notes payable (to banks) 265.000 Prepaid expenses 87,920 Accounts payable...
Problems: (25 points) 1. (Balance Sheet Preparation) Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. (15 points) Accumulated depreciation-equipment S 292,000 Payroll taxes payable 52.591 Inventory 239,800 Bonds payable 285,000 Rent payable (short-term) 45,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, Si par value 200,000 Notes receivable 445.700 Preferred stock, S10 par value 150,000 Notes payable (to banks) 265.000 Prepaid expenses 87,920 Accounts payable...