Homework Answers
Answer is as follows:
The Current Assets are: Amount in Euros
Cash = 6300
Accounts Receivable = 81000
Allowance for Doubtful accounts = 3600
Net Accounts Receivable (81000 - 3600) = 77400
Prepaid Insurance = 4210
Inventory = 27000
Trading Securities = 9900
Statement of Current Assets in reverse order of liquidity:
Prepaid Insurance = 4210
Inventory = 27000
Accounts Receivable net = 77400
Trading securities = 9900
Cash = 6300
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4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable...
Indicate how each of the following items would be classified on a balance sheet prepared at...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a...
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...
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...
Pina SpA has decided to expand its operations. The bookkeeper recently completed the following statement of...
Pina SpA has decided to expand its operations. The bookkeeper
recently completed the following statement of financial position in
order to obtain additional funds for expansion.
Pina SpA
Statement of Financial Position
December 31, 2022
Current assets
Cash
€235,500
Accounts receivable (net)
345,500
Inventory (at lower-of-average-cost-or-net
realizable value)
406,500
Trading securities—at cost (fair value
€125,500)
145,500
Property, plant, and equipment
Buildings (net)
575,500
Equipment (net)
165,500
Land held for future use
180,500
Intangible assets
Goodwill
85,500
Other identifiable assets
95,500...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year,...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year, 2020: BRAMBLE CORPORATION Statement of Financial Position December 31, 2020 Current assets $523,800 Current liabilities Investments 691,200 Long-term liabilities Property, plant, and equipment 1,857,600 Shareholders' equity Intangible assets 286,200 $3,358,800 $410,400 1,036,800 1,911,600 $3,358,800 The following additional information is available: 1. The current assets section includes the following: cash $162,000; accounts receivable $183,600, less $10,800 allowance for doubtful accounts; inventory $194,400; and unearned revenue...
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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...
Accounts payable $36,210 Accounts receivable 68,782 Accrued liabilities 6,125 Cash 23,853 Intangible assets 44,527 Inventory 72,281...
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Presented below is balance sheet information regarding Sargent Corporation as of December 31, 2020. Current assets:...
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Southeast Bank invests in trading securities and prepares quarterly financial statements. At the beginning of the...
Southeast Bank invests in trading securities and prepares quarterly financial statements. At the beginning of the fourth quarter of 2018, the bank held as trading securities 160 shares of Eglan Company common stock that originally cost $4,560. At that time, these securities had a fair value of $4,320. During the fourth quarter, the bank engaged in the following trading securities transactions: Oct. 26 Purchased 360 shares of Farrell Company common stock for $38 per share. Nov. 26 Sold 160 shares...
Indicate how each of the following items would be
classified on a balance sheet prepared at December 31, 2020. If a
contra account, or any amount that is negative or opposite the
normal balance, use the term with parentheses.
1
Accrued salaries and wages
OPTIONS BELOW:
2
Rent revenues for 3 months collected in advance
3
Land used as plant site
4
Equity securities classified as trading
5
Cash
6
Accrued interest payable due in 30 days
7
Premium on...
E5.3 (L01, 2) (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its statement of financial position. a. Investments b. Property, plant, and equipment. c. Intangible assets. d. Other assets. e. Current assets. f. Non-current liabilities. g. Current liabilities. h. Share capital i. Share premium j. Retained earnings. k. Accumulated other comprehensive income. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a...
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...
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...
Pina SpA has decided to expand its operations. The bookkeeper
recently completed the following statement of financial position in
order to obtain additional funds for expansion.
Pina SpA
Statement of Financial Position
December 31, 2022
Current assets
Cash
€235,500
Accounts receivable (net)
345,500
Inventory (at lower-of-average-cost-or-net
realizable value)
406,500
Trading securities—at cost (fair value
€125,500)
145,500
Property, plant, and equipment
Buildings (net)
575,500
Equipment (net)
165,500
Land held for future use
180,500
Intangible assets
Goodwill
85,500
Other identifiable assets
95,500...
Problem 5-9 a The statement of financial position of Bramble Corporation follows for the current year, 2020: BRAMBLE CORPORATION Statement of Financial Position December 31, 2020 Current assets $523,800 Current liabilities Investments 691,200 Long-term liabilities Property, plant, and equipment 1,857,600 Shareholders' equity Intangible assets 286,200 $3,358,800 $410,400 1,036,800 1,911,600 $3,358,800 The following additional information is available: 1. The current assets section includes the following: cash $162,000; accounts receivable $183,600, less $10,800 allowance for doubtful accounts; inventory $194,400; and unearned revenue...
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...
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