Homework Answers
Liabilities section
| Liabilities | ||
| Current liabilities | ||
| Account payable | 2500 | |
| Wages payable | 1200 | |
| Interest payable | 600 | |
| Sales tax payable | 550 | |
| Total Current liabilities | 4850 | |
| Long term liabilities | ||
| Notes payable | 7000 | |
| Bonds payable | 14000 | |
| Less: Discount on bonds payable | -2400 | |
| Total long term liabilities | 18600 | |
| Total liabilities | 23450 | |
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Exercise 10-14 Reporting liabilities section of balance sheet LO P2, C1 Selected accounts from WooHoo Co.'s...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
Required information Use the following information for exercise 15 to 18 LO P2 [The following information...
Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 2,000 14,000 3,550 7,000 760 Cash withdrawals by owner Consulting revenue Rent expense $11,360 Cash 14,000 Accounts receivable office supplies Land office equipment Accounts...
Exercise 4-16 Preparing a classified balance sheet for a merchandiser LO P4 Adams Co. reports the...
Exercise 4-16 Preparing a classified balance sheet for a merchandiser LO P4 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 8. Bee Retained earnings 87,eee Notes payable (due in 9 years) 9,eee office supplies 18,888 Land 30,eee Accumulated depreciation-Building 7,000 Mortgages payable (due in 5 years) 24,000 Cash 30,eee 79, eee 7e,eee 6, eee 62,eee 9, eee 52,888 56. eee Required:...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at Dec...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at December 31, 2017 contained the following accounts: DEBITS CREDITS Current Assets Long-Term Assets Bonds payable, 10% Interest payable Discount on bonds payable Notes payable,9%, due 2021 Accounts payable $200,000 980,000 $500,000 20,000 30,000 70,000 120,000 Instructions (a) What is the total of all current liabilities? $ (b) What is the total of all long-term liabilities? $ (c) What is the total of all liabilities? $...
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...
Selected accounts from GermX Co.'s adjusted trial balance for the year ended December 31 follow. Prepare...
Selected accounts from GermX Co.'s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment Trading increases trading securities; Fair Value Adjustment-Stock decreases stock investments. Exercise 15-14 Prepare assets section of balance sheet C1 P1 P2 P3 P4 P5 Trading securities (at cost).................. Short-term stock investments (at cost)........ Equity method investments................. Held-to-maturity securities (long-term)........ $ 5,000 23,000 70,000 13.000 Cash ................................... Fair value adjustment-Stock ............ Accounts receivable....
Reporting and Interpreting Bond Disclosures The adjusted trial balance for the Hass Corporation at the end...
Reporting and Interpreting Bond Disclosures The adjusted trial balance for the Hass Corporation at the end of 2015 contains the following accounts: $30,000 Bond Interest Payable 550,000 9% Bonds Payable due 2017 600,000 10% Bonds Payable due 2016 21,000 Discount on 9% Bonds Payable 3,000 Premium on 8% Bonds Payable 180,000 Zero-Coupon Bonds Payable due 2018 110,000 8% Bonds Payable due 2020 Prepare the long-term liabilities section of the balance sheet. Indicate the proper balance sheet classification for accounts listed...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc.,...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on...
2 QS 4-13 Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Co....
2 QS 4-13 Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Co. reports the following balance sheet accounts as of December 31. ints eBook Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable $ 70,000 3,800 29,000 12,600 6,8ee 11,6ee 66, see 4,600 28,888 24, see 4,820 Hint Ask Required: Prepare a classified balance sheet. References Clear Water Co. Balance Sheet December...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 2,000 14,000 3,550 7,000 760 Cash withdrawals by owner Consulting revenue Rent expense $11,360 Cash 14,000 Accounts receivable office supplies Land office equipment Accounts...
Exercise 4-16 Preparing a classified balance sheet for a merchandiser LO P4 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 8. Bee Retained earnings 87,eee Notes payable (due in 9 years) 9,eee office supplies 18,888 Land 30,eee Accumulated depreciation-Building 7,000 Mortgages payable (due in 5 years) 24,000 Cash 30,eee 79, eee 7e,eee 6, eee 62,eee 9, eee 52,888 56. eee Required:...
HW10#10: BALANCE SHEET REPORTING OF LONG-TERM LIABILITIES: The adjusted trial balance for Helton Corporation at December 31, 2017 contained the following accounts: DEBITS CREDITS Current Assets Long-Term Assets Bonds payable, 10% Interest payable Discount on bonds payable Notes payable,9%, due 2021 Accounts payable $200,000 980,000 $500,000 20,000 30,000 70,000 120,000 Instructions (a) What is the total of all current liabilities? $ (b) What is the total of all long-term liabilities? $ (c) What is the total of all liabilities? $...
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...
Selected accounts from GermX Co.'s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment Trading increases trading securities; Fair Value Adjustment-Stock decreases stock investments. Exercise 15-14 Prepare assets section of balance sheet C1 P1 P2 P3 P4 P5 Trading securities (at cost).................. Short-term stock investments (at cost)........ Equity method investments................. Held-to-maturity securities (long-term)........ $ 5,000 23,000 70,000 13.000 Cash ................................... Fair value adjustment-Stock ............ Accounts receivable....
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on...
2 QS 4-13 Preparing a classified balance sheet for a merchandiser LO P4 Clear Water Co. reports the following balance sheet accounts as of December 31. ints eBook Buildings Accounts receivable Land Merchandise inventory Accounts payable Cash Notes payable (due in 7 years) Office supplies Common stock Retained earnings Wages payable $ 70,000 3,800 29,000 12,600 6,8ee 11,6ee 66, see 4,600 28,888 24, see 4,820 Hint Ask Required: Prepare a classified balance sheet. References Clear Water Co. Balance Sheet December...
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