Homework Answers
Answer to Question 1, - Before answeing current assets, Firs would like to define current assets.
Definition of current assets- Cash or any other assets expected to be converted in cash within 1 year and items below can be classifed as Current assets
| Assets | Value |
| Cash | Value is not given in the question hence skipping that part |
| Accounts receivable | Value is not given in the question hence skipping that part |
| Inventory | Value is not given in the question hence skipping that part |
| Prepaid expenses | Value is not given in the question hence skipping that part |
| Supplies | Value is not given in the question hence skipping that part |
Answer to Question 2- Current Liability is amount to be paid within 12 months and items below can be classified as
Current Liablities
| Current Liabilities | Value |
| Accounts Payable | Value is not given in the question hence skipping that part |
| Wages Payable | Value is not given in the question hence skipping that part |
| Interest Payable | Value is not given in the question hence skipping that part |
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Tableau DA 3-4: Quick Study, Classifying balance sheet items LO C3 The CEO of Jisko requests...
$0 $25,000 $50,000 # +ableau 1. Identify the company's current assets and their amounts. 2. Identify...
$0 $25,000 $50,000 # +ableau 1. Identify the company's current assets and their amounts. 2. Identify the company's current liabilities and their amounts. 3. Calculate the total amount reported for plant assets on the balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the total amount reported for plant assets on the balance sheet. Total plant assets < Required 2 Required 3 > #tableau 1. Identify the company's current...
accounts payable 62000 wages payable 21000 interest payable 24000 notes payable 34000 mortgage payable 84000 common...
accounts payable 62000
wages payable 21000
interest payable 24000
notes payable 34000
mortgage payable 84000
common stock 69000
retained earnings 57000
land 114000
long term investment in stocks 36000
notes receivable (due in 3 yrs) 26000
accounts receivable 24000
cash 26000
prepaid expenses 10800
supplies 10200
intangible assets 15000
trucks 15k accumulated depreciation 12000
inventory 55000
1. Identify the company's current assets and their amounts. 2. Identify the company's current liabilities and their amounts. 3. Calculate the total amount reported...
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that...
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. asset: land=$114,000;long-term investment in stocks=$36,000; notes receivable(due in 3 years)=$26,000;prepaid expenses=$10,800;supplies=$10,200;cash=$26,000; account receivable=$24,000;trucks=$46,000; accumlated depreciation=$12,000; intangible assets=$15,000;inventory=$55,000; liabilities&equity: accounts payable=$62,000;wages payable=$21,000; interest payable=$24,000; notes payable(due in 9 years)=$34,000;mortgage payable(due in 20 years)=$84,000;common stock=$69,000; retained earnings=$57,000 2. Prepare the current assets section of its December 31...
Tableau DA 14-2: Exercise, Cost classification and current assets section of balance sheet LO C2, P2...
Tableau DA 14-2: Exercise, Cost classification and current
assets section of balance sheet LO C2, P2
You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a c...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering...
1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs bel Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dolla ($ in 000s) $ 239,186 353,700 504,944 Cash and cash equivalents Short-term investments Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) 83,259 1,594,927 110,800 Total assets 31,116 Notes payable (current) Accounts payable Accrued liabilities Other current liabilities Total...
Land (used in operations): $114,000 Inventory: $55,000 Accounts Receivable: $24,000 Long-Term Investment in Stocks: $36,000 Intangible...
Land (used in operations): $114,000
Inventory: $55,000
Accounts Receivable: $24,000
Long-Term Investment in Stocks: $36,000
Intangible Assets: $15,000
Cash: $26,000
Notes Receivable (due in 3 years): $26,000
Prepaid Expenses: $10,800
Supplies: $10,200
Trucks: $46,000
Accumulated Depreciation: $12,000
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. Assets Long-Term Investment in Stocks Notes Receivable (due...
Problem 3-2 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3) The data listed below are taken...
Problem 3-2 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3) The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) (5 in 000s) S 240 286 355,700 506.944 Cash and cash equivalents Short-term investments...
The data listed below are taken from a balance sheet of Trident Corporation at December 31,...
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) ($ in 000s) $ 252,286 367,700 518,944 97,259 1,734,927 124,800 Cash and cash equivalents Short-term investments Accounts receivable Inventory Prepaid expenses (current) Total current assets...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (shorte term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 51,000 45,000 86,000 27,000 21,000 200,000 $ 22,000 90,000 13,500 9,500 43,000 250,000...
$0 $25,000 $50,000 # +ableau 1. Identify the company's current assets and their amounts. 2. Identify the company's current liabilities and their amounts. 3. Calculate the total amount reported for plant assets on the balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the total amount reported for plant assets on the balance sheet. Total plant assets < Required 2 Required 3 > #tableau 1. Identify the company's current...
accounts payable 62000
wages payable 21000
interest payable 24000
notes payable 34000
mortgage payable 84000
common stock 69000
retained earnings 57000
land 114000
long term investment in stocks 36000
notes receivable (due in 3 yrs) 26000
accounts receivable 24000
cash 26000
prepaid expenses 10800
supplies 10200
intangible assets 15000
trucks 15k accumulated depreciation 12000
inventory 55000
1. Identify the company's current assets and their amounts. 2. Identify the company's current liabilities and their amounts. 3. Calculate the total amount reported...
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. asset: land=$114,000;long-term investment in stocks=$36,000; notes receivable(due in 3 years)=$26,000;prepaid expenses=$10,800;supplies=$10,200;cash=$26,000; account receivable=$24,000;trucks=$46,000; accumlated depreciation=$12,000; intangible assets=$15,000;inventory=$55,000; liabilities&equity: accounts payable=$62,000;wages payable=$21,000; interest payable=$24,000; notes payable(due in 9 years)=$34,000;mortgage payable(due in 20 years)=$84,000;common stock=$69,000; retained earnings=$57,000 2. Prepare the current assets section of its December 31...
Tableau DA 14-2: Exercise, Cost classification and current
assets section of balance sheet LO C2, P2
You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work...
Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one year operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a long-term liability, or Nif it is not a liability. Item Classification 1.Notes payable (due in 13 to 24 months) 2. Notes payable (due in 6 to 11 months). 3. Notes payable (mature in five years). 4....
1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs bel Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dolla ($ in 000s) $ 239,186 353,700 504,944 Cash and cash equivalents Short-term investments Accounts receivable Inventory Prepaid expenses (current) Total current assets Long-term receivables Equipment (net) 83,259 1,594,927 110,800 Total assets 31,116 Notes payable (current) Accounts payable Accrued liabilities Other current liabilities Total...
Land (used in operations): $114,000
Inventory: $55,000
Accounts Receivable: $24,000
Long-Term Investment in Stocks: $36,000
Intangible Assets: $15,000
Cash: $26,000
Notes Receivable (due in 3 years): $26,000
Prepaid Expenses: $10,800
Supplies: $10,200
Trucks: $46,000
Accumulated Depreciation: $12,000
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company's accounting system. Assets Long-Term Investment in Stocks Notes Receivable (due...
Problem 3-2 (Algo) Balance sheet preparation; missing elements (LO3-2, 3-3) The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) (5 in 000s) S 240 286 355,700 506.944 Cash and cash equivalents Short-term investments...
The data listed below are taken from a balance sheet of Trident Corporation at December 31, 2021. Required: 1. Determine the missing amounts. 2. Prepare Trident's classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the missing amounts. (Enter the answers in thousands of dollars.) ($ in 000s) $ 252,286 367,700 518,944 97,259 1,734,927 124,800 Cash and cash equivalents Short-term investments Accounts receivable Inventory Prepaid expenses (current) Total current assets...
Exercise 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] The following is a December 31, 2021, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months) Investment in equity securities (shorte term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Debits Credits $ 51,000 45,000 86,000 27,000 21,000 200,000 $ 22,000 90,000 13,500 9,500 43,000 250,000...
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