Homework Answers
Answer :- All of the above
In classified financial statement under assets side, Current Assets comes first , then Property, Plant & Equipment and at last intangible assets.
Answer :- Retained Earnings
Retained Earning is a account in which Net Income/Loss or Income summary transferred as a part of Closing Entries. apart from Income/Loss, dividend are also transferred to retained earning as closing entry.
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Which of the following asset classification(s) is generally contained on a classified statement of financial position?...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement of financial position are as follows: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Other assets 6. Current liabilities 7. Long-term debt 8. Capital shares 9. Contributed surplus 10. Retained earnings 11. Accumulated other comprehensive income ect proble ~ CHAPTER 1 X M ebook intermediat X Cover Page X Operations Manag te%20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf Instructions Indicate by number where...
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...
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...
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...
The statement of financial position of Concord Corporation follows for the current year, 2020: CONCORD CORPORATION...
The statement of financial position of Concord Corporation
follows for the current year, 2020:
CONCORD
CORPORATION
Statement of Financial Position
December 31, 2020
Current assets
$533,500
Current liabilities
$418,000
Investments
704,000
Long-term liabilities
1,056,000
Property, plant, and
equipment
1,892,000
Shareholders' equity
1,947,000
Intangible assets
291,500
$3,421,000
$3,421,000
The following additional information is available:
1.
The current assets section
includes the following: cash $165,000; accounts receivable
$187,000, less $11,000 allowance for doubtful accounts; inventory
$198,000; and unearned revenue $5,500. The cash...
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...
o ne of the three forms of business organization? Which of the following a Corporations b....
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable due in 30 days Current Liabilities 7. Share premium-preference shares (Share Capital) 8. Warranty liability Current Liabilities 9. Currency held in the cash register Current Assets 10. Ordinary shares Share Capital 11. Long-term debt covenants Not Reported on Statement of Financial Position 12. Allowance for doubtful accounts (Current Assets) 13. Accumulated depreciation (Plant Assets) 14. Goodwill Intangible Assets 15. 90 day notes payable Current...
Prepare a classified statement of financial position. Assume that $10,880 of the bank loan payable will...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
Problem 15-03 Nash Company has two classes of capital stock outstanding: 8%, $20 par preferred and...
Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
E5.2 (LO 3) (Classification of Statement of Financial Position Accounts) The classifications on Chesapeake Limited's statement of financial position are as follows: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Other assets 6. Current liabilities 7. Long-term debt 8. Capital shares 9. Contributed surplus 10. Retained earnings 11. Accumulated other comprehensive income ect proble ~ CHAPTER 1 X M ebook intermediat X Cover Page X Operations Manag te%20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf Instructions Indicate by number where...
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...
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...
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...
The statement of financial position of Concord Corporation
follows for the current year, 2020:
CONCORD
CORPORATION
Statement of Financial Position
December 31, 2020
Current assets
$533,500
Current liabilities
$418,000
Investments
704,000
Long-term liabilities
1,056,000
Property, plant, and
equipment
1,892,000
Shareholders' equity
1,947,000
Intangible assets
291,500
$3,421,000
$3,421,000
The following additional information is available:
1.
The current assets section
includes the following: cash $165,000; accounts receivable
$187,000, less $11,000 allowance for doubtful accounts; inventory
$198,000; and unearned revenue $5,500. The cash...
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...
o ne of the three forms of business organization? Which of the following a Corporations b. Partnerships C. Proprietorships d. Investors An advantage of the corporate form of business is that a it has limited life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares of stock. d it is simple to establish 3. Bened Benedict Company compiled the following financial information as of December 31, 2022: Service revenue S1.120,000 Common...
4 Equity securities classified as trading Current Assets 5. Cash Current Assets 6. Accrued interest payable due in 30 days Current Liabilities 7. Share premium-preference shares (Share Capital) 8. Warranty liability Current Liabilities 9. Currency held in the cash register Current Assets 10. Ordinary shares Share Capital 11. Long-term debt covenants Not Reported on Statement of Financial Position 12. Allowance for doubtful accounts (Current Assets) 13. Accumulated depreciation (Plant Assets) 14. Goodwill Intangible Assets 15. 90 day notes payable Current...
Prepare a classified statement of financial position. Assume
that $10,880 of the bank loan payable will be paid in 2019.
(List Property, plant and equipment in order of land,
buildings and equipment. List Current Assets in order of
liquidity.)
Buildings $84.640 Accounts receivable 10.080 Prepaid insurance 3,744 Cash 9,472 Equipment 65,920 Land 48,960 Office expense 464 Income tax expense 160 Depreciation expense 4,240 Interest expense 2,080 Common shares Retained earnings (January 1, 2018) Accumulated depreciation-building 49.600 32,000 36,480 Accounts payable...
Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
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