Homework Answers
1) Account Receivable = Gross account Receivable - Allowance for doubtful account
$1,330,000 = Gross account Receivable - $15,000
Gross account Receivable = $1,330,000 + $15,000
= $1,345,000
Gross account Receivable = $1,345,000
2) Total current assets = Cash + Account Receivable + Inventory
= $200,000 + $1,330,000 + $1,460,000
= $2,990,000
Total current assets = $2,990,000
3) Land = Total assets - Total current assets - Plant and Equipment
= $4,840,000 - $2,990,000 - $1,440,000
= $410,000
Land = $410,000
4) Plant and Equipment = Plant and Equipment (Cost) - Accumulated Depreciation
$1440,000 = $2,360,000 - Accumulated Depreciation
Accumulated Depreciation = $1,440,000 - $2,360,000
= $920,000
Accumulated Depreciation = $920,000
5) Accrued Wages = Total Current Liability - Account Payable - Notes Payable to banks - Taxes owed
= $1,140,000 - $560,000 - $80,000 - $80,000
= $420,000
Accrued Wages = $420,000
6) Common Stock = 560,000 Shares * $1 (Par Value)
= $560,000
Common Stock = $560,000
7) Common Stock = Total stockholder's equity - Retained Earnings
$560,000 = $3,100,000 - Retained Earnings
Retained Earnings = $3,100,000 - $560,000
= $2,540,000
Retained Earnings = $2,540,000.
8) Total Liabilities and equity = Total Assets
= $4,840,000
9) Long Term Debt = Total Liabilities and equity - Total stockholder's equity - Total Current Liability
= $4,840,000 - $3,100,000 - $1,140,000
= $600,000
Long Term Debt = $600,000.
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Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
please help fill out this sheet Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contai...
please help fill out this sheet
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 DUSITISSUUUISE Balance Sheet December 31 Assets Current Assets:...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 NASH COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading) at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash...
Balance It! Match the following words/numbers with the numbered blanks in the balance sheet on the...
Balance It! Match the following words/numbers with the numbered blanks in the balance sheet on the next page. The first two have been done for you. (Ignore upper and lower-case spellings and whether numbers are shown as currency or not.) Equity Receivable _2_Accounts Common Accumulated Fixed Payable Less Total Intangible Current Notes Long-term Assets Doubtful 142,000 18,000 25,000 62,000 32,000 Balance Sheet December 31, 2000 $ 31,000 Cach 2 receivable Less allowance for 3 accounts Notes Inventory Prepaid expenses Assets...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 489,990 Current liabilities Investments 644,990 Long-term liabilities Property, plant, and equipment 1,724,990 Stockholders' equity Intangible assets 305,000 $3,164,970 $ 384,990 1,004,990 1,774,990 $3,164,970 2. The following information is presented. 1. The current assets section includes cash $154,990, accounts receivable $174,990 less $14,990 for allowance for doubtful accounts, inventories $184,990, and unearned...
fill in rest of the blanks please Current Attempt in Progress ely correct Your answer is...
fill in rest of the blanks please
Current Attempt in Progress ely correct Your answer is partially correct. These items are taken from the financial statements of Concord Corporation at December 31, 2017. 1. $90,988 10,836 2.7525 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017 Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 10.182 70,864 52,632 671 4,558 2,236 51,600 34,400 39.216...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit Credit Cash $ 199,800 $ 8,102,570 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 155,570 4,800,000 301,800 279,800 92,570 457,570 2,002,570 64,380 Land 262,570 1,042,800 Buildings Dividends Payable Accrued Liabilities 138,800 98,570 Accounts Receivable 437,570 152,000 27,570 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest...
Chapter 05 Group work - STU.xlsx Problem 3 Page 4 Presented below are a number of...
Chapter 05 Group work - STU.xlsx Problem 3 Page 4 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020. 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) $ $ $ $ $ $ $ $ $ 125,000 177,591 300,000 15,000 360,000 480,000 445,700 265,000 490,000 ? 97,630 1,600,000 Accumulated depreciation equipment Inventory...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31,...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2012 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150.000 The following information is presented. 1. The current assets section includes: cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned revenue $5,000. Inventories are stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes: the cash surrender value of a...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
please help fill out this sheet
Preparation of Balance Sheet Ari Company's December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000 Building 439,500 Long-term notes payable 785,000 Common stock 950,000 Retained earnings 75,000 Accumulated depreciation-Equipment 180,000 Land 877,000 Accounts receivable 22,500 Accumulated depreciation-Building 135,000 Wages payable 6,000 Patent (net of amortization) 120,000 Notes payable (short term) 131,000 Inventory 206,000 Equipment 600,000 Allowance for doubtful accounts 2,000 DUSITISSUUUISE Balance Sheet December 31 Assets Current Assets:...
Exercise 5-5 Your answer is partially correct. Try again. Nash Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 NASH COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading) at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash...
Balance It! Match the following words/numbers with the numbered blanks in the balance sheet on the next page. The first two have been done for you. (Ignore upper and lower-case spellings and whether numbers are shown as currency or not.) Equity Receivable _2_Accounts Common Accumulated Fixed Payable Less Total Intangible Current Notes Long-term Assets Doubtful 142,000 18,000 25,000 62,000 32,000 Balance Sheet December 31, 2000 $ 31,000 Cach 2 receivable Less allowance for 3 accounts Notes Inventory Prepaid expenses Assets...
Problem - 4 (Balance Sheet Adjustment and Preparation) Presented below is the balance sheet of Sargent Corporation for the current year, 2014. Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000,...
Your answer is partially correct. Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 489,990 Current liabilities Investments 644,990 Long-term liabilities Property, plant, and equipment 1,724,990 Stockholders' equity Intangible assets 305,000 $3,164,970 $ 384,990 1,004,990 1,774,990 $3,164,970 2. The following information is presented. 1. The current assets section includes cash $154,990, accounts receivable $174,990 less $14,990 for allowance for doubtful accounts, inventories $184,990, and unearned...
fill in rest of the blanks please
Current Attempt in Progress ely correct Your answer is partially correct. These items are taken from the financial statements of Concord Corporation at December 31, 2017. 1. $90,988 10,836 2.7525 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017 Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 10.182 70,864 52,632 671 4,558 2,236 51,600 34,400 39.216...
Exercise 5-12 Presented below is the trial balance of Nash Corporation at December 31, 2020. Debit Credit Cash $ 199,800 $ 8,102,570 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 155,570 4,800,000 301,800 279,800 92,570 457,570 2,002,570 64,380 Land 262,570 1,042,800 Buildings Dividends Payable Accrued Liabilities 138,800 98,570 Accounts Receivable 437,570 152,000 27,570 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest...
Chapter 05 Group work - STU.xlsx Problem 3 Page 4 Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2020. 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) $ $ $ $ $ $ $ $ $ 125,000 177,591 300,000 15,000 360,000 480,000 445,700 265,000 490,000 ? 97,630 1,600,000 Accumulated depreciation equipment Inventory...
3 Current assets Investments Property, plant, and equipment Intangible assets SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2012 $ 485,000 Current liabilities 640,000 Long-term liabilities 1,720,000 Stockholders' equity 305,000 $3,150,000 $ 380,000 1,000,000 1,770,000 $3,150.000 The following information is presented. 1. The current assets section includes: cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned revenue $5,000. Inventories are stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes: the cash surrender value of a...
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