Question

CH 8 HW Problems CH8 HW Problems a Check my work E8-1 (Algo) Preparing a Classified Balance Sheet L08-1 The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Calvin, Inc., a leading manufacturer of games, toys, and interactive entertainment software for children and families 05 Buildings and improvements Prepaid expenses and other current as Allowance for doubtful accounts Other noncurrent assets Accumulated amortization (other intangibles) Cash and cash equivalents Goodwill Machinery, equipment, and software Accumulated depreciation Inventories Tools, dies, and molds Other intangibles Land and improvements Accounts receivable Required: Prepare the asset section of the balance sheet for Calvin, Inc. classifying the assets into Current Assets, Property. Plant, and Equipment net and Other Assets. (Enter your answers in millions fue., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) Prey 1 of 3 11 Next >

Answer 1

Asset section of the balance sheet for Calvin Inc is as prepared below:

Calvin Inc
Excerpts Balance Sheet
As at Dec 31, 20XX
Particulars	Amount ($)	Amount ($)
ASSETS
Current Assets:
Cash and cash equivalents	639
Account Receivable	649
Less: Allowance for doubtful accounts	-51
Inventories	308
Prepaid expenses and other current assets	180
Total Current Assets		1,725
Other non current assets	204
Tools, dies and molds	80
Land and improvements	10
Buidings and Improvements	194
Machinery, equipment and software	420
Less: Accumulated depreciation	-413
		495
Intangibles
Goodwill	475
Other Intangibles	1,374
Accumulated amortization	-814	1,035
Total Assets		3,255