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As an Optional Challenge problem: create a balance sheet at end of year 8 on the...
As an Optional Challenge problem: create a balance sheet at end of year 8 on the accrual basis of accounting. Remember that for each event above, asset entries must equal entries for liabilities and stockholders’ equity (A = L + E).
Solutions
Expert Solution
BALANCE SHEET
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $ 20,289
SHORT TERM MARKETABLE SECURITES 53,892
ACCOUNTS RECEIVABLE ,LESS ALLOWANCES OF $58 and 53 17,874
INVENTORIES 4,855
VENDOR NON -TRADE RECEIVABLES 17,799
OTHER CURRENT ASSETS 13,936
TOTAL CUURENT ASSETS = 128,645
LONG TERM MARKETABLE SECURITIES 194,714
PROPERT,PLANT AND EQUIPMENT 33,783
GOODWILL 5,717
ACCQUIRED INTANGIBLE ASSETS 2,298
OTHER NON-CURRENT ASSETS 10,162
TOTAL ASSETS = $ 375,319
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
ACCOUNTS PAYABLE $ 49,049
ACCURED EXPENSES 25,744
DEFERRED REVENUE 7,548
COMMERICAL PAPER 11,977
CURRENT PORTION OF LONG TERM DEBT 6,496
TOTAL CUURENT LIABILITIES 100,814
DEFEERED REVENUE,NON -CURRENT 2,836
LONG -TERM DEBT 97,207
OTHER NON -CURRENT LIABILTIES 40,415
TOTAL LIABILITIES = 241,272
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS EQUITY
Common stock and additional paid in capital ,$0.00001 par value ;12,600,000 shares,authorized; 5,126,201 and 5,336,166 shares issued and outstanding Respectively. 35,867
RETAINED EARNINGS 98,330
ACCUMALATED OTHER COMPREHENSIVE INCOME(LOSS) (150)
Total shareholders equity = 134,047
Total liabilites and shareholders equity $ = 375,319
jeff jeffy answered 2 years agoRelated Solutions
Based on the information below create the year end income statement, balance sheet, and cash flow...
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Beginning of Year
End of Year
Beginning of Year
End of Year
Cash
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437
Accounts payable
1361
1043
Receivables
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Long-term debt
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2982
Inventory
2039
2146
Common stock
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Net fixed assets
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Retained earnings
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Year 1
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$ 8
Net Accounts Receivable
76
50
DTA - NOL
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12
Furniture
100
100
Accumulated Depreciation
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(5)
Total Assets
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$ 165
Accounts Payable
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$ 10
Deferred Tax Liability
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Bank Loan
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$ 53
Total Liabilities
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Common Stock
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A balance sheet that separates assets and liabilities into
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A balance sheet that has a restricted audience.
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The income statement includes non-cash items
The income statement is based on accruals
All of the above
None of the above
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Accounts receivable
140,000
Total current assets
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Land
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Plant and equipment
700,000
Accumulated depreciation
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Investments
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Total long-term assets
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Current liabilities
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Bonds payable
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Common stock
$500,000
Retained earnings
120,000
Total stockholders’ equity
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Total liabilities and
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The balance sheet of Poodle Company at the end of 2016 is
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Cash
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Accounts receivable
140,000
Total current assets
$295,000
Land
$100,000
Plant and equipment
700,000
Accumulated depreciation
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Investments
125,000
Total long-term assets
$750,000
Total assets
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Current liabilities
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Bonds payable
$100,000
Common stock
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Retained earnings
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Total stockholders’ equity
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Assets
Liabilities
Current Assets:
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Accounts payable
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Accounts receivable
400,000
Accrued liabilities
150,000
Inventories
350,000
Notes payable
100,000
Total Current Assets
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Total Current Liabilities
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Long-Term Bonds
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Net plant and equipment(cost minus depreciation)
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Retained earnings
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Accounts receivable
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Inventory
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Prepaid expenses
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Long-term investments
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Plant and equipment
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Accounts payable
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Accrued liabilities
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Taxes payable
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Common stock
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Retained earnings
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Required:
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At
December 31, 2018
($
in 000s)
Assets
Current assets:
Cash
$
3,250
Accounts receivable
7,500
Allowance for uncollectible
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)
Finished goods inventory
8,000
Prepaid expenses
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Total current assets
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