Question

In: Accounting

Suppose the following items were taken from the 2017 financial statements of Blossom Company.(All dollars are...

Suppose the following items were taken from the 2017 financial statements of Blossom Company.(All dollars are in millions.)

Common stock $3,100 Accumulated depreciation—equipment $3,730
Prepaid rent 150 Accounts payable 1,680
Equipment 6,400 Patents 2,440
Stock investments (long-term) 640 Notes payable (long-term) 790
Debt investments (short-term) 1,800 Retained earnings 6,060
Income taxes payable 170 Accounts receivable 1,800
Cash 1,190 Inventory 1,110



Prepare a classified balance sheet in good form as of December 31, 2017. (List current assets in order of liquidity.)

Solutions

Expert Solution

Blossom Company

Balance Sheet

December 31, 2017

ASSETS

CURRENT ASSETS:

Cash

$1190

Account Receivable

$1800

Inventory

$1110

Debt Investment (short term)

$1800

Prepaid Rent

$150

NON CURRENT ASSETS:

Stock Investment (long term)

$640

Patents

$2440

PLANT, PROPERTY, AND EQUIPMENT

Equipment

$6400

Accumulated depreciation—equipment

($3730)

$2670

Total Assets

$11800

LIABILITIES AND SHAREHOLDER’S EQUITY:

CURRENT LIABILITIES:

Accounts Payable

$1680

Income Taxes Payable

$170

LONG TERM LIABILITIES:

Notes Payable

$790

TOTAL LIABILITIES

$2640

SHAREHOLDER’S EQUITY:

Common Stock

$3100

Retained Earnings

$6060

TOTAL OF LIABILITIES AND SHAREHOLDER’S EQUITY

$11800

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The following items were taken from the financial statements of Buttercup Company. (All dollars are in...
The following items were taken from the financial statements of Buttercup Company. (All dollars are in thousands.) ​Mortgage payable​$ 1,443​Accumulated depreciation​3,655 ​Prepaid expenses​880​Accounts payable​1,444 ​Property, plant, and equipment​11,000​Notes payable after 2017​1,200 ​Long-term investments​1,100​Shareholder Capital​13,480 ​Short-term investments​3,690​Accounts receivable​1,696 ​Notes payable in 2017​1,000​Inventories​1,756 ​Cash​2,100 Instructions Prepare a classified balance sheet in good form as of December 31, 2016.
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All...
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $2,990 Accumulated depreciation—equipment $4,380 Prepaid rent 160 Accounts payable 1,090 Equipment 6,220 Patents 2,220 Stock investments (long-term) 690 Notes payable (long-term) 970 Debt investments (short-term) 1,950 Retained earnings 6,100 Income taxes payable 170 Accounts receivable 1,870 Cash 1,340 Inventory 1,250 Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order...
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All...
Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock $2,990 Accumulated depreciation—equipment $4,380 Prepaid rent 160 Accounts payable 1,090 Equipment 6,220 Patents 2,220 Stock investments (long-term) 690 Notes payable (long-term) 970 Debt investments (short-term) 1,950 Retained earnings 6,100 Income taxes payable 170 Accounts receivable 1,870 Cash 1,340 Inventory 1,250 Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order...
The following items were taken from the financial statements of Garcia Company. Mortgage payable $ 2,340...
The following items were taken from the financial statements of Garcia Company. Mortgage payable $ 2,340 Accumulated depreciation 3,560 Prepaid expenses 980 Accounts payable 1,555 Property, plant, and equipment 11,500 Notes payable due after 2020 1,200 Long-term investments 1,300 Owner’s capital 14,026 Short-term investments 3,690 Accounts receivable 1,696 Notes payable due in 2020 1,000 Inventories 1,765 Cash 2,750 Instructions: Prepare a classified balance sheet in good form (with the proper three-line heading) as of December 31, 2019.
These items are taken from the financial statements of Sunland Company at December 31, 2017. Buildings...
These items are taken from the financial statements of Sunland Company at December 31, 2017. Buildings $ 107,916 Accounts receivable 12,852 Prepaid insurance 3,264 Cash 12,077 Equipment 84,048 Land 62,424 Insurance expense 796 Depreciation expense 5,406 Interest expense 2,652 Common stock 61,200 Retained earnings (January 1, 2017) 40,801 Accumulated depreciation—buildings 46,512 Accounts payable 9,690 Notes payable 95,472 Accumulated depreciation—equipment 19,094 Interest payable 3,672 Service revenue 14,994 Prepare a classified balance sheet. Assume that $ 13,872 of the note payable will...
These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings...
These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings $122,728 Accounts receivable 14,616 Prepaid insurance 3,712 Cash 13,734 Equipment 95,584 Land 70,992 Insurance expense 905 Depreciation expense 6,148 Interest expense 3,016 Common stock 69,600 Retained earnings (January 1, 2017) 46,400 Accumulated depreciation—buildings 52,896 Accounts payable 11,020 Notes payable 108,576 Accumulated depreciation—equipment 21,715 Interest payable 4,176 Service revenue 17,052 Prepare a classified balance sheet. Assume that $15,776 of the note payable will be paid...
Exercise 2-11 Suppose the following data were taken from the 2017 and 2016 financial statements of...
Exercise 2-11 Suppose the following data were taken from the 2017 and 2016 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2017 2016 Current assets $ 988,800 $963,900 Total assets 1,940,000 1,866,000 Current liabilities 412,000 357,000 Total liabilities 566,480 544,872 Net income 165,600 347,200 Net cash provided by operating activities 283,000 490,800 Capital expenditures 250,000 284,800 Dividends paid on common stock 78,000 109,300 Weighted-average shares outstanding 207,000 217,000 (a) Calculate the current ratio for...
The following items are taken from the financial statements of Novak Company for the year ending...
The following items are taken from the financial statements of Novak Company for the year ending December 31, 2022: Accounts payable $18,000 Accounts receivable 7,600 Accumulated depreciation—equipment 4,600 Bonds payable 18,000 Cash 22,000 Common stock 26,100 Cost of goods sold 28,100 Depreciation expense 5,800 Dividends 5,000 Equipment 42,000 Interest expense 2,600 Patents 5,020 Retained earnings, January 1, 2022 7,200 Salaries and wages expense 6,000 Sales revenue 53,200 Supplies 2,980 can you explain ( Income Statement, Balance Sheet, Current Ratio, Debt...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2017 2016 Accounts receivable (gross) $ 3,839 $ 4,712 Accounts receivable (net) 3,133 4,536 Allowance for doubtful accounts 706 176 Sales revenue 38,387 38,915 Total current assets 6,692 6,915 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5....
Exercise These items are taken from the financial statements of Marigold Corp. at December 31, 2017....
Exercise These items are taken from the financial statements of Marigold Corp. at December 31, 2017. Buildings $88,872 Accounts receivable 10,584 Prepaid insurance 2,688 Cash 9,946 Equipment 69,216 Land 51,408 Insurance expense 655 Depreciation expense 4,452 Interest expense 2,184 Common stock 50,400 Retained earnings (January 1, 2017) 33,600 Accumulated depreciation—buildings 38,304 Accounts payable 7,980 Notes payable 78,624 Accumulated depreciation—equipment 15,725 Interest payable 3,024 Service revenue 12,348 Prepare a classified balance sheet. Assume that $11,424 of the note payable will be...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT