XYZ Corporation Adjusted Trial Balance December 31, 2021 Debit Credit Accounts receivable 700 Building 480 Equipment...

XYZ Corporation
Adjusted Trial Balance
December 31, 2021
	Debit	Credit
Accounts receivable	700
Building	480
Equipment	375
Cash	125
Inventory	90
Land	300
Notes receivable	530
Investments	330
Prepaid rent (for the next 2 years)	50
Supplies	20
Trademark	50
Prepaid Insurance (for the next 3 years)	90
Accounts payable		620
Accumulated depreciation- Equipment		225
Accumulated depreciation- Buildings		180
Total stockholders' equity		1110
Dividends payable		50
Income tax payable		80
Allowance for Doubtful Accounts		55
Notes payable		600
Interest payable		60
Deferred revenue		160
TOTALS	3,140	3,140

Additional information and requirements:

Additional information:

1. Land includes land held a possible future plant site $125K and land for the current plant site $175K.

2. The notes receivable are due in 2023. The balance of $530 includes $30 of accrued interest. The next interest payment is due in July 2022.

3. Included in the investments are treasury bills of $70K that were purchased in November 2021 and mature in January, 2022; trading securities of $100 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year.

4. As of 12/31/21, Stockholders' equity has common stock, $1.00 par value, authorized 300K shares, and issued 150K shares at an average price of $4.50. The remaining balance in stockholders’ equity is retained earnings.

5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of $100 beginning 2/28/22.

6. Deferred revenue will be recognized equally over the next 24 months

1.) Prepare a classified balance sheet for XYZ Corporation at December 31, 2021. Complete the questions on the following page about the balance sheet.

Net accounts receivable ________________________
Total current assets ________________________
Total investments (long-term) ________________________
Net Buildings ________________________
Total PP&E, net ________________________
Total intangibles ________________________
Total other assets ________________________
Total Assets ________________________
Total Current Liabilities ________________________
Total Long-term Liabilities ________________________
Common Stock _______________________

2.) Calculate the following ratios :

Current ratio =
Debt to equity ratio =
Acid-test (quick) ratio =
Working capital =

Expert Solution

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XYZ Corporation
Answer 1
Classified Balance Sheet
Assets	Amount $	Amount $
Current Assets
Cash (including treasury bills)		195.00
Trading Securities		100.00
Accounts receivable	700.00
Allowance for uncollectible accounts	(55.00)	645.00
Inventory		90.00
Supplies		20.00
Prepaid rent- current portion		25.00
Prepaid insurance- current portion		30.00
Interest receivable		30.00
Current Assets		1,135.00
Investments
Long Term Investments	160.00
Notes receivable
Non Current Assets		160.00
Plant, Property & Equipment
Land		300.00
Building	480.00
Less: Accumulated Depreciation	(180.00)	300.00
Equipment	375.00
Less: Accumulated Depreciation	(225.00)	150.00
Plant, Property & Equipment		750.00
Intangible Assets
Trademark	50.00
Franchise (net)
Intangible Assets		50.00
Other Assets
Notes receivable	500.00
Prepaid rent- Non current portion	25.00
Prepaid rent- current portion	60.00
Intangible Assets		585.00
Total Assets		2,680.00

Liabilities & Stockholder's Equity
Liabilities
Current Liabilities
Accounts payable	620.00
Dividends payable	50.00
Interest payable	60.00
Income Taxes payable	80.00
Notes payable- Current Portion	100.00
Deferred Revenue- Current Portion	80.00	60.00
Current Liabilities		990.00
Non Current Liabilities
Notes payable	500.00
Unearned Revenue- Non Current Portion	80.00
Non Current Liabilities		580.00
Total Liabilities		1,570.00
Stockholder's Equity
Common stock ( 330K of $ 1 par stock authorized, 150K shares issued and outstanding.)	675.00
Retained earnings	435.00
Total Stockholder's Equity		1,110.00
Total Liabilities & Stockholder's Equity		2,680.00

Answer 2
Current ratio
(Current Assets/ Current Liabilities)	1.15

Debt to equity ratio	1.41
(Total Liabilities/ Total Equity)

Quick assets	Amount $
Cash (including treasury bills)	195.00
Trading Securities	100.00
Accounts receivable (net(	645.00
Interest receivable	30.00
Quick assets	970.00

Acid-test (quick) ratio	0.98
(Quick assets/ Current Liabilities)

Working capital	145.00
(Current Assets less Current Liabilities)

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