Question

In: Accounting

The information that follows relates to TZC & Associates' latest Balance Sheet (dated December 31, 2017)....

The information that follows relates to TZC & Associates' latest Balance Sheet (dated December 31, 2017). The figures are presented in Thousands of U.S. Dollars unless noted otherwise. Using the information presented below, prepare and present a properly formatted Balance Sheet. Present the Balance Sheet in any format you wish (T-account or report format) so long as it is professional looking and complete.

Accounts Payable $16,670
Accumulated Depreciation/Amortization on PPE 27,250
Additional Paid-in-Capital 46,400
Allowance for Doubtful accounts 350
Cash 110,325
Common Stock (1.5 million shares out @ $1/share par) 1,500
Copyrights 22,000
Current portion of Long-term Debt 8,900
Deferred Tax Liability 2,000
Goodwill 65,450
Gross Accounts Receivable 8,760
Gross Plant, Property and Equipment (PPE) 350,000
Inventory 10,212
Investments 7,178
Land 175,000
Long-term Debt 318,400
Marketable Securities 5,176
Mortgage Payable 96,900
Preferred Stock 17,000
Prepaid Expenses 1,002
Retained Earnings 246,195
Treasury Stock 27,902
Warranty Liability $1,440

Solutions

Expert Solution

Balance sheet of TZC & Associates as on December 31,2017

Liabilities Amount (In$) Assets Amount(in$)

Current liabilities Current asset

Account payable 16,670 Cash 1,10,325

Short term debt 8,900 Gross account receivable:8,760

Long term liabilities Less: Allowance for doubtful a/c:350   8410

Long term debt : 3,18,400 Inventory 10,212

Less: current portion 8,900 3,09,500 Marketable securities 5,176

of long term debt Prepaid expenses 1,002

Deferred tax liabilities 2,000 Long term assets

Mortgage debt 96,900 Gross Plant, Property

Stockholder equity and Equipment: 3,50000

Retained earnings 2,46,195 Less: depreciation: 27,250 3,22750

Common Stock :1,500 Land 1,75,000

Add: additional paid up capital: 46,400 47,900 Investment 7,178

Preferred stock 17,000 Goodwill 65,450

Treasury stock 27,902 Copyright 22,000

note:1. it is assumed that current portion of long term debt is a part of long term debt

2. warrant liability is a contingent liability so will just appear as a footnote on the liability side of balance sheet


Related Solutions

The information that follows relates to TZC & Associates' latest Balance Sheet (dated December 31, 2017)....
The information that follows relates to TZC & Associates' latest Balance Sheet (dated December 31, 2017). The figures are presented in Thousands of U.S. Dollars unless noted otherwise. Using the information presented below, prepare and present a properly formatted Balance Sheet.   Accounts Payable $16,670 Accumulated Depreciation/Amortization on PPE 27,250 Additional Paid-in-Capital 46,400 Allowance for Doubtful accounts 350 Cash 110,325 Common Stock (1.5 million shares out @ $1/share par) 1,500 Copyrights 22,000 Current portion of Long-term Debt 8,900 Deferred Tax Liability...
The information that follows relates to GAP latest Balance Sheet (dated December 31, 2017). The figures...
The information that follows relates to GAP latest Balance Sheet (dated December 31, 2017). The figures are presented in Thousands of U.S. Dollars unless noted otherwise. Using the information presented below, prepare and present a properly formatted Balance Sheet. Present the Balance Sheet in any format you wish (T-account or report format) so long as it is professional looking and complete. Accounts Payable $16,670 Accumulated Depreciation/Amortization on PPE 27,250 Additional Paid-in-Capital 46,400 Allowance for Doubtful accounts 350 Cash 110,325 Common...
The Balance Sheet of Njenge bank as at 31 December 2017 is as follows: Assets K...
The Balance Sheet of Njenge bank as at 31 December 2017 is as follows: Assets K ’million Liabilities K’ million Cash in hand 923 Issued & Paid-up Capital 200 Balances with Central Banks (1) 8,986 Reserves & Surplus (5) 54,464 Balances with Banks Abroad (2) 80,526 Deposits 110,568 Investment in Govt Securities (3) 35,428 Borrowings from Banks 66,084 Loans & Overdrafts (4) 104,362 Other Liabilities 532 Fixed Assets 942 Other Assets 681 Total assets 231,848 Total Liabilities 231,848 Memorandum Item:                                                                           ...
Randy has the following account balances on its balance sheet dated December 31, 2017: Accounts receivable...
Randy has the following account balances on its balance sheet dated December 31, 2017: Accounts receivable 300,000 Less: Allowance for doubtful accounts (50,000) $250,000 2 Transactions in 2018 included the following: 1. Accounts receivable of $100,000 were collected. This amount included gross accounts of $50,000 on which 2% sales discounts were allowed. (Randy used the gross method for sales discounts.) 2. Accounts receivable of $10,000 that had been written off in 2017 were collected in 2018. 3. Accounts of $40,000...
Crane Company's balance sheet accounts as of December 31, 2018 and 2017 and information relating to...
Crane Company's balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below.        December 31,           2018        2017    Assets Cash $ 438000 $   198000 Short-term investments    598000 — Accounts receivable (net) 1000000 1000000 Inventory 1360000 1180000 Long-term investments   398000   598000 Plant assets 3380000 1980000 Accumulated depreciation    (898000)    (898000) Patent     178000     198000       Total assets $6454000 $4256000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1640000...
The Edwards Lake Community Hospital balance sheet as of December 31, 2017, follows. EDWARDS LAKE COMMUNITY...
The Edwards Lake Community Hospital balance sheet as of December 31, 2017, follows. EDWARDS LAKE COMMUNITY HOSPITAL Balance Sheet As of December 31, 2017 Assets   Current assets:      Cash and Cash Equivalents $ 272,600       Accounts and notes receivable (net of uncollectible accounts of $15,900) 26,600   Inventory 72,600              Total current assets 371,800   Assets limited as to use:      Cash $ 17,240      Investments 229,720           Total assets limited as to use 246,960   Property, plant, and equipment:      Land 210,600      Buildings (net...
The following information relates to the Brown Corporation for the year ended December 31, 2017: 2017...
The following information relates to the Brown Corporation for the year ended December 31, 2017: 2017 net income $75,000 Unrealized holding gain on available-for-sale debt securities during the year $6,000 Unrealized holding loss on equity securities classified as trading securities ($4,000) The accumulated other comprehensive income (AOCI) account had a credit balance of $45,000 at the end of 2016. Assuming no other changes during the year affected AOCI and assuming that the unrealized loss on trading securities is already reflected...
Jafan Retailing, Balance Sheet Statement December 31, 2016 & December 31, 2017 2016 2017 Cash $   ...
Jafan Retailing, Balance Sheet Statement December 31, 2016 & December 31, 2017 2016 2017 Cash $    235,000 $    400,000 Accounts Receivable        367,200        325,000 Inventory        450,000        500,200 Prepaid Expenses        120,000        160,000 Long-term investment        100,000        300,000 Equiptment (Net)     1,050,000     1,125,000 Total Assets $ 2,322,200 $ 2,810,200 Accounts Payable $    421,000 $    411,000 Salary Payable        134,000        180,000 Interest Payable        110,000        112,000 Bonds Payable        550,000        560,000 Common Shares...
2. Ancy corporation’s balance sheet accounts as of December 31, 2017 and 2016 and information relating...
2. Ancy corporation’s balance sheet accounts as of December 31, 2017 and 2016 and information relating to 2015 activities are presented below. December 31,        2017     2016 Assets Cash $   440,000 $   200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent      180,000      200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes...
A) On December 31, 2017, SPK Corp reported the following information on its balance sheet: Accounts...
A) On December 31, 2017, SPK Corp reported the following information on its balance sheet: Accounts Receivable                                                          $900,000                 Less: Allowance for Doubtful Accounts                 54,000 (credit) During 2018, the company had the following transactions:                 Sales on account                                                                 $3,000,000                 Collections of accounts receivables                      2,850,000                 Write-off of accounts deemed uncollectible                     60,000                 Recovery of Bad debts previously written off                 12,000                             (not included in collections above) If bad debts are estimated to be 1.5% of credit sales, determine the ending balance in the Allowance for Doubtful Accounts...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT