Question
In: Accounting
Marin Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and...
Marin Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance sheet and notes to the financial statements. Accounts payable $5,118.0 Mortgage payable $7,649.0 Accrued pension liability 1,580.0 Operating leases 1,825.0 Unearned rent revenue 1,301.0 Notes payable (due in 2020) 357.0 Bonds payable 1,969.0 Salaries and wages payable 585.0 Current portion of mortgage payable 2,098.0 Notes payable (due in 2018) 2,836.0 Income taxes payable 316.0 Unused operating line of credit 4,010.0 Warranty liability—current 1,837.0
a) Prepare the liabilities section of Marin’s balance sheet as
at January 31, 2017.
| MARIN INC. Balance Sheet (Partial) choose the accounting period (in thousands) |
|---|
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Exercise 10-15 Larkspur, Inc. reports the following liabilities (in thousands) on its January 31, 2017, balance...
Exercise 10-15
Larkspur, Inc. reports the following liabilities (in thousands)
on its January 31, 2017, balance sheet and notes to the financial
statements.
Accounts payable $5,006.0 Mortgage payable $7,033.0
Accrued pension liability 1,558.0 Operating leases 2,258.0
Unearned rent revenue 1,394.0 Notes payable (due in 2020)
347.0
Bonds payable 2,214.0 Salaries and wages payable 573.0
Current portion of mortgage payable 2,045.0 Notes payable (due in
2018) 2,724.0
Income taxes payable 304.0 Unused operating line of credit
3,914.0
Warranty liability—current 1,825.0
Identify...
Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2022, balance sheet and...
Sanchez, Inc. reports the following liabilities (in thousands)
on its December 31, 2022, balance sheet and notes to the financial
statements.
Accounts payable
$4,263.9
Mortgage payable
$6,746.7
Unearned rent revenue
1,058.1
Notes payable (due in 2025)
335.6
Bonds payable
1,961.2
Salaries and wages payable
858.1
Current portion of mortgage payable
1,992.2
Notes payable (due in 2023)
2,563.6
Income taxes payable
265.2
Warranty liability—current
1,417.3
Prepare the liabilities section of Sanchez’s balance sheet as at
December 31, 2022.
C. Adidas Inc. had the following balance sheet on September 30, 2019 (in thousands): Assets Liabilities...
C. Adidas Inc. had the following balance sheet on
September 30, 2019 (in thousands):
Assets
Liabilities and Stockholders’ Equity
Cash
445,421
Accounts Payable
687,121
Accounts Receivable
1,754,137
Notes Payable
553,153
Inventories
1,338,640
Other Liabilities
965,095
Equipment and
Total Liabilities
2,205,369
Other Assets
1,823,009
Stockholders’ Equity
3,155,838
Total Assets
5,361,207
Total Liabilities and Stockholders’ Equity
5,361,207
Consider the following transactions that occurred during
the first half of October 2019 (in thousands):
1. Inventories were acquired for cash,
P160.
2. Inventories were...
Nittany, Inc. had the following balances on its balance sheet: Assets Liabilities December 31, 2018 $300,000...
Nittany, Inc. had the following balances on its balance
sheet:
Assets
Liabilities
December 31, 2018
$300,000
$250,000
December 31, 2019
$400,000
$320,000
During 2019, Nittany, Inc. had revenues of $850,000 and
expenses of $650,000. No new stock was issued. The amount of
dividends for 2019 was ________.
The unadjusted trial balance of Marin Inc. at December 31, 2017, is as follows: Debit Credit...
The unadjusted trial balance of Marin Inc. at December 31, 2017,
is as follows:
Debit
Credit
Cash
$17,340
Accounts Receivable
106,100
Allowance for Doubtful Accounts
$3,670
Inventory
61,700
Prepaid Insurance
4,599
Bond Investment at Amortized Cost
50,400
Land
28,100
Buildings
152,700
Accumulated Depreciation—Buildings
6,045
Equipment
34,800
Accumulated Depreciation—Equipment
5,800
Goodwill
16,750
Accounts Payable
101,100
Bonds Payable (20-year, 7%)
168,000
Common Shares
120,500
Retained Earnings
61,184
Sales Revenue
190,500
Rent Revenue
11,100
Advertising Expense
23,100
Supplies Expense
10,600
Purchases
97,900
Purchase...
VALIUM’S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in thousands of...
VALIUM’S MEDICAL SUPPLY CORPORATION
Balance Sheet as of December 31, 2018 and
2017
(in thousands of dollars)
Assets
2018
2017
Liabilities and Equity
2018
2017
Current assets:
Current liabilities:
Cash and marketable securities
$
72
$
71
Accrued wages and taxes
$
46
$
41
Accounts receivable
187
181
Accounts payable
147
141
Inventory
312
291
Notes payable
131
131
Total
$
571
$
543
Total
$
324
$
313
Fixed assets:
Long-term debt
$
568
$
556
Gross plant...
Marin Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Marin Industries has the following patents on its December 31,
2019, balance sheet.
Patent Item
Initial Cost
Date Acquired
Useful Life at Date Acquired
Patent A
$45,696
3/1/16
17 years
Patent B
$17,880
7/1/17
10 years
Patent C
$25,920
9/1/18
4 years
The following events occurred during the year ended December 31,
2020.
1.
Research and development costs of $254,000 were incurred during
the year.
2.
Patent D was purchased on July 1 for $29,184. This patent has a
useful...
Marin Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial...
Marin Industries has the following patents on its December 31,
2019, balance sheet.
Patent Item
Initial Cost
Date Acquired
Useful Life at Date Acquired
Patent A
$45,696
3/1/16
17 years
Patent B
$17,880
7/1/17
10 years
Patent C
$25,920
9/1/18
4 years
The following events occurred during the year ended December 31,
2020.
1.
Research and development costs of $254,000 were incurred during
the year.
2.
Patent D was purchased on July 1 for $29,184. This patent has a
useful...
Marin Industries has the following patents on its December 31, 2016, balance sheet. Patent Item Initial...
Marin Industries has the following patents on its December 31,
2016, balance sheet.
Patent Item
Initial Cost
Date Acquired
Useful Life at Date Acquired
Patent A
$43,452
3/1/13
17 years
Patent B
$16,560
7/1/14
10 years
Patent C
$20,640
9/1/15
4 years
The following events occurred during the year ended December 31,
2017.
1.
Research and development costs of $243,000 were incurred during
the year.
2.
Patent D was purchased on July 1 for $34,770. This patent has a
useful...
The current assets and current liabilities sections of the balance sheet of Marin Company appear as...
The current assets and current liabilities sections of the
balance sheet of Marin Company appear as follows.
MARIN COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 46,100
Accounts payable
$ 56,560
Accounts receivable
$95,900
Notes payable
67,760
Less:
Allowance for doubtful accounts
8,850
87,050
$124,320
Inventory
163,710
Prepaid expenses
9,840
$306,700
The following errors in the corporation’s accounting have been
discovered:
1.
January 2018 cash
disbursements entered as of December 2017 included payments of
accounts payable in the amount of...
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