Question

In: Accounting

The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. Accounts...

The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.

Accounts payable $240,000
Accounts receivable 140,100
Accumulated depreciation—buildings 180,400
Accumulated depreciation—equipment 52,000
Allowance for doubtful accounts 5,200
Bonds payable (10%, due 2025) 500,300
Buildings 949,000
Cash 42,200
Common stock ($10 par value; 499,000 shares authorized, 149,100 shares issued) 1,491,000
Dividends payable 79,200
Equipment 275,200
Fair value adjustment—available-for-sale securities (Dr) 7,700
Goodwill 200,000
Income taxes payable 120,300
Inventory 169,900
Investment in Mara common stock (30% ownership), at equity 380,100
Investment in Sasse common stock (10% ownership), at cost 278,700
Land 389,900
Notes payable (due 2018) 70,000
Paid-in capital in excess of par—common stock 139,400
Premium on bonds payable 40,800
Prepaid insurance 16,000
Retained earnings 103,100
Short-term investment, at fair value (and cost) 180,600
Unrealized gain—available-for-sale securities 7,700


The investment in Sasse common stock is considered to be a long-term available-for-sale security.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The following data, presented in alphabetical order, are taken from the records of Crane Corporation. Accounts...
The following data, presented in alphabetical order, are taken from the records of Crane Corporation. Accounts payable $239,200 Accounts receivable 139,200 Accumulated depreciation—buildings 179,600 Accumulated depreciation—equipment 52,800 Allowance for doubtful accounts 6,800 Bonds payable (10%, due 2028) 499,700 Buildings 949,500 Cash 41,700 Common stock ($10 par value; 506,600 shares authorized, 149,400 shares issued) 1,494,000 Dividends payable 79,600 Equipment 275,700 Goodwill 200,900 Income taxes payable 119,200 Inventory 170,300 Investment in Mara common stock (30% ownership), at equity 379,400 Investment in Sasse...
The following data, presented in alphabetical order, are taken from the records of Wildhorse Corporation. Accounts...
The following data, presented in alphabetical order, are taken from the records of Wildhorse Corporation. Accounts payable $239,400 Accounts receivable 139,300 Accumulated depreciation—buildings 180,300 Accumulated depreciation—equipment 51,800 Allowance for doubtful accounts 6,500 Bonds payable (10%, due 2028) 499,400 Buildings 949,200 Cash 41,900 Common stock ($10 par value; 501,200 shares authorized, 149,600 shares issued) 1,496,000 Dividends payable 80,200 Equipment 275,600 Goodwill 200,400 Income taxes payable 119,800 Inventory 169,900 Investment in Mara common stock (30% ownership), at equity 379,900 Investment in Sasse...
Problem 16-06A The following data, presented in alphabetical order, are taken from the records of Sandhill...
Problem 16-06A The following data, presented in alphabetical order, are taken from the records of Sandhill Corporation. Accounts payable $240,000 Accounts receivable 140,100 Accumulated depreciation—buildings 180,400 Accumulated depreciation—equipment 52,000 Allowance for doubtful accounts 5,200 Bonds payable (10%, due 2028) 500,300 Buildings 949,000 Cash 42,200 Common stock ($10 par value; 499,000 shares authorized, 149,100 shares issued) 1,491,000 Dividends payable 79,200 Equipment 275,200 Goodwill 200,000 Income taxes payable 120,300 Inventory 169,900 Investment in Mara common stock (30% ownership), at equity 380,100 Investment...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.Meilleur uses a periodic inventory system.  Account  Balance  Dec. 31  1 Accounts payable (15,000)2 Accounts receivable 30,000 3 Accumulated depreciation—building (15,500)4 Accumulated depreciation—equipment (10,000)5 Advertising expense 4,100 6 Building 84,600 7 S. Meilleur, capital (75,000)8 S. Meilleur, drawings 28,300 9 Cash 8,790 10 Depreciation expense 5,700 11 Equipment 24,500 12 ...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2014 for Meilleur Merchants. The list of accounts is in alphabetical order.Meilleur uses a periodic inventory system.  Account  Balance  Dec. 31  1 Accounts payable (15,000)2 Accounts receivable 30,000 3 Accumulated depreciation—building (15,500)4 Accumulated depreciation—equipment (10,000)5 Advertising expense 4,100 6 Building 84,600 7 S. Meilleur, capital (75,000)8 S. Meilleur, drawings 28,300 9 Cash 8,790 10 Depreciation expense 5,700 11 Equipment 24,500 12 ...
The following balance sheet items, listed in alphabetical order, are available from the records of Ruth...
The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: Accounts payable $16,590 Income taxes payable $5,900 Accounts receivable 21,240 Interest payable 1,415 Accumulated depreciation - automobiles 20,870 Inventory 43,765 Accumulated depreciation - buildings 43,730 Land 269,000 Automobiles 104,350 Long-term investments 82,235 Bonds payable, due December 31, 2021 148,000 Notes payable, due June 30, 2018 9,000 Buildings 218,650 Office supplies 2,325 Capital stock, $10 par value 150,000 Paid-in capital...
The following data have been taken from the accounting records of Graham Corporation for the year...
The following data have been taken from the accounting records of Graham Corporation for the year ended December 31, 2019. Total manufacturing overhead costs incurred $338,000 Manufacturing overhead applied to Work in Process 345,000 Purchases of raw materials 235,000 Direct labor 135,000 Raw materials inventory - January 1, 2019 10,000 Raw materials inventory - December 31, 2019 15,000 Work in process inventory - January 1, 2019 20,000 Work in process inventory - December 31, 2019 35,000 Finished goods inventory –...
Problem 5-1 Presented below is a list of accounts in alphabetical order. Accounts Receivable Inventory-Ending Accumulated...
Problem 5-1 Presented below is a list of accounts in alphabetical order. Accounts Receivable Inventory-Ending Accumulated Depreciation-Buildings Land Accumulated Depreciation-Equipment Land for Future Plant Site Accumulated Other Comprehensive Income Loss from Flood Advances to Employees Noncontrolling Interest Advertising Expense Notes Payable (due next year) Allowance for Doubtful Accounts Paid-in Capital in Excess of Par-Preferred Stock Bond Sinking Fund Patents Bonds Payable Payroll Taxes Payable Buildings Pension Liability Cash (in bank) Petty Cash Cash (on hand) Preferred Stock Cash Surrender Value...
The following data were taken from the records of a company                                 &n
The following data were taken from the records of a company                                                Period 1       Period 2      Period 2          Production                     30,000         38,000          27,000            Sales                              30,000        27,000          38,000            Opening Stock                   -                                 11,000            Closing Stock                                  11,000 All the above in Kgs The firm makes a single product the financial details of which are as follows (based on a normal activity level of 30,000 kgs).                                                                      Cost per Kg (£)              Direct material                                                  1.50              Direct labour                                                     1.00              Production...
Single-Step Income Statement The following income statement items, arranged in alphabetical order, are taken from the...
Single-Step Income Statement The following income statement items, arranged in alphabetical order, are taken from the records of Rockmore Inc. for the current year: Advertising expense $1,500 Interest expense $1,400 Commissions expense 2,415 Interest revenue 1,340 Cost of goods sold 29,200 Rent revenue 6,700 Depreciation expense—office Salaries and wages expense—office 12,560 building 2,900 Sales revenue 51,200 Income tax expense 1,540 Supplies expense—office 890 Insurance expense—salesperson's auto 2,250 Prepare a single-step income statement for the current year.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT