Question

In: Accounting

A list of accounts follows: Accounts Receivable Pension Obligation (non-current) Land Bonds Payable (due in four...

A list of accounts follows:

Accounts Receivable Pension Obligation (non-current)
Land Bonds Payable (due in four years)
Salaries and Wages Payable Prepaid Rent
Land Held for Future Plant Site Buildings
Accumulated Depreciation—Buildings Dividends
Loss on Impairment Cash
Accumulated Depreciation—Equipment Cost of Goods Sold
Notes Payable (due in six months) Restricted Cash
Accumulated Other Comprehensive Income Notes Receivable (due in five years)
Intangible Assets—Patents (net of accumulated amortization) Commission Expense
Advances to Employees Retained Earnings
Advertising Expense Common Shares
Petty Cash Sales Revenue
Allowance for Doubtful Accounts Intangible Assets—Copyrights (net of accumulated amortization)
Preferred Shares Dividends Payable
FV-OCI Investments Selling Expenses
Equipment Inventory
Income Tax Payable Unearned Revenue
Gain on Disposal of Equipment Unrealized Gain or Loss—OCI
FV-NI Investments
Interest Receivable


Prepare a classified statement of financial position in good form, without specific amounts. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Solutions

Expert Solution

Company Name
Classified statement of financial position
Date,Month,Year
Assets
Current assets:
Cash and cash equivalent (inclusive of Petty Cash) XXX
FV-NI Investments XXX
Accounts Receivable XXX
Less:Allowance for Doubtful Accounts (XXX) XXX
Inventory XXX
Prepaid Rent XXX
Advances to Employees XXX
Interest Receivable XXX
Total Current Assets XXX
Investments:
FV-OCI Investments XXX
Restricted Cash XXX
Notes Receivable (due in five years) XXX
Land Held for Future Plant Site XXX
Total investments XXX
Property, plant and equipment:
Land XXX
Buildings XXX
   Less: Accumulated Depreciation—Buildings (XXX) XXX
Equipment XXX
    Less: Accumulated depreciation-Equipment (XXX) XXX
Total Property, plant and equipment XXX
Intangible assets:
Intangible Assets—Patents (net) XXX
Intangible Assets—Copyrights (net) XXX
Total intangible assets XXX
Total assets XXXX
Liabilities
Current liabilities:
Unearned Revenue XXX
Salaries and Wages Payable XXX
Income Tax Payable XXX
Pension Obligation (non-current) XXX
Dividends Payable XXX
Notes Payable (due in six months) XXX
Total current liabilities XXX
Long-term liabilities:
Bonds Payable (due in four years) XXX
Total long term liabilities XXX
Total liabilities XXX
Stockholders' Equity
Common Stock XXX
Preferred Stock XXX
Retained Earnings XXX
Accumulated Other Comprehensive Income XXX
Total stockholders' equity XXX
Total liabilities and stockholders' equity XXXX

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

A list of accounts follows: Accounts Receivable Pension Obligation (non-current) Land Bonds Payable (due in four...
A list of accounts follows: Accounts Receivable Pension Obligation (non-current) Land Bonds Payable (due in four years) Salaries and Wages Payable Prepaid Rent Land Held for Future Plant Site Buildings Accumulated Depreciation—Buildings Dividends Loss on Impairment Cash Accumulated Depreciation—Equipment Cost of Goods Sold Notes Payable (due in six months) Restricted Cash Accumulated Other Comprehensive Income Notes Receivable (due in five years) Intangible Assets—Patents (net of accumulated amortization) Commission Expense Advances to Employees Retained Earnings Advertising Expense Common Shares Petty Cash...
Presented below is a list of balance sheet accounts. Accounts payable Land (in use) Accounts receivable...
Presented below is a list of balance sheet accounts. Accounts payable Land (in use) Accounts receivable Long-term investments Accumulated depreciation—buildings Notes payable (due in 6 months) Accumulated depreciation—equipment Notes receivable (due in 2 years) Allowance for uncollectible accounts Patent Bonds payable (due in 10 years) Preferred stock Buildings Prepaid expenses Cash Rent payable (current) Common stock Restricted cash (to be used in 10 years) Copyright Retained earnings Equipment Short-term investments Interest receivable (due in three months) Taxes payable Inventories Wages...
accounts payable and accounts receivable
What is the difference between accounts payable and accounts receivable?
non-current liabilities such as bank notes payable, mortgages payable, and bonds payable are expected to be...
non-current liabilities such as bank notes payable, mortgages payable, and bonds payable are expected to be paid from existing current assets. select one: True, False
Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest...
Current assets Current liabilities Cash $72,000 Accounts payable $12,000 Accounts receivable 18,000 Interest payable 12,000 Interest receivable 1,000 Inventory 60,000 Total current assets $151,000 Total current liabilities $24,000 Long-term assets Long-term liabilities Equipment (net of depreciation) $128,000 Note payable 100,000 Total long-term assets $128,000 Total long-term liabilities $100,000 Equity Common stock 10,000 Paid-in capital 50,000 Retained earnings 95,000 Total equity $155,000 Total assets 279,000 Total liabilities and equity $279,000 Yes the difference between account payable and accounts receivable is required....
Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land,...
Assume the following: Cash, $100,000; Accounts Receivable, $50,000; Accounts Payable, $50,000; Supplies, $40,000; Equipment, $100,000; Land, $500,000; Bonds Payable, $1,000,000; Mortgage Payable, $400,000; Inventory, $100,000. Compute both the current and quick ratios. What conclusions can you draw from this data ?
Accounts payable $18,500 Accounts receivable 8,000 Accumulated depreciation-equipment 4,800 Bonds payable 18,000 Cash 24,000 Common stock...
Accounts payable $18,500 Accounts receivable 8,000 Accumulated depreciation-equipment 4,800 Bonds payable 18,000 Cash 24,000 Common stock 25,000 Cost of goods sold 27,000 Depreciation expense 4,800 Dividends 5,300 Equipment 44,000 Interest expense 2,500 Patents 7,500 Retained earnings, January 1 16,000 Salaries and wages expense 5,200 Sales revenue 50,500 Supplies 4,500 Determine the profitability ratio that tells us for every dollars of sales revenue how much operating profit the firm has generated.And solve for the ratio.
Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable...
Financial Statements A list of accounts for Lloyd Inc. at December 31, 2017, follows: Accounts Receivable $56,359 Net purchases $61,608 Advertising Expense 12,900 Retained Earnings, January 1, 2017 28,252 Capital Stock 50,000 Salaries Payable 650 Cash 22,340 Net sales 111,760 Dividends 6,000 Transportation-In 375 Income Tax Expense 1,450 Utilities Expense 1,800 Income Tax Payable 1,450 Wages and Salaries Expense 23,000 Inventory: Wages Payable 120    January 1, 2017 6,400    December 31, 2017 5,900 1. Determine cost of goods sold for 2017....
Current Year Prior Year Accounts payable, end of year $ 6,943 $ 10,888 Accounts receivable, net,...
Current Year Prior Year Accounts payable, end of year $ 6,943 $ 10,888 Accounts receivable, net, end of year 24,625 17,328 Inventory, end of year 9,244 8,575 Net sales 184,000 137,000 Cost of goods sold 94,000 120,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year?
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750...
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 428,048.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,731.00 Interest expense 40,500 41,017.00 Inventories 279,000 288,000 Long-term debt 339,670.00 401,877.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 161,905.00 Retained earnings 306,000 342,000 Sales 639,000 850,323.00 Taxes 24,750 48,686.00 What is...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT