1. For Total current assets (on the Balance Sheet), use an Excel function to calculate the value. 2. For Total fixed assets (on the Balance Sheet), use operation signs to calculate the value. 3. As the CFA for Filler Construction, you notice the given Balance Sheet is suspiciously missing accounts that have an opposite normal balance of otheraccounts in their same category. a. What are these types of accounts called? b. add the following accounts where they should be listed: Allowance forDoubtful Accounts of $50, Accumulated Depreciation of $3450, and Treasury Stock of $450. Note: ensure these values are properly visually denoted ashaving the opposite normal balance. 4. Now you see that it is mising required formatting for a U.S. public company's external financial statement! Add in the required underlines where neededand change the number formatting to meet requirement.5. What is a first "check" to determine if this Balance Sheet is balanced? 6. What are two financial ratios that can be determined from the information given on a Balance Sheet. Filler Construction Balance Sheet 31-Dec-23 Cash 2500 Accounts Receivable 4200 Total current assets 6700 Equipment 21000 Land 12100 Total fixed assets 33100 Patents 2500 Total Assets 42300 Accounts Payable 3750 Salaries Payable 1200 Total current liabilities 4950 Notes Payable, long-term 8100 Total long-term liabilities 8100 Total Liabilities 13050 Common Stock 14000 Retained Earnings 11300 Total Stockholders' Equity 25300 Total Liabilities & Stockholders' Equity 38350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. For Total current assets (on the Balance Sheet), use an Excel function to calculate the value.
2. For Total fixed assets (on the Balance Sheet), use operation signs to calculate the value.
3. As the CFA for Filler Construction, you notice the given Balance Sheet is suspiciously missing accounts that have an opposite normal balance of other
accounts in their same category. a. What are these types of accounts called? b. add the following accounts where they should be listed: Allowance for
Doubtful Accounts of $50, Accumulated Depreciation of $3450, and Treasury Stock of $450. Note: ensure these values are properly visually denoted as
having the opposite normal balance.
4. Now you see that it is mising required formatting for a U.S. public company's external financial statement! Add in the required underlines where needed
and change the number formatting to meet requirement.
5. What is a first "check" to determine if this Balance Sheet is balanced?
6. What are two financial ratios that can be determined from the information given on a Balance Sheet.

Filler Construction
Balance Sheet
31-Dec-23
Cash	2500
Accounts Receivable	4200
Total current assets		6700
Equipment	21000
Land	12100
Total fixed assets		33100
Patents	2500
Total Assets		42300
Accounts Payable	3750
Salaries Payable	1200
Total current liabilities		4950
Notes Payable, long-term	8100
Total long-term liabilities		8100
Total Liabilities		13050
Common Stock	14000
Retained Earnings	11300
Total Stockholders' Equity		25300
Total Liabilities & Stockholders' Equity		38350