2. The accounts and balances shown below were taken from Microtech Company's trial balance on December 31, 2021. Wages Payable, $250,000; Cash $175,000; Bonds Payable $600,000; Dividends Payable $140,000; Prepaid Rent $136,000; Inventory $820,000; Sinking Fund Assets $525,000; Trading securities $153,000; Premium on Bonds Payable $48,000; Stock Investment in Subsidiary $1,020,000; Taxes Payable $228,000; Accounts Payable $248,000; Accounts Receivable $366,000; Property, Plant & Equipment $1,200,000; Patents-net, $150,000; Accumulated Depreciation-PPE $400,000; Land held for future business site $900,000. a. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current assets? b. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current liabilities?

2. The accounts and balances shown below were taken from Microtech Company's trial balance on December 31, 2021. Wages Payable, $250,000; Cash $175,000; Bonds Payable $600,000; Dividends Payable $140,000; Prepaid Rent $136,000; Inventory $820,000; Sinking Fund Assets $525,000; Trading securities $153,000; Premium on Bonds Payable $48,000; Stock Investment in Subsidiary $1,020,000; Taxes Payable $228,000; Accounts Payable $248,000; Accounts Receivable $366,000; Property, Plant & Equipment $1,200,000; Patents-net, $150,000; Accumulated Depreciation-PPE $400,000; Land held for future business site $900,000. a. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current assets? b. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current liabilities?

Name: 2. The accounts and balances shown below were taken from Microtech Co
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Description: 2. The accounts and balances shown below were taken from Microtech Company's trialbalance on December 31, 2021.Wages Payable, $250,000; Cash $175,000; Bonds Payable $600,000; Dividends Payable$140,000; Prepaid Rent $136,000; Inventory $820,000; Sink

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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