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(A) Geronimo's Current Assets Total: (B) Geronimo's Noncurrent Assets Total: (C) Geronimo's Current Liabilities Total: (D) Geronimo's Long-Term Liabilities Total: (E) Geronimo's Stockholders' Equity Total:

(A) Geronimo's Current Assets Total: (B) Geronimo's Noncurrent Assets Total: (C) Geronimo's Current Liabilities Total: (D) Geronimo's Long-Term Liabilities Total: (E) Geronimo's Stockholders' Equity Total:

FINANCIAL ACCOUNTING
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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Cash Accounts Receivable Allowance for doubtful accounts Geronimo Company Balance Sheet As of July 31, 2023 78,000 142,000 8,500 Trading Securities (fair value) 20,000 Prepaid insurance 12,000 Property Plant and Equipment Accumulated Depreciation Notes Payable Bonds payable Common Stock Paid in Capital in excess of par value 230,000 Retained Earnings 101,000 Accumulated Other Comprehensive Equity Investments 25,000 Trademarks 44,000 27,500 Use the balance sheet above and the following additional information to answer questions A through E: 1. Cash includes $50,000 deposited in a bond sinking fund 2. Trading securities have a cost of $15,000. 3. Management intends to hold the Equity Investments long-term 4. The note payable matures in 90 days, however, management has executed a contractual agreement to refinance and convert the debt to long-term. 680,000 218,000 Accounts Payable Unearned Revenue 250,000 35,000 16,000 Income Treasury Stock 120,000 400,000 100,000 5. The Bond Payable will be paid off in installments. $100,000 of the $400,000 bond is due to mature next year.
Transcribed Image Text:Cash Accounts Receivable Allowance for doubtful accounts Geronimo Company Balance Sheet As of July 31, 2023 78,000 142,000 8,500 Trading Securities (fair value) 20,000 Prepaid insurance 12,000 Property Plant and Equipment Accumulated Depreciation Notes Payable Bonds payable Common Stock Paid in Capital in excess of par value 230,000 Retained Earnings 101,000 Accumulated Other Comprehensive Equity Investments 25,000 Trademarks 44,000 27,500 Use the balance sheet above and the following additional information to answer questions A through E: 1. Cash includes $50,000 deposited in a bond sinking fund 2. Trading securities have a cost of $15,000. 3. Management intends to hold the Equity Investments long-term 4. The note payable matures in 90 days, however, management has executed a contractual agreement to refinance and convert the debt to long-term. 680,000 218,000 Accounts Payable Unearned Revenue 250,000 35,000 16,000 Income Treasury Stock 120,000 400,000 100,000 5. The Bond Payable will be paid off in installments. $100,000 of the $400,000 bond is due to mature next year.
mature next year. (A) Geronimo's Current Assets Total: (B) Geronimo's Noncurrent Assets Total: (C) Geronimo's Current Liabilities Total: (D) Geronimo's Long-Term Liabilities Total: (E) Geronimo's Stockholders' Equity Total:
Transcribed Image Text:mature next year. (A) Geronimo's Current Assets Total: (B) Geronimo's Noncurrent Assets Total: (C) Geronimo's Current Liabilities Total: (D) Geronimo's Long-Term Liabilities Total: (E) Geronimo's Stockholders' Equity Total:
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