E6-5. Prepare Balance Sheet. Blackburn Building Products Company provided the following information for thecurrent year ended December 31.AccountDebitCreditCash$ 645,235Notes payable, due in 5 years$ 190,900Retained earnings857,735Obligations under capital leases (noncurrent)575,000Obligations under pension plans301,250Deferred tax liability (noncurrent)35,500Accumulated other comprehensive loss356,700Current portion of long-term debt356,800Property, plant, and equipment-net2,745,600Investments in affiliate companies567,500(noncurrent)Accounts receivable450,000Bonds payable, due in 10 years1,890,750Investments at fair value (trading)235,000Accounts payable500,000Additional paid-in capital710,300Dividends payable55,000Equipment under capital lease1,511,750Intangible assets-net205,700Merchandise inventory665,750Income taxes payable40,000Common stock, $1 par value1,870,000Totals$7,383,235$7,383,235Required »a. Prepare the current-year classified balance sheet using the report format.b. Prepare the current-year classified balance sheet using the account format.

The Ballance sheet represents the financial position of the company that shows the assets,…

Answered: Account Debit Credit Cash $ 645,235…

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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Problem 1-10 (AICPA Adapted) Able Company had the following amounts of long-term debt outstanding on December 31, 2020: 14% note payable, due 2021 11% note payable, due 2023 8% note payable, due in 11 equal annual principal payments, plus interest beginning December 31, 2021 7% guaranteed debentures, due 2022 30,000 1,070,000 1,100,000 1,000,000 Total 3,200,000 The annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What total amount should be reported as current liabilities on December 31, 2020? a. 40,000 b. 70,000 100,000 d. с. 130,000 Problem 1-11 (AICPA Adapted) Achilles Company reported the following liability balances on December 31, 2020: 12% note payable issued on March 1, 2019, maturing on March 1, 2021 10% note payable issued on October 1, 2019, maturing October 1, 2021 5,000,000 3,000,000 The 2020 financial statements were issued on March 31, 2021. On January 31, 2021, the entire P5,000,000 balance of the 12% note payable was refinanced through…
P6-3. Prepare Balance Sheet. Jennings Incorporated provided the following account balances at December 31 for the current year. Account Debit Credit Investments at fair value (trading) $ 340,000 Accounts payable $324,560 Additional paid-in capital 700,000 Dividends payable 35,400 Equipment under capital lease 670,000 Intangible assets–net 123,000 Merchandise inventory 890,125 Income taxes payable 65,000 Cash 187,000
Short-term borrowing and investing transactions A local government operates on a calendar-year basis. The following transactions and events occurred during calendar year 2021. 1. On February 1, 2021, borrowed $800,000 on tax anticipation notes (TANS). The TANS will be repaid with 0.8 percent interest on January 31, 2022. 2. Interest on the TANS was accrued through December 31, 2021. 3. Invested $200,000 in a certificate of deposit (CD) on April 1, 2021. The CD, which pays interest of 0.6 percent, will mature on September 30, 2021. 4. The CD matured on September 30, 2021. Prepare the appropriate journal entries. Round all amounts to the nearest dollar. Enter 0 or leave the field blank if no entry is required. If an entry affects more than one debit or credit account, enter the accounts in alphabetic order. Account Debit Credit To record amount borrowed. To record interest on TANS. To record investment in CD. To record redemption of CD. > > > > > >
None
Capitalized interest on Groupers financial statements?
kk.2
b
Question: The trial balance below relates to the Consolidated Fund for the year ended 31st December, 2019. GHc'000 GHc'000 Indirect Taxes 120,300 Direct Taxes 85,000 Non taxe revenues 60,000 Compensation for employees 76,000 Goods and services 45,000 Consumption of fixed consumption 24,000 Loans and advances 30,000 Bank and cash balances 12,000 Equity investment 40,000 Domestic debt 90,500 External debt 110,000 Trust fund 50,000 Sundry creditors 24,500 Other expenditures 20,000 Public debt interest 33,000 Social benefit 12,000 Grants 20,000 Subsidies 12,000 Accumulated Fund (1/12/16) 216,300 540300 540,300 Required: 1. Prepare Statement of Revenue and Expenditure for the Consolidated Fund for the year ended 31st December 2019. 2. Prepare Statement of Financial Position as at 31st December 2019.
14. How much may Purple Corporation, a calendar-year accrual-basis corporation, deduct if it paid $3,000 on April 1 for an insurance policy for the next three years, prepaid six months interest of $450 on November 1, and paid $2,000 rent for December and January on December 1. a. $1,900 b. $2,450 c. $2,600 d. $5,450
None
MegaHoldings Group, a significant conglomerate, and MiniFirm Ltd, its subsidiary, are involved in a financial transaction. Initially, on January 1, 2021, MegaHoldings Group issued bonds into the financial market. Two years later, on January 1, 2023, MiniFirm Ltd bought these bonds from the market entirely. The financial specifics for this transaction have been updated as follows: Bonds Nominal (Face) Value of the bonds: $1,000,000 Coupon Rate: 6% Initial Bond Release by MegaHoldings Group. Issuance Price: $807,470 Market Rate: 9% Bond Acquisition by MiniFirm Ltd. Acquisition Price: $1,064,632 Market Rate at Acquisition: 5% Please select the right consolidation entry [B] Multiple Choice Bonds Payable (B/P) 1,000,000 Interest Revenue 53.232 Loss on Retirement of Bonds 230,678 Discounts on Bonds Payable (B/P) 150,990 Investment in Bonds 1,057,864 Interest Expense 75,056
Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds: ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 300,000 2 Retire bonds 60,000 240,000 June 30 Issue bonds 180,000 420,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 13,500 2 Retire bonds 4,800 8,700 June 30 Issue bonds 12,100 20,800 Dec. 31 Amortize discount 1,040 19,760 Item Section of Statement of Cash Flows Added or Deducted Amount Retire bonds $fill in the blank 3 Issue bonds $fill in the blank 6…

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