# Preparing a Balance Sheet: Account Balances for Jennings IncorporatedAs of December 31, Jennings Incorporated has provided the following account balances for the current year. This information is crucial for preparing the company's balance sheet.### Accounts and Balances- **Investments at fair value (trading)** - **Debit:** $340,000- **Accounts payable** - **Credit:** $324,560- **Additional paid-in capital** - **Credit:** $700,000- **Dividends payable** - **Credit:** $35,400- **Equipment under capital lease** - **Debit:** $670,000- **Intangible assets—net** - **Debit:** $123,000- **Merchandise inventory** - **Debit:** $890,125- **Income taxes payable** - **Credit:** $65,000- **Cash** - **Debit:** $187,000### Instructions for Balance Sheet PreparationTo prepare a balance sheet, categorize and sum the debits and credits. This will help determine total assets, liabilities, and equity, ensuring that assets equal liabilities plus equity (Assets = Liabilities + Equity).> **Note:** Ensure all financial data is accurately captured to maintain the integrity of the financial statement. Verify calculations and account classifications during the preparation process. **Account:**- **Notes payable, due in 10 years** - Debit: - Credit: 800,000- **Retained earnings** - Debit: - Credit: 713,000- **Obligations under capital leases (noncurrent)** - Debit: - Credit: 640,000- **Obligations under pension plans** - Debit: - Credit: 325,675- **Deferred tax liability (noncurrent)** - Debit: - Credit: 25,000- **Accumulated other comprehensive income** - Debit: - Credit: 235,750- **Current portion of long-term debt** - Debit: - Credit: 76,000- **Property, plant, and equipment—net** - Debit: 1,567,500 - Credit: - **Investments in affiliate companies (noncurrent)** - Debit: 493,960 - Credit: - **Accounts receivable** - Debit: 450,000 - Credit: - **Bonds payable, due in 20 years** - Debit: - Credit: 606,700- **Common stock, $1 par value** - Debit: - Credit: 174,500**Required:**a. Prepare the balance sheet at December 31 using the report format.b. Prepare the balance sheet at December 31 using the account format.

A balance sheet is a representation of an individual's personal or corporation's financial balances…

Answered: Account Debit Credit Notes payable, due…

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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What amount of interest is capitalized on December 31, 2020? A. P1,200,000 B. P1,000,000 C. P600,000 D. P400,000
am. 85.
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Subject; accounting
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. > > > > > >
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.
Net income $70,000, tax rate 25%, and loss from discontinued operations net of tax $5,000. Compute the income before income tax. Your answer This is a required question During 2021, Kamal Co. incurred average accumulated expenditures of $400,000 during construction of assets that qualified for capitalization of interest. The company has two debts outstanding during 2021. the first is a $500,000, 10%, 5- year note payable dated January 1, 2019. the second is a specific construction debt of $300,000, 8%, 3-year note payable dated September 1, 2020. 1- compute the amount of actual interest during 2021. 2- compute the amount of avoidable interest during 2021. Your answer This is a required question
On December 31, 2020, Petra Company invests $40,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of Valery. Previously, Petra had no equity interest in Valery. Immediately after Petra's investment, Valery presents the following balance sheet: Cash Marketing software Computer equipment Total assets 40,000 160,000 60,000 $ 260,000 $ Required A Long-term debt Noncontrolling interest Petra equity interest Total liabilities and equity Each of the amounts represents an assessed fair value at December 31, 2020, except for the marketing software. The December 31 business fair value of Valery is assessed at $160,000. Required B a. If the carrying amount of the marketing software was undervalued by $45,000, what amounts for Valery would appear in Petra's December 31, 2020, consolidated financial statements? Complete this question by entering your answers in the tabs below. b. If the carrying amount of…
E6-5. Prepare Balance Sheet. Blackburn Building Products Company provided the following information for the current year ended December 31. Account Debit Credit Cash $ 645,235 Notes payable, due in 5 years $ 190,900 Retained earnings 857,735 Obligations under capital leases (noncurrent) 575,000 Obligations under pension plans 301,250 Deferred tax liability (noncurrent) 35,500 Accumulated other comprehensive loss 356,700 Current portion of long-term debt 356,800 Property, plant, and equipment-net 2,745,600 Investments in affiliate companies 567,500 (noncurrent) Accounts receivable 450,000 Bonds payable, due in 10 years 1,890,750 Investments at fair value (trading) 235,000 Accounts payable 500,000 Additional paid-in capital 710,300 Dividends payable 55,000 Equipment under capital lease 1,511,750 Intangible assets-net 205,700 Merchandise inventory 665,750 Income taxes payable 40,000 Common stock, $1 par value 1,870,000 Totals $7,383,235 $7,383,235 Required » a. Prepare the current-year…
Bey Company provided the below information for the current year:· Fair value of plan assets, January 1: 8,750,000· Fair value of plan assets, December 31: 9,950,000· Pension benefits paid to retired employees: 600,000· Interest income on plan assets: 900,000· Contributions to the fund: 700,000· Remeasurement gain/loss on plant assets: ??How much is actual return on plant assets? a. 200,000 b. 1,000,000 c. 1,100,000 d. 900,000

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