# 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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Benefit obligation, 1 January 20X6 Current service cost for 20X6 SFP Accrued net OPEB liability, 1 January, 20X6 Accumulated OCI, OPEBS, 1 January 20X6, loss Fund assets, 1 January 20X6 Contributions to the benefit fund for 20X6-paid 1 April Benefit payments to retired employees for 20X6 evenly over year Actual return on fund assets Yield rate on long-term corporate bonds $ 77,000 20,000 15,000 31,000 62,000 9,800 16,000 350 7 % With this information, how would i calculate projected obligation? OPEB expense? Net OPEB? Accumulate OCI OPEB?
On January 1, 20X1, Trouble Company had the following information regarding its defined benefit plan. Fair value of plan assets (FVPA), Jan 1 P480,000 Present value of the defined benefit obligation, Jan. 1 360,000 • Discount rate based on high quality corporate bonds 5% Information regarding the defined benefit plan as of December 31, 20X1 is as follows: • Contributions made to the fund, July 1, 20X1 P800,000 Benefits paid to retirees, September 30, 20X1 200,000 1,128,000 Fair value of plan assets (FVPA), Dec 31 Present value of the defined benefit obligation, Dec 31 720,000 How much is the interest income on plan assets?
Property taxes Franchise taxes $425,000 51,500 7,900 Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable Receivables at end of year: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety 5,500 49,200 286,500 104,500 68,350 48,300 25,500 Health and sanitation Rent: General governmant Public safety 13,500 26,900 Health and sanitation 5,400 Maintenance: General government Public safety 24,400 5,100 9,400 Health and sanitation Insurance: General government Public safety ($2,300 still prepaid at end of year) Health and sanitation 8,300 11,500 16,200 22,920 Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still held) (public safety) 5,730 201,000 85,500 15,400 96,000 Investments Ordered but not received: Equipment 13,500 MacBook Pro
AMR Corporation (parent company of American Airlines) reported the following (in millions). Service cost $366 Interest on P.B.O. 737 Return on plan assets 593 Amortization of prior service cost 13 Amortization of net loss 154 Compute AMR Corporation's pension expense.
Finance Assume that Tim Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) ASSET PURCHASE DATE BASIS Furniture (7-year) December 1$ 450,000 Computer equipment (5-year) February 28 $90,000 Copier (5-year) July 15 $30,000 Machinery (7-year) May 22 480,000 Total $ 1,050,000 c. What would Tim's maximum depreciation expense deduction be for 2020 if the machinery cost $3,500,000 instead of 480,000 and assuming no bonus depreciation?
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Penslon data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,500,000 1,100,000 1,600,000 30,000 5,000 230,000 250,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
16 Assume that at the beginning of the current year, a company has a net gain-AOCI of $60,100,000. At the same time, assume the PBO and the plan assets are $311,000,000 and $453.100.000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $1,479,000 $6,010,000 $14,210,000 $1476.000.
Subject: accounting

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