# 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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341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the Benefits paid to retirees Actuarial loss 32,000 89,000 year 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 с. 101,000 d. 1,000
341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid to retirees Actuarial loss 32,000 89,000 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
ANSWER IN EXCEL FORM THANK YOU On July 1, 2002, AXIE Company purchased Rose Corporation 10-year, 12% bonds with face value of P300,000 for P324,000, which included P12,000 of accrued interest. The bonds, which mature on March 1, 2009, pay interest semi-annually on March 1 and September 1. AXIE appropriately uses the straight line method of amortization. The amount of income AXIE should report for the calendar year 2002 as a result of this long-term investment? P16,200 P17,100 P18,000 P30,000
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INVESTMENT AT AMORTIZED COST CASE II: ABC purchased 8,000, P1,000 face amount, 9% bonds to yield 10%. The carrying amount of the bonds on January 1, 2026 was P7,800,000. The bonds mature on June 20, 2029 and pay interest semiannually on June 30 and December 31. The entity sold 4,000 bonds on March 1, 2027 for P3,920,000 after the interest has been received. What is the amount should be recognized as gain on sale of bonds?
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.
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