XYZ Corporation Adjusted Trial Balance December Debit Credit Accounts Receivable 600 Building Equipment 580 375 Cash 125 Inventory Land 90 300 Notes Receivable Investments 630 330 Prepaid rent (for the next 2 years) Supplies Trademark 60 20 50 Prepaid insurance (for the next 3 years) Accounts Payable Accumulated depreciation-Equipment Accumulated depreciation-Buildings Total shareholders' equity Dividends payable Income tax payable Allowance for Uncollectible Accounts 120 620 225 180 1210 50 80 55 Notes Payable Interest Payable 600 60 Deferred Revenue 200 TOTALS 3280 3280 Additional information: 1. Land includes land held a possible future plant site $175K and land for the current plant site S125K. 2. The notes receivable are due in 2023. The balance of $630 includes $30 of accrued interest. The next interest payment is due in July 2022. 3. Included in the investments are treasury bills of $80K that were purchased in November 2021 and mature in January, 2022; trading securities of S150 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year. 4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 250K shares, and issued 150K shares at an average price of $4.50. The remaining balance in stockholders' equity is retained earnings. 5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of S100 beginning 2/28/22. 6. Deferred revenue will be recognized equally over the next 18 months Required: Based on all of the information provided, answer the following questions as they would appear on a classified balance sheet for XYZ Corporation at December 31, 2021. Select and copy the below sections a-l and answer in the space provided. As of 12/31/21: a. Net accounts receivable b. Total current assets c. Total Long term investment section d. Total PP&E section e. Total intangibles section f. Total other assets section g. Total Assets h. Total Current Liabilities 1. Total Long-term Liabilities j. Common Stock k. Paid in capital in excess of par (APIC) I. Retained earnings

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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XYZ Corporation
Adjusted Trial Balance
December
Debit
Credit
Accounts Receivable
600
Building
Equipment
580
375
Cash
125
Inventory
Land
90
300
Notes Receivable
Investments
630
330
Prepaid rent (for the next 2 years)
Supplies
Trademark
60
20
50
Prepaid insurance (for the next 3 years)
Accounts Payable
Accumulated depreciation-Equipment
Accumulated depreciation-Buildings
Total shareholders' equity
Dividends payable
Income tax payable
Allowance for Uncollectible Accounts
120
620
225
180
1210
50
80
55
Notes Payable
Interest Payable
600
60
Deferred Revenue
200
TOTALS
3280
3280
Additional information:
1. Land includes land held a possible future plant site $175K and land for the current plant site
S125K.
2. The notes receivable are due in 2023. The balance of $630 includes $30 of accrued interest.
The next interest payment is due in July 2022.
3. Included in the investments are treasury bills of $80K that were purchased in November 2021
and mature in January, 2022; trading securities of S150 which are expected to be sold within the
next year. The balance represents securities expected to be held longer than one year.
4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 250K
shares, and issued 150K shares at an average price of $4.50. The remaining balance in
stockholders' equity is retained earnings.
5. The note payable represents a 12% note, with interest paid annually February 28. The note
matures in installments of S100 beginning 2/28/22.
6. Deferred revenue will be recognized equally over the next 18 months
Required:
Based on all of the information provided, answer the following questions as they would appear
on a classified balance sheet for XYZ Corporation at December 31, 2021.
Select and copy the below sections a-l and answer in the space provided.
As of 12/31/21:
a. Net accounts receivable
b. Total current assets
c. Total Long term investment section
d. Total PP&E section
e. Total intangibles section
f. Total other assets section
g. Total Assets
h. Total Current Liabilities
1. Total Long-term Liabilities
j. Common Stock
k. Paid in capital in excess of par (APIC)
I. Retained earnings
Transcribed Image Text:XYZ Corporation Adjusted Trial Balance December Debit Credit Accounts Receivable 600 Building Equipment 580 375 Cash 125 Inventory Land 90 300 Notes Receivable Investments 630 330 Prepaid rent (for the next 2 years) Supplies Trademark 60 20 50 Prepaid insurance (for the next 3 years) Accounts Payable Accumulated depreciation-Equipment Accumulated depreciation-Buildings Total shareholders' equity Dividends payable Income tax payable Allowance for Uncollectible Accounts 120 620 225 180 1210 50 80 55 Notes Payable Interest Payable 600 60 Deferred Revenue 200 TOTALS 3280 3280 Additional information: 1. Land includes land held a possible future plant site $175K and land for the current plant site S125K. 2. The notes receivable are due in 2023. The balance of $630 includes $30 of accrued interest. The next interest payment is due in July 2022. 3. Included in the investments are treasury bills of $80K that were purchased in November 2021 and mature in January, 2022; trading securities of S150 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year. 4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 250K shares, and issued 150K shares at an average price of $4.50. The remaining balance in stockholders' equity is retained earnings. 5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of S100 beginning 2/28/22. 6. Deferred revenue will be recognized equally over the next 18 months Required: Based on all of the information provided, answer the following questions as they would appear on a classified balance sheet for XYZ Corporation at December 31, 2021. Select and copy the below sections a-l and answer in the space provided. As of 12/31/21: a. Net accounts receivable b. Total current assets c. Total Long term investment section d. Total PP&E section e. Total intangibles section f. Total other assets section g. Total Assets h. Total Current Liabilities 1. Total Long-term Liabilities j. Common Stock k. Paid in capital in excess of par (APIC) I. Retained earnings
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