Assume that Willcox Inc. has the following accounts at the end of the current year. 1. Common Stock. 14. Accumulated Depreciation-Buildings. 2. Discount on Bonds Payable. 15. Restricted Cash for Plant Expansion. 3. Treasury Stock (at cost). 16. Land Held for Future Plant Site. 4. Notes Payable (short-term). 17. Allowance for Doubtful Accounts. 5. Raw Materials. 18. Retained Earnings. 6. Preferred Stock Investments (long-term). 19. Paid-in Capital in Excess of Par-Common Stock. 7. Unearned Rent Revenue. 20. Unearned Subscriptions Revenue. 8. Work in Process. 21. Receivables-Officers (due in one year). 9. Copyrights. 22. Inventory (finished goods). 10. Buildings. 23. Accounts Receivable. 11. Notes Receivable (short-term). 24. Bonds Payable (due in 4 years). 12. Cash. 25. Noncontrolling Interest. 13. Salaries and Wages Payable. Prepare a classified balance sheet in good form.
Assume that Willcox Inc. has the following accounts at the end of the current year. 1. Common Stock. 14. Accumulated Depreciation-Buildings. 2. Discount on Bonds Payable. 15. Restricted Cash for Plant Expansion. 3. Treasury Stock (at cost). 16. Land Held for Future Plant Site. 4. Notes Payable (short-term). 17. Allowance for Doubtful Accounts. 5. Raw Materials. 18. Retained Earnings. 6. Preferred Stock Investments (long-term). 19. Paid-in Capital in Excess of Par-Common Stock. 7. Unearned Rent Revenue. 20. Unearned Subscriptions Revenue. 8. Work in Process. 21. Receivables-Officers (due in one year). 9. Copyrights. 22. Inventory (finished goods). 10. Buildings. 23. Accounts Receivable. 11. Notes Receivable (short-term). 24. Bonds Payable (due in 4 years). 12. Cash. 25. Noncontrolling Interest. 13. Salaries and Wages Payable. Prepare a classified balance sheet in good form.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Assume that Willcox Inc. has the following accounts at the end of the current year.
| 1. |
Common Stock.
|
14. | ||||
|---|---|---|---|---|---|---|
| 2. |
Discount on Bonds Payable.
|
15. | Restricted Cash for Plant Expansion. | |||
| 3. |
|
16. | Land Held for Future Plant Site. | |||
| 4. |
Notes Payable (short-term).
|
17. | Allowance for Doubtful Accounts. | |||
| 5. |
Raw Materials.
|
18. | ||||
| 6. |
|
19. | Paid-in Capital in Excess of Par-Common Stock. | |||
| 7. |
Unearned Rent Revenue.
|
20. | Unearned Subscriptions Revenue. | |||
| 8. |
Work in Process.
|
21. | Receivables-Officers (due in one year). | |||
| 9. |
Copyrights.
|
22. | Inventory (finished goods). | |||
| 10. |
Buildings.
|
23. | ||||
| 11. |
Notes Receivable (short-term).
|
24. | Bonds Payable (due in 4 years). | |||
| 12. |
Cash.
|
25. | Noncontrolling Interest. | |||
| 13. |
Salaries and Wages Payable.
|
Prepare a classified
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