Cash Accounts Receivable Allowance for doubtful accounts Trading Securities Prepaid insurance Property Plant and Equipment Accumulated Depreciation Equity Securities Trademarks Balance Sheet As of July 31, 2023 197,500 196,200 11,300 95,200 7,000 743,000 218,300 250,000 50,000 Accounts Payable Uneared Revenue Notes Payable Bonds payable Common Stock Paid in Capital in excess of par value Retained Earnings Accumulated Other Comprehensive Income Treasury Stock 56,000 9,500 225,000 400,000 225,000 105,000 262,500 46,300 20,000 Use the balance sheet above and the following additional information to answer questions A through H: Additional Information: 1. Cash includes $100,000 deposited in a bond sinking fund 2. Trading securities are stated at market value; their cost is $123,000 3. Management intends to hold the Equity Investments long-term 4. The note payable matures in 90 days, however, management has executed a contractual agreement to refinance and convert the debt to long-term. 5. The Bond Payable will be paid off in installments. $50,000 of the $225,000 bond is due to mature next year.

Cash Accounts Receivable Allowance for doubtful accounts Trading Securities Prepaid insurance Property Plant and Equipment Accumulated Depreciation Equity Securities Trademarks Balance Sheet As of July 31, 2023 197,500 196,200 11,300 95,200 7,000 743,000 218,300 250,000 50,000 Accounts Payable Uneared Revenue Notes Payable Bonds payable Common Stock Paid in Capital in excess of par value Retained Earnings Accumulated Other Comprehensive Income Treasury Stock 56,000 9,500 225,000 400,000 225,000 105,000 262,500 46,300 20,000 Use the balance sheet above and the following additional information to answer questions A through H: Additional Information: 1. Cash includes $100,000 deposited in a bond sinking fund 2. Trading securities are stated at market value; their cost is $123,000 3. Management intends to hold the Equity Investments long-term 4. The note payable matures in 90 days, however, management has executed a contractual agreement to refinance and convert the debt to long-term. 5. The Bond Payable will be paid off in installments. $50,000 of the $225,000 bond is due to mature next year.

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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