E8-1 (Algo) Preparing a Classified Balance Sheet LO8-1 The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Calvin, Inc., a leading manufacturer of games, toys, and interactive entertainment software for children and families: Buildings and improvements Prepaid expenses and other current assets Allowance for doubtful accounts Other noncurrent assets Accumulated amortization (other intangibles) Cash and cash equivalents Goodwill Machinery, equipment, and software Accumulated depreciation Inventories Tools, dies, and molds Other intangibles Land and improvements Accounts receivable. Current assets: Required: Prepare the asset section of the balance sheet for Calvin, Inc., classifying the assets into Current Assets, Property, Plant, and Equipment (net), and Other Assets. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) $ 206 162 49 205 Total current assets Property, plant, and equipment: 819 634 464 419 422 290 86 1,376 12 640 Calvin, Inc. Excerpts from Balance Sheet (in millions) Assets Property, plant, and equipment (at cost) Property, plant, and equipment (net)

E8-1 (Algo) Preparing a Classified Balance Sheet LO8-1 The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Calvin, Inc., a leading manufacturer of games, toys, and interactive entertainment software for children and families: Buildings and improvements Prepaid expenses and other current assets Allowance for doubtful accounts Other noncurrent assets Accumulated amortization (other intangibles) Cash and cash equivalents Goodwill Machinery, equipment, and software Accumulated depreciation Inventories Tools, dies, and molds Other intangibles Land and improvements Accounts receivable. Current assets: Required: Prepare the asset section of the balance sheet for Calvin, Inc., classifying the assets into Current Assets, Property, Plant, and Equipment (net), and Other Assets. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) $ 206 162 49 205 Total current assets Property, plant, and equipment: 819 634 464 419 422 290 86 1,376 12 640 Calvin, Inc. Excerpts from Balance Sheet (in millions) Assets Property, plant, and equipment (at cost) Property, plant, and equipment (net)

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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