Fill in the blanks below with the correct entries. Round your answers to the nearest dollar. Assets Current Assets Cash Accounts receivable ($ doubtful accounts of $15,000) Inventory Total current assets Land less allowance for Plant and equipment ($2,460,000 less accumulated depreciation ) $ Total assets $ $ 160,000 1,080,000 1,710,000 1,720,000 4,950,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Notes payable to banks Accrued wages Taxes owed Total current liabilities Long-term debt Stockholders' equity Common stock ($1 par, 710,000 shares authorized, 660,000 outstanding) Retained earnings Total stockholders' equity Total liabilities and equity $ $ $ 550,000 90,000 150,000 1,040,000 3,030,000

Fill in the blanks below with the correct entries. Round your answers to the nearest dollar. Assets Current Assets Cash Accounts receivable ($ doubtful accounts of $15,000) Inventory Total current assets Land less allowance for Plant and equipment ($2,460,000 less accumulated depreciation ) $ Total assets $ $ 160,000 1,080,000 1,710,000 1,720,000 4,950,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Notes payable to banks Accrued wages Taxes owed Total current liabilities Long-term debt Stockholders' equity Common stock ($1 par, 710,000 shares authorized, 660,000 outstanding) Retained earnings Total stockholders' equity Total liabilities and equity $ $ $ 550,000 90,000 150,000 1,040,000 3,030,000

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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Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt Investments (short-term) Income taxes payable Cash $2.826 164 6,705 637 1,743 128 1,182 Accumulated depreciation-equipment Accounts payable Patents Notes payable (long-term) Retained earnings Accounts receivable V Inventory TEXAS INSTRUMENTS, INC. Balance Sheet (in millions) Assets $3.547 1,459 2,210 Prepare a classified balance sheet in good form as of December 31, 2022. (List Current Assets in order of liquidity) $ 810 6,896 1,823 1,202 Liabilities and Stockholders' Equity $ $ $ $
Use the following data to create a complete balance sheet. All accounts must be correctly labeled and arranged in the proper order. Cash Accounts receivable Accounts payable Short-term notes payable Inventories Gross fixed assets Long-term debt Common stock Accumulated depreciation $150,000 54,000 72,000 20,000 80,000 2,400,000 650,000 1,200,000 500,000
Bethesda Mining Company reports the following balance sheet information for 2021 and 2022. Prepare the 2021 and 2022 common-size balance sheets for Bethesda Mining. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment Total assets Current liabilities Liabilities and Owners' Equity Accounts payable Notes payable Total Long-term debt Owners' equity BETHESDA MINING COMPANY Balance Sheets as of December 31, 2021 and 2022 2021 % Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ $ $ $ $ $ $ $ $ $ 55,526 63,281 121,382 240,189 658,347 898,536 188,922 84,020 272,942 235,000 220,000 170,594 390,594 898,536 % $ % % % $ % $ % $ % % % $ % $ $ % $ % % % 2022 LA LA 70,205 83,639 186,805 340,649 589,778 930,427. 196,611 135,588 332,199 171,750 220,000 206,478 $ 426,478 $…
Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. (Round percentage answers to 1 decimal place, e.g. 527.5.) Assets Cash $24,706 3.4 % Accounts receivable $123,349 % Inventory $ 27.4 % Total current assets $349,949 % Gross plant and equipment $ 95.0 % Less: accumulated depreciation $313,000 42.5 % Net plant and equipment $ % Total assets $736,949 100.0 % Liabilities Accounts payable $ 15.8 % Notes payable $28,961 3.9 % Total current liabilities $ % Long-term debt $245,383 33.3 % Total liabilities $390,893 % Common stock ($0.01 par, 450,000 shares) $4,500 0.6 % Paid-in capital $223,452 30.3 % Retained earnings $ % Total stockholders' equity $346,056 47.0 % Total liabilities and equity $ 100.0 %
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The following comparative balance sheet is given for Estern Co.: Assets Dec 31, 2021 Dec 31, 2020 Cash $58,500 $351,000 72,000 Notes Receivable 63,000 Supplies & Inventory 81,000 121,500 Prepaid expense 31,500 54,000 Long-term investments 0 81,000 Machines and tools 166,500 144,000 Accumulated depreciation-equipment (63.000) (45,000) Total Assets $639,000 $477.000 Liabilities & Stockholders' Equity Accounts payable $ 76,500 $ 31,500 Bonds payable (long-term) 166,500 211,500 Common Stock 180,000 103,500 Retained Earnings 216.000 130.500 Total Liabilities & Stockholders' Equity $639.000 $477,000 Income Statement Information (2021): 1. Net income for the year ending December 31, 2021 is $130,500. 2. Depreciation expense is $18,000. 3. There is a loss of $9,000 resulted from the sale of long-term investment. Additional information (2021): 1. All sales and purchases of inventory are on account (or credit). 2. Received cash for the sale of long-term investments that had a cost of $81,000,…
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