Leacock Ltd. Balance Sheet As of November 30, 2019 Current assets Cash Accounts receivable (less allowance of $30,000 for doubtful accounts) Inventories Less: Current liabilities Accounts payable Accrued payroll Accrued interest on mortgage note Estimated taxes payable Net working capital Property, plant, and equipment (at cost) Land and buildings Machinery and equipment Deferred charges Prepaid taxes and other expenses Less: Deferred liabilities Cost $983,300 Mortgage note payable Unearned revenue 1,135,700 $2,119,000 Total net assets Shareholders' equity 10% Preferred shares Common shares Contributed surplus Retained earnings $ 100,000 419,900 1,954,000 Total shareholders' equity 306,400 28,260 12,000 66,000 Unamortized discount on mortgage note Total net working capital and noncurrent assets Amortization Value $410,000 $573,300 568,699 $567,001 $978,699 23,700 10,800 300,000 1,808,000 $2,473,900 412,660 2,061,240 1,140,301 34,500 3,236,041 2,108,000 $1,128,041 $ 300,000 352,400 210,000 265,641 $1,128,041

Leacock Ltd. Balance Sheet As of November 30, 2019 Current assets Cash Accounts receivable (less allowance of $30,000 for doubtful accounts) Inventories Less: Current liabilities Accounts payable Accrued payroll Accrued interest on mortgage note Estimated taxes payable Net working capital Property, plant, and equipment (at cost) Land and buildings Machinery and equipment Deferred charges Prepaid taxes and other expenses Less: Deferred liabilities Cost $983,300 Mortgage note payable Unearned revenue 1,135,700 $2,119,000 Total net assets Shareholders' equity 10% Preferred shares Common shares Contributed surplus Retained earnings $ 100,000 419,900 1,954,000 Total shareholders' equity 306,400 28,260 12,000 66,000 Unamortized discount on mortgage note Total net working capital and noncurrent assets Amortization Value $410,000 $573,300 568,699 $567,001 $978,699 23,700 10,800 300,000 1,808,000 $2,473,900 412,660 2,061,240 1,140,301 34,500 3,236,041 2,108,000 $1,128,041 $ 300,000 352,400 210,000 265,641 $1,128,041

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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