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Plz explain properly

FINANCIAL ACCOUNTING
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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Plz explain properly

Account Debit Credit Cash $ 610,000 Notes payable, due in 5 years 150,500 Retained earnings 1,165,100 Obligations under capital leases (noncurrent) 615,000 Obligations under pension plans 297,250 Deferred tax liability (noncurrent) 38,000 Accumulated other comprehensive loss 326,400 Current portion of long-term debt 380,000 Property, plant, and equipment-net 3,250,000 Investments in affiliate companies (noncurrent) 600,000 Accounts receivable 410,000 Bonds payable, due in 10 years 2,100,000 Investments at fair value (trading) 230,000 Accounts payable 485,000 Additional paid-in capital 700,000 Dividends payable 75,000 Equipment under capital lease 1,611,750 Intangible assets–net 203,700 Merchandise inventory 700,000 Income taxes payable 36,000 Common stock, $1 par value 1,900,000 $7,941,850 $7,941,850 Totals
Transcribed Image Text:Account Debit Credit Cash $ 610,000 Notes payable, due in 5 years 150,500 Retained earnings 1,165,100 Obligations under capital leases (noncurrent) 615,000 Obligations under pension plans 297,250 Deferred tax liability (noncurrent) 38,000 Accumulated other comprehensive loss 326,400 Current portion of long-term debt 380,000 Property, plant, and equipment-net 3,250,000 Investments in affiliate companies (noncurrent) 600,000 Accounts receivable 410,000 Bonds payable, due in 10 years 2,100,000 Investments at fair value (trading) 230,000 Accounts payable 485,000 Additional paid-in capital 700,000 Dividends payable 75,000 Equipment under capital lease 1,611,750 Intangible assets–net 203,700 Merchandise inventory 700,000 Income taxes payable 36,000 Common stock, $1 par value 1,900,000 $7,941,850 $7,941,850 Totals
Seafoam Building Products Company provided the following information for the current year ended December 31. (Click the icon to view the financial data.) Requirements Prepare the current-year classified balance sheet using the report format. Prepare the current-year classified balance sheet using the account format. a. b. Requirement a. Prepare the current-year classified balance sheet using the report format. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. (Use a minus sign or parentheses for any loss amounts.) Seafoam Building Products Company Balance Sheet At December 31 Assets
Transcribed Image Text:Seafoam Building Products Company provided the following information for the current year ended December 31. (Click the icon to view the financial data.) Requirements Prepare the current-year classified balance sheet using the report format. Prepare the current-year classified balance sheet using the account format. a. b. Requirement a. Prepare the current-year classified balance sheet using the report format. Begin by preparing the asset section of the balance sheet and then prepare the liabilities and stockholders' equity sections. (Use a minus sign or parentheses for any loss amounts.) Seafoam Building Products Company Balance Sheet At December 31 Assets
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