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Prepare a classified balance sheet on December 31, 20X1 for Blimpy's.

Prepare a classified balance sheet on December 31, 20X1 for Blimpy's.

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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Please question 1 required please without plagiarism please urgently please 

Interest expense Interest income Inventories Investments in equity method franchisees Long-term debt, less current maturities Other accrued liabilities Other assets Other current assets Other income Other long-term obligations Property and equipment Provision for income taxes Revenues Settlement of litigation (expense) Totals Accounting package (software) Training customer's staff Customer support Accounting software upgrade Totals Fair Value 20,334 $ 65,000 10,000 15,000 10,000 $ 100,000 21,006 3,224 16,842 12,000 168,654 1,211 15,972 $ 1,050,665 1,627 105,966 38,474 5,105 29,694 Question 2 Peachpit Software Developers shipped its accounting package to a customer on September 10, 20X1. In addition to the software, Peachpit's contract requires the company to provide: (1) training to the customer's accounting staff during October of 20X1 and again in January 20X2 when the upgrade is released where 75% of the training hours are provided during October, (2) technical product support for one year starting October 1, 20X1, and (3) a major upgrade to the software early in 20X2. The customer paid the total contract price of $80,000 upon receipt of the invoice on September 17, 20X1. Peachpit would charge the following if these individual contract elements were sold separately: 461,195 $ 1,050,665
Transcribed Image Text:Interest expense Interest income Inventories Investments in equity method franchisees Long-term debt, less current maturities Other accrued liabilities Other assets Other current assets Other income Other long-term obligations Property and equipment Provision for income taxes Revenues Settlement of litigation (expense) Totals Accounting package (software) Training customer's staff Customer support Accounting software upgrade Totals Fair Value 20,334 $ 65,000 10,000 15,000 10,000 $ 100,000 21,006 3,224 16,842 12,000 168,654 1,211 15,972 $ 1,050,665 1,627 105,966 38,474 5,105 29,694 Question 2 Peachpit Software Developers shipped its accounting package to a customer on September 10, 20X1. In addition to the software, Peachpit's contract requires the company to provide: (1) training to the customer's accounting staff during October of 20X1 and again in January 20X2 when the upgrade is released where 75% of the training hours are provided during October, (2) technical product support for one year starting October 1, 20X1, and (3) a major upgrade to the software early in 20X2. The customer paid the total contract price of $80,000 upon receipt of the invoice on September 17, 20X1. Peachpit would charge the following if these individual contract elements were sold separately: 461,195 $ 1,050,665
Question 1 Blimpy's Doughnuts, Inc.'s adjusted trial balance is presented below. Required: Prepare a classified balance sheet on December 31, 20X1 for Blimpy's. (Hint: Account categories for several of the items listed are found in parentheses) Blimpy's Doughnuts, Inc. Adjusted Trial Balance (alphabetical order) December 31, 20X1 Accounts and notes receivable Accounts payable Accrued litigation settlement (current liability) Accumulated deficit Accumulated other comprehensive income Cash and cash equivalents Common stock Current maturities of long-term debt Deferred income taxes (noncurrent asset) Deferred income taxes (current liability) Depreciation and amortization Direct operating expenses Equity in (losses) of equity method franchisees General and administrative expenses Goodwill and other intangible assets Impairment charges and lease termination costs Insurance recovery receivable (current asset) $ Debits 27,603 191,010 36,242 20 21,046 389,379 842 48,860 28,934 12,519 34,967 Credits 7,874 86,772 1,266 310,942 1,730 20
Transcribed Image Text:Question 1 Blimpy's Doughnuts, Inc.'s adjusted trial balance is presented below. Required: Prepare a classified balance sheet on December 31, 20X1 for Blimpy's. (Hint: Account categories for several of the items listed are found in parentheses) Blimpy's Doughnuts, Inc. Adjusted Trial Balance (alphabetical order) December 31, 20X1 Accounts and notes receivable Accounts payable Accrued litigation settlement (current liability) Accumulated deficit Accumulated other comprehensive income Cash and cash equivalents Common stock Current maturities of long-term debt Deferred income taxes (noncurrent asset) Deferred income taxes (current liability) Depreciation and amortization Direct operating expenses Equity in (losses) of equity method franchisees General and administrative expenses Goodwill and other intangible assets Impairment charges and lease termination costs Insurance recovery receivable (current asset) $ Debits 27,603 191,010 36,242 20 21,046 389,379 842 48,860 28,934 12,519 34,967 Credits 7,874 86,772 1,266 310,942 1,730 20
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