Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Credits Cash Accounts receivable Raw materials Notes receivable Interest receivable Interest payable Investment in debt securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue (next 12 months) Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Debits $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 450,000 28,000 $ 5,000 620,000 130,000 36,000 180,000 400,000 13,000 800,000

Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Credits Cash Accounts receivable Raw materials Notes receivable Interest receivable Interest payable Investment in debt securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue (next 12 months) Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Debits $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 450,000 28,000 $ 5,000 620,000 130,000 36,000 180,000 400,000 13,000 800,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Accounting

Additional Information: 1. The notes receivable, along with any accrued interest, are due on November 22, 2022. 2. The notes payable are due in 2025. Interest is payable annually. 3. The investment in debt securities consist of treasury bills, all of which mature next year. 4. Deferred revenue will be recognized as revenue equally over the next two years. Required: Determine the company's working capital (current assets minus current liabilities) at December 31, 2021.
Transcribed Image Text:Additional Information: 1. The notes receivable, along with any accrued interest, are due on November 22, 2022. 2. The notes payable are due in 2025. Interest is payable annually. 3. The investment in debt securities consist of treasury bills, all of which mature next year. 4. Deferred revenue will be recognized as revenue equally over the next two years. Required: Determine the company's working capital (current assets minus current liabilities) at December 31, 2021.
Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Credits Cash Accounts receivable Raw materials Notes receivable Interest receivable Interest payable Investment in debt securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue (next 12 months) Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Debits $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 450,000 28,000 $ 5,000 620,000 130,000 36,000 180,000 400,000 13,000 800,000
Transcribed Image Text:Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Credits Cash Accounts receivable Raw materials Notes receivable Interest receivable Interest payable Investment in debt securities Land Buildings Accumulated depreciation-buildings Work in process Finished goods Equipment Accumulated depreciation-equipment Patent (net) Prepaid rent (for the next two years) Deferred revenue (next 12 months) Accounts payable Notes payable Restricted cash (for payment of notes payable) Allowance for uncollectible accounts Sales revenue Cost of goods sold Rent expense Debits $ 20,000 130,000 24,000 100,000 3,000 32,000 50,000 1,300,000 42,000 89,000 300,000 120,000 60,000 80,000 450,000 28,000 $ 5,000 620,000 130,000 36,000 180,000 400,000 13,000 800,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Sheet Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS