The following accounts appeared on the trail balance of Sunland Company at December 31, 2020. Notes Payable (short-term) $195,000 Accounts Receivable $600,000 Accumulated Depreciation - Bldg. 670,000 Prepaid Insurance 57,000 Supplies 38,000 Common Stock 1,225,000 Salaries and Wages Payable 29,000 Unappropriated Retained Earnings 300,000 Debt Investments (long-term) 300,000 Inventory 1,480,250 Cash 170,000 Land 420,000 Bonds Payable Due 1/1/2028 1,300,000 Trading Securities 80,000 Allowance for Doubtful Accts. 7,900 Interest Payable 6,000 Copyrights 195,000 Buildings 1,700,000 Notes Receivable (due in 6 months) 130,000 Accounts Payable 430,000 Income Taxes Payable 155,000 Additional Paid-in Capital 200,000 Preferred Stock 790,000 Appropriated Retained Earnings 260,000 Compute each of the following: 1. Total current assets $ 2. Total property, plant, and equipment $ 3. Total assets $ 4. Total current liabilities $ 5. Total stockholders’ equity $
The following accounts appeared on the trail balance of Sunland Company at December 31, 2020. Notes Payable (short-term) $195,000 Accounts Receivable $600,000 Accumulated Depreciation - Bldg. 670,000 Prepaid Insurance 57,000 Supplies 38,000 Common Stock 1,225,000 Salaries and Wages Payable 29,000 Unappropriated Retained Earnings 300,000 Debt Investments (long-term) 300,000 Inventory 1,480,250 Cash 170,000 Land 420,000 Bonds Payable Due 1/1/2028 1,300,000 Trading Securities 80,000 Allowance for Doubtful Accts. 7,900 Interest Payable 6,000 Copyrights 195,000 Buildings 1,700,000 Notes Receivable (due in 6 months) 130,000 Accounts Payable 430,000 Income Taxes Payable 155,000 Additional Paid-in Capital 200,000 Preferred Stock 790,000 Appropriated Retained Earnings 260,000 Compute each of the following: 1. Total current assets $ 2. Total property, plant, and equipment $ 3. Total assets $ 4. Total current liabilities $ 5. Total stockholders’ equity $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The following accounts appeared on the trail balance of Sunland Company at December 31, 2020.
| Notes Payable (short-term) | $195,000 | Accounts Receivable | $600,000 | |||
| Accumulated |
670,000 | Prepaid Insurance | 57,000 | |||
| Supplies | 38,000 | Common Stock | 1,225,000 | |||
| Salaries and Wages Payable | 29,000 | Unappropriated |
300,000 | |||
| Debt Investments (long-term) | 300,000 | Inventory | 1,480,250 | |||
| Cash | 170,000 | Land | 420,000 | |||
| Bonds Payable Due 1/1/2028 | 1,300,000 | Trading Securities | 80,000 | |||
| Allowance for Doubtful Accts. | 7,900 | Interest Payable | 6,000 | |||
| Copyrights | 195,000 | Buildings | 1,700,000 | |||
| Notes Receivable (due in 6 months) | 130,000 | Accounts Payable | 430,000 | |||
| Income Taxes Payable | 155,000 | Additional Paid-in Capital | 200,000 | |||
| 790,000 | ||||||
| Appropriated Retained Earnings | 260,000 |
Compute each of the following:
| 1. | Total current assets | $ | ||
| 2. | Total property, plant, and equipment | $ | ||
| 3. | Total assets | $ | ||
| 4. | Total current liabilities | $ | ||
| 5. | Total |
$ |
The following accounts appeared on the trail balance of Sheridan Company at December 31, 2020.
| Notes Payable (short-term) | $195,000 | Accounts Receivable | $510,000 | |||
| Accumulated Depreciation - Bldg. | 730,000 | Prepaid Insurance | 60,000 | |||
| Supplies | 35,000 | Common Stock | 1,025,000 | |||
| Salaries and Wages Payable | 30,000 | Unappropriated Retained Earnings | 250,000 | |||
| Debt Investments (long-term) | 240,000 | Inventory | 1,680,250 | |||
| Cash | 130,000 | Land | 440,000 | |||
| Bonds Payable Due 1/1/2028 | 1,100,000 | Trading Securities | 73,000 | |||
| Allowance for Doubtful Accts. | 7,300 | Interest Payable | 5,400 | |||
| Copyrights | 195,000 | Buildings | 1,600,000 | |||
| Notes Receivable (due in 6 months) | 130,000 | Accounts Payable | 420,000 | |||
| Income Taxes Payable | 155,000 | Additional Paid-in Capital | 100,000 | |||
| Preferred Stock | 730,000 | |||||
| Appropriated Retained Earnings | 240,000 |
Compute each of the following:
| 1. | Total current assets | $ | ||
| 2. | Total property, plant, and equipment | $ | ||
| 3. | Total assets | $ | ||
| 4. | Total current liabilities | $ | ||
| 5. | Total stockholders’ equity | $ |
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