The following information is for Concord Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,900 Additional Paid-in Capital $ 55,400 Equipment (cost) 113,400 Accounts Receivable 72,200 Inventory (work in process) 13,100 Inventory (raw materials) 59,300 Cash (unrestricted) 21,300 Supplies Expense 16,200 Inventory (finished goods) 33,800 Cost of Goods Sold 406,200 Equity Investments (cost) 9,000 Allowance for Doubtful Accounts 4,000 Customer Advances 12,700 Licenses 7,200 Unearned Service Revenue 36,600 Notes Receivable 16,400 Treasury Stock 13,900 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 7,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,950. 5. The equity investments have a fair value of $ 7,400. (Assume they are trading securities.) 6. The allowance for doubtful accounts applies to the accounts receivable. 7. The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.) Prepare the current assets section of Concord Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)

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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The following information is for Concord Corporation as of December 31, 2017.

Restricted Cash for Retirement of long- term debt	$ 24,900	Additional Paid-in Capital	$ 55,400
Equipment (cost)	113,400	Accounts Receivable	72,200
Inventory (work in process)	13,100	Inventory (raw materials)	59,300
Cash (unrestricted)	21,300	Supplies Expense	16,200
Inventory (finished goods)	33,800	Cost of Goods Sold	406,200
Equity Investments (cost)	9,000	Allowance for Doubtful Accounts	4,000
Customer Advances	12,700	Licenses	7,200
Unearned Service Revenue	36,600	Notes Receivable	16,400
		Treasury Stock	13,900

The following additional information is available.

1.		Inventories are valued at lower-of-cost-or-market using FIFO.
2.		Treasury stock is recorded at cost.
3.		Licenses are recorded net of accumulated amortization of $ 7,500.
4.		Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,950.
5.		The equity investments have a fair value of $ 7,400. (Assume they are trading securities.)
6.		The allowance for doubtful accounts applies to the accounts receivable.
7.		The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.)

Prepare the current assets section of Concord Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)