Loose-Leaf for Financial and Managerial Accounting
7th Edition
ISBN: 9781260004861
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 16E
Exercise 3-16 Preparing a balance sheet following IFRS P3
adidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare the balance sheet for this company , following usual IFRS practices. Assume the balance sheet is reported as of December 31, 2014.
| Property, plant and equipment….. | €1,454 | Intangible assets…………. | €2,763 |
| Total equity……………………… | 5,617 | Total current liabilities…... | 4,378 |
| 1,946 | Inventories………………. | 2,526 | |
| Total noncurrent liabilities……… | 2,422 | Total liabilities………….. | 6,800 |
| Cash and cash equivalents………. | 1,683 | Other current assets……... | 1,192 |
| Total current assets……………… | 7,347 | Total noncurrent assets…. | 5,070 |
| Other noncurrent assets………….. | 853 |
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TASK 4.20
Shadrack Enterprises Fixed assets note
Complete the Fixed Asset Note to the Balance Sheet from the following ledger accounts of
Shadrack Enterprises as at 31 December 20.5.
GENERAL LEDGER OF SHADRACK ENTERPRISES
BALANCE SHEET ACCOUNTS SECTION
Dr
VEHICLES
Cr
20.5
20.5
220 000 Mar
Dec
31 Asset dis osal
Balance
Jan
1
Balance
b/d
GJ
60 000
cld 160 000
220 000
31
20.6
220 000
Jan
Balance
b/d
160 000
ACCUMULATED DEPRECIATION ON VEHICLES
20.5
20.5
b/d
80 000
39 000
76 000 Mar
1
Balance
Mar 31
Dec 31
GJ
Jan
Asset disposal
Balance
3 000
Depreciation
31 Depreciation
GJ
GJ
c/d
31
Dec
32 000
115 000
115 000
20.6
Jan
1
Balance
b/d
76 000
Dr
EQUIPMENT
20.5
20.5
Balance
cid
120 000
90 000
30 000
120 000
b/d
Dec
31
Balance
Creditors control
Jan
1
June 30
CJ
120 000
20.6
Jan
1
Balance
b/d
120 000
B
ACCUMULATED DEPRECIATION ON EQUIPMENT
20.5
20.5
Dec 31
c/d
50 500 Jan
Balance
b/d
40 000
Balance
10 500
50 500
Dec
31
Depreciation
GJ
50 500
20.6
1
Jan
Balance
b/d
50 500
NOMINAL ACCOUNTS SECTION…
37
LG 5 P4-18 Pro forma balance sheet Randy & Wiskers Enterprises reported sales of $15.5 mil-
lion for the 2015 financial year. In order to identify the financial needs for the 2016
financial year, you were requested to compile a pro forma balance sheet. The balance
sheet as of December 31, 2015 (shown on the next page) and other additional infor-
mation are as follows.
Additional information
(1) The balance sheet items vary directly with sales: Accounts receivable (15%), In-
ventory (15%), Accounts payable (10%), and net profit margin (2%).
(2) All other balance sheet items remain unchanged.
(3) Minimum cash balance of $520,000 is desired.
(4) New equipment costing $20,000 will be purchased during 2016, and the net
fixed assets will increase to $5,815,000.
(5) Accruals will increase to $660,000.
(6) Long-term debt is not expected to be repaid in full, and no common stock will
be repurchased.
(7) The dividend payout will remain unchanged at 50% of net profits.
(8) Sales are expected to…
Chapter 3 Solutions
Loose-Leaf for Financial and Managerial Accounting
Ch. 3 - Prob. 1MCQCh. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - On May 1, 2017, a two-year insurance policy was...Ch. 3 - On November 1, 2017, Stockton Co. receives $3,600...Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - A If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Prob. 25DQCh. 3 - Prob. 26DQCh. 3 - Prob. 27DQCh. 3 - Prob. 28DQCh. 3 - Prob. 29DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Recording and analyzing adjusting entries P1...Ch. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Preparing adjusting entries P6 Garcia Company had...Ch. 3 - A preparing adjusting entries P4 Cal Consulting...Ch. 3 - Preparing closing entries from the ledger P4 The...Ch. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Classifying balance sheet items C3 The following...Ch. 3 - Identifying current accounts and computing the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Exercise 3-1 Adjusting and paying accrued wages P1...Ch. 3 - Exercise 3-2 Adjusting and paying accrued expenses...Ch. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Exercise 3-8 Preparing closing entries...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 3-16 Preparing a balance sheet following...Ch. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Prob. 8BTNCh. 3 - Prob. 9BTN
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