Balance Sheet : Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business. To Determine: The missing amounts of balance sheet

Question

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Answer 1

Question

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

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Answer 2

Question

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

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Answer 3

Question

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

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Answer 4

Question

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

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Answer 5

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

Answer 6

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

Answer 7

Chapter 3, Problem 3.2P

(1)

To determine

Balance Sheet: Balance Sheet is a financial statement and it is used to summarize the assets, the liabilities, and the Shareholder’s equity of a company at a given date. It is also known as the statement of financial status of the business.

To Determine: The missing amounts of balance sheet

Answer 8

(1)

Expert Solution

Explanation of Solution

Determine the missing amount of Inventories:

Inventories=(Current assets−Cash & cash equivalents−short term investments−Account receivable−Prepaid expenses)=($1,594,927−$239,186−$353,700−$504,944−$83,259)=$413,838

Hence, the amount of inventory is $413,838.

Determine the missing amount of Total assets:

Total assets=Total liabilities + Shareholders' equity=$956,140 + $1,370627=$2,326,767

Hence, total assets are $2,326,767.

Determine the missing amount of Property & equipment (net):

Property & equipment (net)=(Total assets−Current assets−Long term receivables)=$2,326,767−$1,594,927−$110,800=$621,040

Hence, property & equipment (net) is $621,040.

Determine the missing amount of Accounts payable:

Accounts payable=(Total current liabilities−Notes payable & short term debt−Accrued liabilities−Other current liabilities )=$693,564−$31,116−$421,772−$181,604=$59,072

Hence, account payable is $59,072.

Determine the missing amount of Long term debt & deferred taxes:

Long term debt & deferred taxes= Total liabilities−Current liabilities= $956,140−$693,564=$262,576

Hence, long term debt & deferred taxes are $262,576.

Answer 9

(1)

Expert Solution

Answer 10

(1)

Expert Solution

Answer 11

Expert Solution

Answer 12

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767

Table (1)

Conclusion

Therefore, the above classified balance sheet assets of $2,326,767 agrees with and liabilities and shareholders’ equity of $2,326,767

Answer 13

(2)

To determine

To Prepare: The classified balance sheet of Corporation T.

Answer 14

(2)

Expert Solution

Explanation of Solution

The classified balance sheet of Corporation T, as at December 31^st 2016 is as follows:

Classified balance sheet:

This is the financial statement of a company which shows the grouping of similar assets and liabilities under subheadings.

Corporation T
Balance Sheet
At December 31, 2016
Assets	($ in thousands)	($ in thousands)
Current assets:
Cash and cash equivalents	$ 239,186
Short-term investments	3,53,700
Accounts receivable, net of allowance for uncollectible accounts	5,04,944
Inventories	4,13,838
Prepaid expenses	83,259
Total current assets		15,94,927
Investments:
Long-term receivables		1,10,800
Property and equipment (net)		6,21,040
Total assets		$2,326,767

Liabilities and Shareholders' Equity	($ in thousands)	($ in thousands)
Current liabilities:
Notes payable and short-term debt	$ 31,116
Accounts payable	59,072
Accrued liabilities	4,21,772
Other current liabilities	1,81,604
Total current liabilities		6,93,564
Long-term debt and deferred taxes		2,62,576
Total liabilities		9,56,140
Shareholders’ equity		13,70,627
Total liabilities and shareholders’ equity		$2,326,767