Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Chapter 3, Problem 3.5BE
• LO3–2, LO3–3
The following is a December 31, 2018, post-closing
| Account Title | Debits | Credits |
| Cash | $ 55,000 | |
| 39,000 | ||
| Inventories | 45,000 | |
| Prepaid insurance | 15,000 | |
| Equipment | 100,000 | |
| $ 34,000 | ||
| Patent, net | 40,000 | |
| Accounts payable | 12,000 | |
| Interest payable | 2,000 | |
| Note payable (due in 10, equal annual installments) | 100,000 | |
| Common stock | 70,000 | |
| 76,000 | ||
| Totals | $294,000$294,000 |
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Homework: -
The trial balance of AL Rand Company comes on December 31, 2019
Account name
$
Notes Payable
Capital
14,400,000
55,110,000
90,000
6,000,000
15,900,000
6,900,000
4,500,000
17,700,000
15,000,000
3,600,000
Reserves
Cash
Notes Receivable
Securities investments
Goods for the last period
Patent
Goodwill
Brand
Required
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The preparation of the statement of financial position (balance sheet) as on 31-12-201
Chapter 5 Exercises i
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49
Required information
Part 4 of 7
(The following information applies to the questions displayed below.)
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:
Accounts
Debit
Credit
1
$ 26,100
14,700
Cash
points
Accounts Receivable
Allowance for Uncollectible Accounts
$ 3,000
Supplies
Notes Receivable (6, due in 2 years)
Land
Skipped
3,600
15,000
80,000
Accounts Payable
Conmon Stock
Retained Earnings
7,900
95,000
33,500
eBook
Totals
$139,400
$139,400
Print
During January 2021, the following transactions occur:
2 Provide services to customers for cash, $46,100.
6 Provide services to customers on account, $83,400.
January
January
January 15 write off accounts receivable as uncollectible, $2,500.
January 20 Pay cash for salaries, $32, 500.
January 22 Receive cash on accounts receivable, $81,000.
January 25 Pay cash on accounts payable, $6,600.
January 30 Pay cash for utilities during January, $14,800.
References…
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Chapter 3 Solutions
Intermediate Accounting
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
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