Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 3.9P
• LO3–2 , LO3–3
Presented below is the balance sheet for HHD, Inc., at December 31, 2018.
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $150,000;
b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and restricted cash, long term, $250,000.
c. Property, plant, and equipment: buildings, $1,500,000 less
d. Intangible assets: patent, $110,000; and copyright, $90,000.
e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.
f. Long-term liabilities: bonds payable due 2023.
g. Shareholders’ equity: common stock, $1,000,000;
Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018.
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Problem #1
The following balance sheet and income statement data is given:
31-Dec
Yr 2021
Yr 2020
Cash
$4,300
$3,700
Accounts receivable (net)
22,000
23,400
Inventories
10,000
7,000
Plant assets (net)
75,000
86,000
Total assets
111,300
120,100
Accounts payable
12,370
11,100
Bonds payable
70,000
70,000
Total liabilities
82,370
81,100
Common stock, $10 par
65,000
59,000
Paid-in capital
10,000
10,000
Retained earnings
24,300
20,600
Total stockholders’ equity
99,300
89,600
Net credit sales
100,000
Cost of goods sold
60,350
Gross profit
39,650
Net income
14,000
REQUIRED:
Compute the following ratios for 2021.
NOTE: Copy and paste the information below into the answer box first and then show your calculation steps for this problem to receive credits.
(1) Accounts receivable turnover=____________________
(2) Inventory turnover=__________________
(3) Accounts payable…
Question 9
Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows.
Assets
Current assets
Cash
Accounts receivable
Notes receivable
Inventories
Total current assets
Noncurrent assets
Land
Machinery
Accumulated depreciation
Total noncurrent assets
Total assets
Liabilities and shareholders' equity
Current liabilities
Accounts payable
Interest payable
Total current liabilities
Long-term debt
Total liabilities
Belch Ltd
Comparative Statement of Financial Position
Dec. 31, 2022
Dec. 31, 2021
Shareholders equity
Common shares
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity
$ 200,000
160,000
70,000
399.000
829,000
525,000
483,000
(143,000)
865,000
$1,694,000
$ 145,000
17,500
162,500
350.000
512,500
650,000
531.500
1.181,500
$1,694,000
$ 188,000
133,000
61,000
326,000
708,000
500,000
238,000
(97,500)
640,500
$1,348.500
$ 153,000
15,000
168,000
200,000
368,000
550,000
430,500
980,500
$1,348,500
Additional information:
1. Net income is…
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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