Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 5, Problem 4SE
To determine
Prepare a classified a
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Current Assets
Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts
Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200.
Prepare the current assets section of Dorothy's year-end balance sheet.
Current Assets
Cash
Marketable securities
Accounts receivable
Less: Allowance for doubtful accounts
Inventories
Prepaid rent
Total current assets
Dorothy Corporation
Partial Balance Sheet
Feedback
7,000 ✓
1,100✔
1,200
3,000 ✓
5,900
23,800
2,400 ✓
Displayed here are the draft financial statements which have been prepared for Valerie’s business for the year ended 30 April 2021.
Draft Statement of Financial Position as at 30 April 2021
Assets
Non-current assets
see point a. below
Cost
90,000
Provision for depreciation
30,600
Net Book Value
59,400
Current assets
Inventory
To be advised
Trade receivables
43,200
Cash
4,680
47,880
Total assets
107,280
Liabilities
Current liabilities
Trade payables
17,280
Non-current liabilities
Bank loan
16,000
Total liabilities
33,280
Net assets
74,000
Owner’s interest
Capital invested
24,000
Profit and Loss Reserve:
Opening balance
34,720
Draft profit for the year…
Current Assets
Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200;
Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800.
Prepare the current assets section of Dorothy's year-end balance sheet.
Current Assets
Cash
Marketable securities
Accounts receivable
Less: Allowance for doubtful accounts
Inventories
Prepaid rent
Dorothy Corporation
Partial Balance Sheet
Total current assets
000
Chapter 5 Solutions
Principles of Accounting
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 1SECh. 5 - Prob. 2SECh. 5 - Tell whether each of the following accounts is a...
Ch. 5 - Prob. 4SECh. 5 - Prob. 5SECh. 5 - Prob. 6SECh. 5 - Prob. 7SECh. 5 - The lettered items that follow represent a...Ch. 5 - Each of the statements that follow violates one or...Ch. 5 - The lettered items that follow represent a...Ch. 5 - Prob. 4EACh. 5 - Prob. 5EACh. 5 - Prob. 6EACh. 5 - Prob. 7EACh. 5 - Prob. 8EACh. 5 - Prob. 1PCh. 5 - The information that follows is from Jasons...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5APCh. 5 - The information that follows is from Matts...Ch. 5 - Prob. 7APCh. 5 - The information that follows is from Rodriguezs...Ch. 5 - Prob. 1CCh. 5 - Prob. 2CCh. 5 - Prob. 3CCh. 5 - Prob. 4CCh. 5 - Prob. 5C
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