Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 6, Problem 6.1P
Prepare
| Account | Debit | Credit |
| Additional paid-in capital | $ 891.500 | |
| Dividends payable | 10,000 | |
| Equipment under capital lease | $375,000 | |
| Intangible assets - net | 324,500 | |
| Merchandise inventory | 877,185 | |
| Income taxes payable | 200,800 | |
| Cash | 630,000 | |
| Notes payable, due in 10 years | 725,000 | |
| Accumulated other comprehensive loss | 235,000 | |
| Current portion of long-term debt | 345,000 | |
| Property, plant, and equipment - net | 3,245,000 | |
| Investments in affiliate companies (noncurrent) | 123,543 | |
| 240,007 | ||
| Bonds payable, due in 20 years | 1,000,000 | |
| Investments at fair value (current) | 678,590 | |
| Accounts payable | 500,500 | |
| 1,250,750 | ||
| Obligations under capital leases | 240,000 | |
| Obligations under pension plans | 609,575 | |
| 330,700 | ||
| Common stock. $1 par value | 625,000 |
Required
- a. Prepare the balance sheet at December 31st using the report format.
- b. Prepare the balance sheet at December 31st using the account format.
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Students have asked these similar questions
ABC Company, as of December 31, 2021 provided the following balances:
Cash, net of a P7,000 overdraft
80,000
Receivable, net of customer credit balances totaling P6,000
30,000
Inventory (P20,000 of which are held on consignment
60,000
Prepayments
10,000
Property, plant and equipment, net of accumulated depreciation
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90,000
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Notes payable – bank, due on July 2022
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15,000
17. Total current assets reported in the December 31, 2021 balance sheet is
a. 176,000
b. 156,000
c. 173,000
d. 170,000
Directions. Read and analyse the given data. Answer the questions below on a separate
sheet of paper.
The January 31. 202x Statement of Financial Position of Shelpat Corporation follows:
Cash
8,000
Accounts receivable (net of allowance for uncollectible
Accounts of P2,000)
38,000
16,000
Inventory
Property, plant and equipment (net of allowance for
Accumulated depreciation of P60,000)
40 000
P. 102,000
Total Assets
Additional information:
• Sales are budgeted as follows:
February
P110,000
120 000
March
• Collections are expected to be 60% in the month of sale. 38% the next
month and 2 % uncollectible.
• The gross margin is 25% of sales. Purchases each month are 75% of the
next month's projected sales. The purchases are paid in full the following
month.
• Other expenses for each month, paid in cash, are expected to be P16,500.
Depreciation each month is P5,000.
1. What are the budgeted cash collections for February 202x?
P101,800
P104,000
P63,800
P66,000
a.
с.
b.
d.
2. What is the…
Carmela Company, as of December 31, 2021 provided the following balances:
Cash, net of a P7,000 overdraft
80,000
Receivable, net of customer credit balances totaling P6,000
30,000
Inventory (P20,000 of which are held on consignment)
60,000
Prepayments
10,000
Property, plant and equipment, net of accumulated depreciation of P15,000
90,000
Accounts payable net of debit balances in suppliers’ accounts of P3,000
45,000
Notes payable – bank, due on July 2022
25,000
Income tax payable
15,000
Total current assets reported in the December 31, 2021 balance sheet is
Chapter 6 Solutions
Intermediate Accounting (2nd Edition)
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Ch. 6 - Prob. 6.11QCh. 6 - Prob. 6.12QCh. 6 - What are the two formatting options for reporting...Ch. 6 - What is financial statement articulation?Ch. 6 - How is net income closed? Is the closing entry the...Ch. 6 - Why are the notes to the financial statements an...Ch. 6 - Prob. 6.17QCh. 6 - What is a subsequent event?Ch. 6 - What is a subsequent event under IFRS?Ch. 6 - How do firms report a material subsequent event on...Ch. 6 - Prob. 6.21QCh. 6 - Over what period must management assess the...Ch. 6 - Prob. 6.23QCh. 6 - Prob. 6.24QCh. 6 - Prob. 6.25QCh. 6 - Prob. 6.26QCh. 6 - Prob. 6.27QCh. 6 - Prob. 6.28QCh. 6 - Prob. 6.29QCh. 6 - Prob. 6.30QCh. 6 - Prob. 6.31QCh. 6 - Who is responsible for designing and implementing...Ch. 6 - Prob. 6.33QCh. 6 - What are the two key measures of liquidity?...Ch. 6 - What does the debt-to-equity ratio measure for a...Ch. 6 - What does a high current ratio indicate about a...Ch. 6 - Is it useful to compare working capital among...Ch. 6 - Sykes Corporations comparative balance sheets at...Ch. 6 - During Year 1, Brianna Company had the following...Ch. 6 - Which of the following items would not be included...Ch. 6 - Kong Co. purchased a three-month U.S. Treasury...Ch. 6 - Prob. 6.5MCCh. 6 - Prob. 6.6MCCh. 6 - In its year-end income statement, Black Knights...Ch. 6 - On is current year income statement, Vegas...Ch. 6 - Advantages of the Statement of Financial Position....Ch. 6 - Prob. 6.2BECh. 6 - Prob. 6.3BECh. 6 - Account Classification: Current and Noncurrent...Ch. 6 - Classified Balance Sheet. Armstrong Associates...Ch. 6 - Classified Balance Sheet, Report Format. Martell...Ch. 6 - Classified Balance Sheet, Account Format. Using...Ch. 6 - Classified Balance Sheet. Report Format.Bowe...Ch. 6 - Classified Balance Sheet, Account Format. Using...Ch. 6 - Classification as Operating. Investing, or...Ch. 6 - Prob. 6.11BECh. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating. Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Prob. 6.18BECh. 6 - Statement of Cash Flows, Indirect Method. Identity...Ch. 6 - Financial Statement Articulation. Complete the...Ch. 6 - Prob. 6.21BECh. 6 - Prob. 6.22BECh. 6 - Prob. 6.23BECh. 6 - Prob. 6.24BECh. 6 - Statement of Cash Flows, Indirect Method. Tennis...Ch. 6 - Statement of Cash Flows, Direct Method. Use the...Ch. 6 - Prob. 6.27BECh. 6 - Ratio Analyses. Green Grasshopper Incorporated is...Ch. 6 - Classification of Assets and Liabilities. Darin...Ch. 6 - Prob. 6.2ECh. 6 - Prob. 6.3ECh. 6 - Prob. 6.4ECh. 6 - Prepare Balance Sheet. Blackburn Building Products...Ch. 6 - Prepare Balance Sheet. Lake Company provided the...Ch. 6 - Statement of Cash Flows, Indirect Method. Tulsa...Ch. 6 - Prob. 6.8ECh. 6 - Prob. 6.9ECh. 6 - Prob. 6.10ECh. 6 - Prob. 6.11ECh. 6 - Financial Statement Articulation. Use the...Ch. 6 - Prob. 6.13ECh. 6 - Prob. 6.14ECh. 6 - Prob. 6.15ECh. 6 - Prob. 6.16ECh. 6 - Prob. 6.17ECh. 6 - Solvency Analyses. The following items are from...Ch. 6 - Prepare Balance Sheet. Larkin Corporation provided...Ch. 6 - Prob. 6.2PCh. 6 - Prepare Balance Sheet. Jennings Incorporated...Ch. 6 - Prepare Stockholders Equity Section of Balance...Ch. 6 - Prepare Stockholders Equity Section of Balance...Ch. 6 - Prepare Classified Balance Sheet.Centre Company...Ch. 6 - Prepare a classified balance sheet at December 31...Ch. 6 - Contents of the Annual Report, Financial Statement...Ch. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Direct Method. Prepare...Ch. 6 - Statement of Cash Flows, Indirect Method. Prepare...Ch. 6 - Prob. 6.13PCh. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Direct Method. Prepare...Ch. 6 - Prob. 6.16PCh. 6 - Prob. 1JCCh. 6 - UseFoot Locker. Inc.sbalance sheet and other...Ch. 6 - Prob. 1SSCCh. 6 - Surfing the Standards Case 2: True and Fair...Ch. 6 - Basis for Conclusions Cases Basis for Conclusions...Ch. 6 - Prob. 2BCC
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