Intermediate Accounting (2nd Edition)
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 6.4P

Prepare Stockholders’ Equity Section of Balance Sheet. Delaney Products, Inc. provided the following information from its current-year trial balance

Account Debit Credit
Gain on disposal of plant assets $ 890
Dividends $ 125
Cost of goods sold 25,000
Selling expenses 5,000
Dividend income 866
Advertising expense 7000
Office salaries expense 6,700
Depreciation expense 8,250
Systems consulting fees expense 350
Loss on asset impairment 467
Unrealized gain on trading investments 200
Accounting and legal fees expense 300
Loss on discontinued operations before tax 1,000
Office supplies expense 2,000
Interest income 4,000
Gain on uninsured flood damage before tax 5,600
Unreal zed loss on available-for-sale bonds before tax 933
Amortization expense 5.500
Interest expense 900
Sales salaries expense 2,100
Sales 400,000
Retained earnings beginning balance 750,000
Accumulated other comprehensive income: beginning balance 210,000
Common stock - no par: beginning balance 82,000

Delaney issued $55,000 of no-par common stock on October 1 of the current year. The company also repurchased $13,500 of its shares at the end of the reporting period. The company is subject to a 40% income tax rate.

Required

Prepare the stockholders’ equity section of the balance sheet at December 31 of the current year. Round to the nearest dollar.

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Maguindanao Computer, Inc., reports the following statement of financial position amounts as of December 31, 2020               Current asset                                      P 2,440,500             Noncurrent assets                                 6,285,500             Current liabilities                                    1,386,000             Noncurrent liabilities                                 900,000             Owner’s equity                                       6,440,000   A review of account balances reveals the following data An analysis of current assets discloses the following:   Cash P   422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000   2,440,500   2. Noncurrent assets include the following:   Property, plant and equipment:           Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for…

Chapter 6 Solutions

Intermediate Accounting (2nd Edition)

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