INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
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Textbook Question
Chapter 6, Problem 6.5BE
Classified
Armstrong Associates Balance Shoot At December 31 |
|
Assets | Amount |
Cash | $ 255,000 |
Receivables | 1,390,000 |
Prepaid Assets and Supplies | 722,000 |
Property. Plant, and Equipment - net | 2,075,000 |
Total Assets | $4,442,000 |
Liabilities | |
Payables and Accrued Expenses | $1,040,500 |
Income Taxes Payable | 316,750 |
Notes Payable, due in 5 years | 1,007,000 |
Total Liabilities | $2,364,250 |
Contributed Capital | $1,855,000 |
222,750 | |
Total Stockholders' Equity | $ 2,077,750 |
Total Liabilities and Stockholders' Equity | $4,442,000 |
The following account analyses were made during the company’s recent year-end audit
Receivables | ||
$ 450,000 | ||
Indefinite-life Intangible Assets | 940,000 | |
Receivables | $1,390,000 | |
Prepaid Assets and Supplies | ||
Merchandise Inventory | $ 641,000 | |
Prepaid Rent | 81,000 | |
Prepaid Assets and Supplies | $ 722,000 | |
Payables and Accrued Expenses | ||
Accounts Payable | $ 510,000 | |
Accrued Expenses | 521,500 | |
Payables and Accrued Expenses | $1,040,500 | |
Contributed Capital | ||
Common Stock, $1 par value | $ 815,000 | |
Additional Paid-in Capital | 1,040,000 | |
Contributed Capital | $1,855,000 |
Required
Prepare a corrected classified balance sheet.
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Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
Dec. 31, Year 7
Dec. 31, Year 6
Current Assets
Cash and cash equivalents
$519,159
$274,579
Marketable securities
166,106
187,064
Accounts receivable (net)
232,548
260,190
Inventories
382,044
352,022
Prepaid expenses
49,832
22,958
Other current assets
83,053
85,029
Total Current Assets
1,432,742
1,181,842
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,384,962
$2,232,263
Current Liabilities
Short-term borrowings
$306,376
$170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
228,700
257,631
Accrued liabilities
246,292
150,285
Income taxes payable
87,962
161,020
Total Current Liabilities
1,024,330
907,355
Long-term debt
500,000
300,000
Deferred income taxes
193,515
236,164
Total Liabilities
1,717,845
1,443,519
Common stock
$425,250…
Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
Dec. 31, Year 7
Dec. 31, Year 6
Current Assets
Cash and cash equivalents
$576,843
$305,088
Marketable securities
166,106
187,064
Accounts receivable (net)
258,387
289,100
Inventories
424,493
391,135
Prepaid expenses
55,369
25,509
Other current assets
83,053
85,029
Total Current Assets
1,564,251
1,282,925
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,516,471
$2,333,346
Current Liabilities
Short-term borrowings
$306,376
$170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
254,111
286,257
Accrued liabilities
273,658
166,983
Income taxes payable
97,735
178,911
Total Current Liabilities
1,086,880
970,570
Long-term debt
500,000
300,000
Deferred income taxes
215,017
262,404
Total Liabilities
1,801,897
1,532,974
Common stock
$425,250…
Selected financial data for Wilmington Corporation is presented below.
WILMINGTON CORPORATION
Balance Sheet
As of December 31
Year 7
Year 6
Current Assets
Cash and cash equivalents
$ 634,527
$ 335,597
Marketable securities
166,106
187,064
Accounts receivable (net)
284,226
318,010
Inventories
466,942
430,249
Prepaid expenses
60,906
28,060
Other current assets
83,053
85,029
Total Current Assets
1,695,760
1,384,009
Property, plant and equipment
1,384,217
625,421
Long-term investment
568,003
425,000
Total Assets
$3,647,980
$2,434,430
Current Liabilities
Short-term borrowings
$ 306,376
$ 170,419
Current portion of long-term debt
155,000
168,000
Accounts payable
279,522
314,883
Accrued liabilities
301,024
183,681
Income taxes payable
107,509
196,802
Total Current Liabilities
1,149,431…
Chapter 6 Solutions
INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
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