EBK INTERMEDIATE ACCOUNTING
3rd Edition
ISBN: 9780136946465
Author: SANNELLA
Publisher: VST
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Chapter 6, Problem 6.6E
Prepare
| Account | Debit | Credit |
| Goods payable, due in 10 years | $ 200,975 | |
| Investments at fair value (current) | $ 25,000 | |
| Accounts payable | 135,000 | |
| Additional paid-in-capital | 400,000 | |
| Dividends payable | 3,700 | |
| Equipment under capital lease | 856,800 | |
| Intangible assets-net | 207,000 | |
| Merchandise inventory | 667500 | |
| Income taxes payable | 32,575 | |
| Cash | 12,750 | |
| Accumulated other comprehensive income | 70,000 | |
| Current portion of long-term debt | 100,000 | |
| Property, plant, and equipment - net | 1,098,000 | |
| Investments in affiliate compares | 43,000 | |
| (noncurrent) | ||
| 60,000 | ||
| Notes payable, due in 5years | 300,000 | |
| 701,735 | ||
| Obligations under capital teases | 210,500 | |
| Obligations under pension plans | 185,400 | |
| 16,000 | ||
| Common stock, $1 par value | 664,715 | |
| Totals | $2,970,050 | $2,970,050 |
Required
- a. Prepare the current-year classified balance sheet using the report format.
- b. Prepare the current year classified balance sheet using the account format.
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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
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
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
Solve all questions
Category
Prior Year
Current Year
Accounts payable
???
???
Accounts receivable
320,715
397,400
Accruals
40,500
33,750
Additional paid in capital
500,000
541,650
Cash
17,500
47,500
Common Stock
94,000
105,000
COGS
328,500
428,571.00
Current portion long-term debt
33,750
35,000
Depreciation expense
54,000
54,035.00
Interest expense
40,500
42,155.00
Inventories
279,000
288,000
Long-term debt
339,577.00
401,377.00
Net fixed assets
946,535
999,000
Notes payable
148,500
162,000
Operating expenses (excl. depr.)
126,000
162,171.00
Retained earnings
306,000
342,000
Sales
639,000
849,094.00
Taxes
24,750
47,192.00
What is the current year's entry for long-term debt on a common-sized balance sheet?
(ROUND TO 4 DECIMAL PLACES.)
Chapter 6 Solutions
EBK INTERMEDIATE ACCOUNTING
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