FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 20QS
To determine
Concept Introduction:
Classified
The assets section of the classified balance sheet from the given data.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
From the worksheet, prepare the assets section of a classified balance sheet.
LOADING...
(Click
the icon to view the completed worksheet.)
A. Ella Co.
Partial Balance Sheet
December 31, 2019
Assets
Current Assets:
Total Current Assets
Plant and Equipment:
Less:
Total Assets
These financial statement items are for Wildhorse Co. at year-end, July 31, 2017.
$ 3,880
Salaries and wages payable
Salaries and wages expense
59,200
Supplies expense
17,000
Equipment
20,300
Accounts payable
4,100
Service revenue
67,800
Rent revenue
9,900
Notes payable (due in 2020)
2,900
Common stock
16,000
Cash
30,900
Accounts receivable
10,880
Accumulated depreciation-equipment
7,600
Dividends
4,000
Depreciation expense
5,600
Retained earnings (beginning of the year)
35,700
Audit documentation that shows the detailed evidence and procedures regarding the balancein the accumulated depreciation account for the year under audit will be found in thea. Current file audit documentation.b. Permanent file audit documentation.c. Administrative audit documentation in the current file.d. Planning memorandum in the current file.
Chapter 8 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
Ch. 8 - Prob. 1QSCh. 8 - Prob. 2QSCh. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QS
Ch. 8 - Prob. 11QSCh. 8 - Prob. 12QSCh. 8 - Prob. 13QSCh. 8 - Prob. 14QSCh. 8 - Prob. 15QSCh. 8 - Prob. 16QSCh. 8 - Prob. 17QSCh. 8 - Prob. 18QSCh. 8 - Prob. 19QSCh. 8 - Prob. 20QSCh. 8 - Prob. 21QSCh. 8 - Prob. 22QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Prob. 24ECh. 8 - Prob. 25ECh. 8 - Prob. 26ECh. 8 - Prob. 1PSACh. 8 - Prob. 2PSACh. 8 - Prob. 3PSACh. 8 - Prob. 4PSACh. 8 - Prob. 5PSACh. 8 - Prob. 6PSACh. 8 - Prob. 7PSACh. 8 - Prob. 1PSBCh. 8 - Prob. 2PSBCh. 8 - Prob. 3PSBCh. 8 - Prob. 4PSBCh. 8 - Prob. 5PSBCh. 8 - Prob. 6PSBCh. 8 - Prob. 7PSBCh. 8 - Prob. 8SPCh. 8 - Prob. 1.1AACh. 8 - Prob. 1.2AACh. 8 - Prob. 1.3AACh. 8 - Prob. 1.4AACh. 8 - Prob. 2.1AACh. 8 - Prob. 2.2AACh. 8 - Prob. 2.3AACh. 8 - Prob. 3.1AACh. 8 - Prob. 3.2AACh. 8 - Prob. 3.3AACh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 1BTNCh. 8 - Prob. 2BTNCh. 8 - Prob. 3BTNCh. 8 - Prob. 4BTN
Knowledge Booster
Similar questions
- This section of the balance sheet represents asset subaccounts that typically can be liquidated within a 1-year period from the statement date. Current liabilities Current assets Net assets O Non-current assetsarrow_forwardVisit www.sec.gov/edgar and search for the BJ's Wholesale annual report (10-K) for the year ended February 1, 2020, using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system). Search or scroll within the annual report to find the balance sheet, labeled "Consolidated Balance Sheets." Required: 1. Find the amounts reported for accumulated depreciation for the period ended February 1, 2020, and February 2, 2019. Assuming no depreciable assets were sold during the year, determine the adjustment for BJ's depreciation for the year and compute the adjusted balances of the related accounts. 2. For simplicity, assume the entire amount reported for "Prepaid expenses and other current assets" represents the balance of the Supplies account. If the year-end balance of the Supplies account prior to any adjustment is $200,000 (in thousands), determine the adjustment that was made to Supplies (and Supplies Expense) at the end of the current year and compute the adjusted balances of the…arrow_forwardComprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Companys balances sheet accounts and account balances on December 31, 2019: Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, 29,500; buildings, 164,600; store fixtures, 72,600; and office equipment, 30,000. 3. The accumulated depreciation breakdown is as follows: buildings, 54,600; store fixtures, 37,400; and office equipment, 17,300. 4. The long term debt includes 12%, 36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of 1,000; 11%, 48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of 1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of 6,200 and matures on January 1, 2022. 5. The non-interest-bearing note receivable matures on June 1, 2023. 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost. 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, 50,000, 15-year bonds issued by this affiliate, Jay Company. 8. Common stock has a 10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of 13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a 50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of 55 per share, resulting in 640 shares issued at year-end. 10. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of 20,000 and a book value of 7,000 was totally destroyed. Insurance proceeds will amount to only 5,000. 11. Net income and dividends declared and paid during the year were 50,500 and 21,000, respectively. Required: 1. Prepare Stone Boats December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare a statement of shareholders equity for 2019. (Hint: Work back from the ending account balances.) 3. Prepare notes that itemize the balance sheet control accounts and those necessary to disclose any company accounting policies, contingent liabilities, and subsequent events. 4. Next Level Compute the debt-to-assets ratio at the cud of 2019. What is your evaluation of this ratio if it was 39% at the end of 2018? Use the following information for P415 and P416: McCormick Company, Inc. is one of the worlds leading producers of spices, herbs, seasonings, condiments, and other flavorings for foods. Its products are sold to consumers, with sonic of the leading brands of spices and seasonings, as well as to industrial producers of foods. McCormicks consolidated balance sheets for 20X2 and 20X3 follow.arrow_forward
- Financial Statement Presentation of Operating Assets Olympic Acquisitions Inc. prepared the following post-closing trial balance at December 31, 2019: Â Required: Prepare a classified balance sheet for Olympic at December 31, 2019. ( Note: Olympic reports the three categories of operating assets in separate subsections of assets.)arrow_forwardUsing the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forward
- When writing journal entries for recording assets, what is the end result in the account: Group of answer choices Aggregate cost of the asset Cost, net of preparation costs. Proceeds paid to employees Only the net depreciable costsarrow_forwardCommon size analysis of the balance sheet expresses each item as a percentage of the _____________. Total Asset Revenue Base year figure Current assetarrow_forwardIncome statement and statement of financial position. Information attached below.arrow_forward
- Scanned with CamScanner Scanned with CamScanner Balance Sheets as at 31 December Non current asse Current assets ess depreciation Accounts reco Total assets Accounts pavable oan hotes Net awetse entory at 1 January 2018 was E50,000. Required: 2018 and 2019 Cn Net promt capons for and signi of any changes in the ratios shown by your calaton Scanned with CamScanner given below. Income Statements for the years ending 31 December 2018 2019 £00 £000 £000 E000 Sales Less Cost of sales Gross profit 200 (150) 50 280 (210) 70 Less Administration expenses 38 46 Loan note interest 4 (50) (38) 12 Net profit 20arrow_forwardSelected accounts from Phipps Corporations trial balance are as follows. Prepare the assets section of the companys balance sheet.arrow_forwardPrepare the assets section of the balance sheet as of December 31 for Hoopers International using the following information:arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning