HW-3 Information The following Balance Sheet is available. Unfortunately, the company's accountant barely passed accounting and may have jumbled accounts and debts and credits. Balance Sheet December 31, 2017 Current assets Investmentments Property plant & equipment Intangible assets Total A. Current Assets include Cash Accounts Receivable Allowance for bad debts Unearned rent revenue Inventory-lower of cost or NRV Footnotes: Details of balance sheet categories B. Investments include" Cash surrender value life insurance Investments in stock - short-term Investments in stock-long-term Bond sinking fund *the cost and the fair value of the investments in stock are equal. 485,000 640,000 1,720,000 305,000 3,150,000 C. Property plant & equipment Buildings accumulated depreciation - buildin Equipment Accumulated depreciation-equipm Land Land held for future use 150,000 170,000 10,000 5,000 ?? 40,000 80,000 270,000 250,000 1,040,000 360,000 450,000 Current liabilities Long-term liabilities Stockholder's equity 180,000 500,000 270,000 Total D. Intangible Assets Fanchise Goodwill Discount on bond payable E. Current Liabilities Accounts payable Notes payable - short-term Notes payable-long-term Income taxes payable F. Long-term liabilties Bonds payable 7% 380,000 1,000,000 1,770,000 3,150,000 165,000 100,000 40,000 G. Stockholders' equity** Preferred stock Common stock 140,000 80,000 120,000 40,000 1,000,000 450,000 1,000,000 320,000 Retained earnings the preferred stock has no par value with 200,000 shares authorized and 70,000 shares issued The common stock has a $1 par value, with 400,000 shares authorized and 100,000 shares issued at an average price of $10 per share. Note: assume all accounts have correct 'normal' balances. In other words, if an account is supposed to have a debit balance, it does have a debit balance even if it's listed in the incorrect section. Chart of Accounts Accounts payable Accounts Receivable Accumulated depreciation - building Accumulated depreciation - equipment Allowance for bad debts Bond sinking fund Bonds payable 7% Buildings Cash Cash surrender value life insurance Common stock Discount on bond payable Equipment Fanchise Goodwill Income taxes payable Inventory Investments in stock - long-term Investments in stock - short-term Land Land held for future use Notes payable -long-term Notes payable-short-term Paid in capital - common stock Preferred stock Retained earnings Unearned rent revenue

HW-3 Information The following Balance Sheet is available. Unfortunately, the company's accountant barely passed accounting and may have jumbled accounts and debts and credits. Balance Sheet December 31, 2017 Current assets Investmentments Property plant & equipment Intangible assets Total A. Current Assets include Cash Accounts Receivable Allowance for bad debts Unearned rent revenue Inventory-lower of cost or NRV Footnotes: Details of balance sheet categories B. Investments include" Cash surrender value life insurance Investments in stock - short-term Investments in stock-long-term Bond sinking fund *the cost and the fair value of the investments in stock are equal. 485,000 640,000 1,720,000 305,000 3,150,000 C. Property plant & equipment Buildings accumulated depreciation - buildin Equipment Accumulated depreciation-equipm Land Land held for future use 150,000 170,000 10,000 5,000 ?? 40,000 80,000 270,000 250,000 1,040,000 360,000 450,000 Current liabilities Long-term liabilities Stockholder's equity 180,000 500,000 270,000 Total D. Intangible Assets Fanchise Goodwill Discount on bond payable E. Current Liabilities Accounts payable Notes payable - short-term Notes payable-long-term Income taxes payable F. Long-term liabilties Bonds payable 7% 380,000 1,000,000 1,770,000 3,150,000 165,000 100,000 40,000 G. Stockholders' equity** Preferred stock Common stock 140,000 80,000 120,000 40,000 1,000,000 450,000 1,000,000 320,000 Retained earnings the preferred stock has no par value with 200,000 shares authorized and 70,000 shares issued The common stock has a $1 par value, with 400,000 shares authorized and 100,000 shares issued at an average price of $10 per share. Note: assume all accounts have correct 'normal' balances. In other words, if an account is supposed to have a debit balance, it does have a debit balance even if it's listed in the incorrect section. Chart of Accounts Accounts payable Accounts Receivable Accumulated depreciation - building Accumulated depreciation - equipment Allowance for bad debts Bond sinking fund Bonds payable 7% Buildings Cash Cash surrender value life insurance Common stock Discount on bond payable Equipment Fanchise Goodwill Income taxes payable Inventory Investments in stock - long-term Investments in stock - short-term Land Land held for future use Notes payable -long-term Notes payable-short-term Paid in capital - common stock Preferred stock Retained earnings Unearned rent revenue

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

See similar textbooks