Financial and Managerial Accounting
7th Edition
ISBN: 9781259726705
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 16E
Exercise 3-16 Preparing a
adidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare the balance sheet for this company , following usual IFRS practices. Assume the balance sheet is reported as of December 31, 2014.
| Property, plant and equipment….. | €1,454 | Intangible assets…………. | €2,763 |
| Total equity……………………… | 5,617 | Total current liabilities…... | 4,378 |
| Accounts receivable…………….. | 1,946 | Inventories………………. | 2,526 |
| Total noncurrent liabilities……… | 2,422 | Total liabilities………….. | 6,800 |
| Cash and cash equivalents………. | 1,683 | Other current assets……... | 1,192 |
| Total current assets……………… | 7,347 | Total noncurrent assets…. | 5,070 |
| Other noncurrent assets………….. | 853 |
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E9-4B: (Statement of Financial Position – Missing Elements)
The following calendar year-end
information is available for GRAPES Corporation:
.Cash and cash equivalents
· Accounts receivable (net)
· Inventories
· Property, plant, and equipment (net)
·Accounts payable
. Wages payable
. Contributed capital
асcount
balance
P 5,000
20,000
60,000
120,000
44,000
15,000
100,000
The only asset not listed is trading securities. The only
liabilities not listed are a P30,000 note payable due in two
years and related accrued interest of P1,000 due in four
months. The current ratio (equal to Current Assets :
Current Liabilities) at year-end is 1.5:1.
Instruction: Determine the following balances at year end.
A. Total current assets (Cash and cash
equivalent
500
Accounts
receivable
{net}
20,000
inventories {60,000} – 85000)
Trading
Securities
В.
(5000+20000+60000+120000)=20
5,000
c. Total Assets Accounts payable
44,000 + wages payable 15,000
59,00
D.…
exercise 12-7
Shown below are comparative balance sheets for Sandhill Company.
Sandhill CompanyComparative Balance SheetsDecember 31
Assets
2017
2016
Cash
$ 211,208
$ 68,332
Accounts receivable
273,328
236,056
Inventory
518,702
587,034
Land
248,480
310,600
Equipment
807,560
621,200
Accumulated depreciation—equipment
(204,996
)
(99,392
)
Total
$1,854,282
$1,723,830
Liabilities and Stockholders’ Equity
Accounts payable
$ 121,134
$ 133,558
Bonds payable
465,900
621,200
Common stock ($1 par)
670,896
540,444
Retained earnings
596,352
428,628
Total
$1,854,282
$1,723,830
Additional information:
1.
Net income for 2017 was $288,858.
2.
Depreciation expense was $105,604.
3.
Cash dividends of $121,134 were declared and paid.
4.
Bonds…
TASK 4.20
Shadrack Enterprises Fixed assets note
Complete the Fixed Asset Note to the Balance Sheet from the following ledger accounts of
Shadrack Enterprises as at 31 December 20.5.
GENERAL LEDGER OF SHADRACK ENTERPRISES
BALANCE SHEET ACCOUNTS SECTION
Dr
VEHICLES
Cr
20.5
20.5
220 000 Mar
Dec
31 Asset dis osal
Balance
Jan
1
Balance
b/d
GJ
60 000
cld 160 000
220 000
31
20.6
220 000
Jan
Balance
b/d
160 000
ACCUMULATED DEPRECIATION ON VEHICLES
20.5
20.5
b/d
80 000
39 000
76 000 Mar
1
Balance
Mar 31
Dec 31
GJ
Jan
Asset disposal
Balance
3 000
Depreciation
31 Depreciation
GJ
GJ
c/d
31
Dec
32 000
115 000
115 000
20.6
Jan
1
Balance
b/d
76 000
Dr
EQUIPMENT
20.5
20.5
Balance
cid
120 000
90 000
30 000
120 000
b/d
Dec
31
Balance
Creditors control
Jan
1
June 30
CJ
120 000
20.6
Jan
1
Balance
b/d
120 000
B
ACCUMULATED DEPRECIATION ON EQUIPMENT
20.5
20.5
Dec 31
c/d
50 500 Jan
Balance
b/d
40 000
Balance
10 500
50 500
Dec
31
Depreciation
GJ
50 500
20.6
1
Jan
Balance
b/d
50 500
NOMINAL ACCOUNTS SECTION…
Chapter 3 Solutions
Financial and Managerial Accounting
Ch. 3 - Prob. 1MCQCh. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - On May 1, 2017, a two-year insurance policy was...Ch. 3 - On November 1, 2017, Stockton Co. receives $3,600...Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - A If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Prob. 20DQCh. 3 - Prob. 21DQCh. 3 - Prob. 22DQCh. 3 - Prob. 23DQCh. 3 - Prob. 24DQCh. 3 - Prob. 25DQCh. 3 - Prob. 26DQCh. 3 - Prob. 27DQCh. 3 - Prob. 28DQCh. 3 - Prob. 29DQCh. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Recording and analyzing adjusting entries P1...Ch. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Preparing adjusting entries P6 Garcia Company had...Ch. 3 - A preparing adjusting entries P4 Cal Consulting...Ch. 3 - Preparing closing entries from the ledger P4 The...Ch. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Classifying balance sheet items C3 The following...Ch. 3 - Identifying current accounts and computing the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Exercise 3-1 Adjusting and paying accrued wages P1...Ch. 3 - Exercise 3-2 Adjusting and paying accrued expenses...Ch. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Exercise 3-8 Preparing closing entries...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 3-16 Preparing a balance sheet following...Ch. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 6GLPCh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTNCh. 3 - Prob. 7BTNCh. 3 - Prob. 8BTNCh. 3 - Prob. 9BTN
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