Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 3, Problem 3.1P
• LO3–2, LO3–3
Presented below is a list of balance sheet accounts.
Accounts payable | Cash |
Accounts receivable | Common stock |
Copyright | |
Accumulated depreciation—equipment | Equipment |
Allowance for uncollectible accounts | Interest receivable (due in three months) |
Restricted cash (to be used in 10 years) | Inventories |
Bonds payable (due in 10 years) | Land (in use) |
Buildings | Long-term investments |
Notes payable (due in 6 months) | Rent payable (current) |
Notes receivable (due in 2 years) | Retained earnings |
Patent | Short-term investments |
Taxes payable | |
Prepaid expenses | Wages payable |
Required:
Prepare a classified balance sheet ignoring monetary amounts.
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Comprehensive Problem
The following were taken from the books of Amihan Company:
Long-term Payable
Notes Payable
Property. Plant and Equipment
Accounts Receivable
Accounts Payable
Accumulated Depreciation
Cash
Owner's Capital
Unearned Income
Notes Receivable
Prepaid Expenses
Accrued Expenses
Inventory
Intangible Assets
P 500,000
120.000
750,000
56.000
65,000
100,000
77,000
c. Prepaid Expenses is current.
d. Date of SFP, December 31, 2020
?
15.345
244.000
56.700
37,890
157,840
124,500
OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM)
SFP
a. Notes Payable is due 6 months from now.
b. Notes Receivable is collectible 9 months from now.
Investment in Total Net Operating
Capital
Athenian Venues Inc. just reported the
following selected portion of its financial
statements for the end of 2020. Your
assistant has already calculated the
2020 end-of-year net operating working
capital (NOWC) from the full set of
financial statements (not shown here),
which is $20 million. The total net
operating capital for 2019 was $44
million. What was the 2020 net
investment in operating capital?
Athenian Venues Inc.: Selected
Balance Sheet Information as of
December 31
(Millions of Dollars)
2020
Question 13
Using the following balance sheet items and amounts, calculate the total liquid
assets.
• Money market account $4056
• Retirement account $17200
• Medical bills $120
• Checking account $8308
• Credit card balance $670
Your Answer:
Answer
Chapter 3 Solutions
Intermediate Accounting
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
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