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 3.9P
• LO3–2 , LO3–3
Presented below is the balance sheet for HHD, Inc., at December 31, 2018.
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.
b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and restricted cash, long term, $250,000.
c. Property, plant, and equipment: buildings, $1,500,000 less
d. Intangible assets: patent, $110,000; and copyright, $90,000.
e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.
f. Long-term liabilities: bonds payable due 2023.
g. Shareholders’ equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018.
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Category.
Prior Year Current Year
Accounts payable
3,134.00
5,904.00
Accounts receivable
6,978.00
8,907.00
Accruals
5,624.00
6,194.00
Additional paid in capital
20,362.00 13,212.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,484.00 18,100.00
Current portion long-term debt
500
500
Depreciation expense
1,003.00
1,011.00
Interest expense
1,257.00
1,156.00
Inventories
3,097.00
6,657.00
Long-term debt
16,532.00 22,027.00
Net fixed assets
75,252.00 74,022.00
Notes payable
4,045.00
6,536.00
Operating expenses (excl. depr.)
19,950
20,000
Retained earnings
35,789.00 34,684.00
Sales
46,360
45,408.00
Тахes
350
920
What is the firm's cash flow from financing?
Submit
Answer format: Number: Round to: 0 decimal places.
# 3
Category.
Prior Year Current Year
Accounts payable
3,136.00
5,904.00
Accounts receivable
6,838.00
9,068.00
Accruals
5,663.00
6,026.00
Additional paid in capital
20,182.00 13,570.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,844.00 18,591.00
Current portion long-term debt
500
500
Depreciation expense
955.00
1,036.00
Interest expense
1,275.00
1,169.00
Inventories
3,020.00
6,732.00
Long-term debt
16,947.00 22,144.00
Net fixed assets
75,056.00 74,173.00
Notes payable
4,022.00
6,569.00
Operating expenses (excl. depr.) 19,950
20,000
Retained earnings
35,957.00 34,753.00
Sales
46,360
45,431.00
Таxes
350
920
What is the firm's total change in cash from the prior
year to the current year?
Submit
Answer format: Number: Round to: 0 decimal places.
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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