Acc550 Week 3 Essay examples

1549 WordsJul 14, 20127 Pages
E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Nikos Company’s balance sheet. (a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e) Other assets. (f) Current liabilities. (g) Non-current liabilities. (h) Capital stock. (i) Additional paid-in capital. (j) Retained earnings. Indicate by letter where each of the following items would be classified. 1. Preferred stock. H 2. Goodwill. D 3. Salaries and wages payable. F 4. Accounts payable. F 5. Buildings. C 6. Equity investments (trading). A 7. Current portion of long-term debt. F 8. Premium on bonds payable. G 9. Allowance for doubtful accounts. A 10. Accounts receivable. A 11. Cash…show more content…
XXX Additional paid-in capital: Premium on common stock.......................... XXX Total paid-in capital .................................. XXX Retained earnings................................................... XXX Total paid-in capital and retained earnings ................................... XXX Less: Treasury stock, at cost...................... (XXX) Total stockholders’ equity...................... XXX Total liabilities and stockholders’ equity ................................... $XXX E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2012. Debits Credits Cash $ 197,000 Sales $ 7,900,000 Debt Investments (trading) (cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 299,000 Equity Investments (long-term) 277,000 Notes Payable (short-term) 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 Dividends Payable 136,000 Accrued Liabilities 96,000 Accounts Receivable 435,000 Accumulated Depreciation—Buildings 352,000 Allowance for Doubtful Accounts 25,000 Administrative Expenses 900,000 Interest Expense 211,000 Inventory 597,000 Extraordinary Gain 80,000 Notes Payable (long-term) 900,000 Equipment 600,000 Bonds Payable 1,000,000 Accumulated

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