Acc550 Week 3 Essay examples

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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
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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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