53,000 49,000 1,700,000 18,780 118,750 21,420 50,500 15,000,000 Cash On Hand Accounts Receivable Office Equipment Furniture & Fixtures Prepaid Supplies Taxes Payable Notes Receivable Rental Fees Revenue ccumulated Depreciation- Furniture & Fixtures llowance for Bad Debts arking Fees Revenue =preciation -Furniture preciation Expense-Building 1,250,000 pairs and Maintenance lities Expense Drawings Utilities Payable Insurance Expense Cash In Bank Gain on sale of land Salary Expense Supplies Expense Prepaid Insurance Building Accumulated. Depreciation- Office Equipment Promotion Expense Bad Debt Expense Depreciation-Office Equipment Accumulated Depn.-Building Taxes and Licenses Land P 592,825 525,000 122,500 580,840 12,130 41,535 275,000 1,627,190 98,750 7,500 1,350,000 32,500 32,250 112,040 5,000 11,000 3,750,000 150,000 1,300,000 152,500 175,500 20,000 cenare an income statement using the nature of expense method as well as a capital

53,000 49,000 1,700,000 18,780 118,750 21,420 50,500 15,000,000 Cash On Hand Accounts Receivable Office Equipment Furniture & Fixtures Prepaid Supplies Taxes Payable Notes Receivable Rental Fees Revenue ccumulated Depreciation- Furniture & Fixtures llowance for Bad Debts arking Fees Revenue =preciation -Furniture preciation Expense-Building 1,250,000 pairs and Maintenance lities Expense Drawings Utilities Payable Insurance Expense Cash In Bank Gain on sale of land Salary Expense Supplies Expense Prepaid Insurance Building Accumulated. Depreciation- Office Equipment Promotion Expense Bad Debt Expense Depreciation-Office Equipment Accumulated Depn.-Building Taxes and Licenses Land P 592,825 525,000 122,500 580,840 12,130 41,535 275,000 1,627,190 98,750 7,500 1,350,000 32,500 32,250 112,040 5,000 11,000 3,750,000 150,000 1,300,000 152,500 175,500 20,000 cenare an income statement using the nature of expense method as well as a capital

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 14.1CP

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16. A.P 1,110,000 B.P 1,160,000 C.P 1,170,000 D.P 1,150,000
Investment reporting Teasdale Inc. manufactures and sells commercial and residential security equipment. The comparative unclassified balance sheets for December 31, Year 2 and Year 1 are provided below. Selected missing balances are shown by letters. Teasdale Inc. Balance Sheet December 31, Year 2 and Year 1 Dec. 31, Year 2 Dec. 31, Year 1 Cash 160,000 156,000 Accounts receivable (net) 11S.OOO 108,000 Available for-sale investments (at cost)Note 1 a. 91,200 Plus valuation allowance for available-for-sale investments b. 8,776 Available for-sale investments (fair value) c 99,976 Interest receivable d. Investment in Wright Co. stockNote 2 e. 69,200 Office equipment (net) 96,000 105,000 Total assets f. 5538,176 Accounts payable 91,000 72,000 Common stock 80,000 80,000 Excess of issue price over par 250,000 250,000 Retained earnings g 127,400 Unrealized gain (loss) on available for-sale investments h. 8,776 Total liabilities and stockholders' equity S i. 5538,176 Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, Year 1, are as follows: No. of Shares Cost per Share Total Cost Total Fair Value Alvarez Inc stock 960 38,00 36,480 39,936 Hirsch Inc. stock 1,900 28,80 4,720 60,040 91,200 99,976 Note 2. The Investment in Wright Co. stack is an equity method investment representing 30% of the outstanding shares of Wright Co. The following selected investment transactions occurred during Year 2: Mar. 18. Purchased 800 shares of Richter Inc. at 40, including brokerage commission. Richter is classified as an available-for-sale security. July 12. Dividends of 12,000 art: received on the Wright Co. investment. Oct 1. Purchased 24,000 of Toon Co. 4%, 10-year bonds at 100. the bonds are classified as available for sale. The bonds pay interest on October 1 and April 1. December 31. Wright Co. reported a total net income of 80,000 for Year 2. Teasdale recorder equity earnings for its share of Wright Co. net income. 31. Accrued interest for three months on the Toon Co. bonds purchased on October 1. 31. Adjusted the available-for-sale investment portfolio to fair value, using the following fair value per-share amounts: Available for Sale Investments Fair Value Alvarez Inc. stock 41,50 per share Hirsch Inc stock 26,00 per share Richter Inc. stock 48,00 per share Toon Co. bonds 101 per 100 of face amount 31. Closed the Teasdale Inc. net income of 51,240. Teasdale Int. paid no dividends during the year. Instructions Determine the missing letters in the unclassified balance sheet. Provide appropriate supporting calculations.
17. A.P 3,125,000 B.P 3,175,000 C.P 3,250,000 D.P3,200,000
Current liabilities Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn for 85 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of 840,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A quarterly tax payment will be made on April 12, 20Y6. Prepare the current liabilities section of the balance sheet for Bon Nebo Co. on March 31, 20Y6.
Liquidating partnershipscapital deficiency Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were as follows: Nettles, 15,000 Dr.; King, 46,000 Cr; and Tanaka, 71,000 Cr. If Nettles is personally bankrupt and unable to pay any of the 15,000, what will be the amount of cash received by King and Tanaka upon liquidation?
Investment reporting O'Brien Industries Inc. is a hook publisher. The comparative unclassified balance sheets for December 31, Year 2 and Year 1 follow. Selected missing balances are shown by letters. Brien Industries Inc. Balance Sheet December 31, Year 2 and Year 1 Dec. 31, Year 2 Dec 31, Year 1 cash 233,000 220,000 Accounts receivable (net) 136,530 138,000 Available for sale investments (at cost)Note 1 a 103,770 Less valuation allowance for available-for-sale investments b. 2,500 Available for-sale investments (fair value) c 101,270 Interest receivable d Investment in Jolly Roger Co. stockNote 2 e. 77,000 Office equipment (net) 115,000 130,000 Total assets f. 666,270 Accounts payable 69.400 65,000 Common stock 70.000 70,000 Excess of issue price over par 225,000 225,000 Retained earnings g 308,770 Unrealized gain (loss) on available for-sale investments h. (2,500) Total liabilities and Stockholders equity i. 666,270 Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, Year 1, are as follows: No. of Shares Cost per Share Total Cost Total Fair Value Bernard Co. stock 2,250 17 38,250 37,500 Chadwick Co. stock 1,260 52 65,520 63,770 103,770 101,270 Note 2. The investment in Jolly Roger Co. stock is an equity method investment representing 30% of the outstanding .shares of Jolly Roger Co. The following selected investment transactions occurred during Year 2: May 5. Purchased 3,080 shares of Gozar Inc. at 30 per share including brokerage commission. Gozar Inc. is classified as an available-for-sale security. Oct. 1. Purchased 40,000 of Nightline co. 6%, 10-Year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on October 1 and April 1. 9. Dividends of 12,500 are received on the Jolly Roger co. investment. Dec. 31 Jolly Roger co. reported a total net income of 112,000 for year 2. O'Brien industries Inc. recorded equity earnings for its share of Jolly Roger co. net income. 31. Accrued three months of interest on the Nightline bonds. 31. Adjusted the available-for-sale investment portfolio to fair value, using the following fair value per-share amounts: Available-for-Sale Investments Fair Value Bernard Co. stock 15,40 per share Chadwick Co. stock 46,00 per share Gozar Inc. stock 32,00 per share Nightline Co. bonds 98 per 100 of face amount Dec. 31. Closed the OBrien Industries Inc. net income of 146,230. O'Brien Industries Inc. paid no dividends during the year. Instructions Determine the missing letters in the unclassified balance sheet. Provide appropriate supporting calculations.