XYZ Corporation Adjusted Trial Balance December Debit Credit Accounts Receivable 600 Building Equipment 580 375 Cash 125 Inventory Land 90 300 Notes Receivable Investments 630 330 Prepaid rent (for the next 2 years) Supplies Trademark 60 20 50 Prepaid insurance (for the next 3 years) Accounts Payable Accumulated depreciation-Equipment Accumulated depreciation-Buildings Total shareholders' equity Dividends payable Income tax payable Allowance for Uncollectible Accounts 120 620 225 180 1210 50 80 55 Notes Payable Interest Payable 600 60 Deferred Revenue 200 TOTALS 3280 3280 Additional information: 1. Land includes land held a possible future plant site $175K and land for the current plant site S125K. 2. The notes receivable are due in 2023. The balance of $630 includes $30 of accrued interest. The next interest payment is due in July 2022. 3. Included in the investments are treasury bills of $80K that were purchased in November 2021 and mature in January, 2022; trading securities of S150 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year. 4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 250K shares, and issued 150K shares at an average price of $4.50. The remaining balance in stockholders' equity is retained earnings. 5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of S100 beginning 2/28/22. 6. Deferred revenue will be recognized equally over the next 18 months Required: Based on all of the information provided, answer the following questions as they would appear on a classified balance sheet for XYZ Corporation at December 31, 2021. Select and copy the below sections a-l and answer in the space provided. As of 12/31/21: a. Net accounts receivable b. Total current assets c. Total Long term investment section d. Total PP&E section e. Total intangibles section f. Total other assets section g. Total Assets h. Total Current Liabilities 1. Total Long-term Liabilities j. Common Stock k. Paid in capital in excess of par (APIC) I. Retained earnings

XYZ Corporation Adjusted Trial Balance December Debit Credit Accounts Receivable 600 Building Equipment 580 375 Cash 125 Inventory Land 90 300 Notes Receivable Investments 630 330 Prepaid rent (for the next 2 years) Supplies Trademark 60 20 50 Prepaid insurance (for the next 3 years) Accounts Payable Accumulated depreciation-Equipment Accumulated depreciation-Buildings Total shareholders' equity Dividends payable Income tax payable Allowance for Uncollectible Accounts 120 620 225 180 1210 50 80 55 Notes Payable Interest Payable 600 60 Deferred Revenue 200 TOTALS 3280 3280 Additional information: 1. Land includes land held a possible future plant site $175K and land for the current plant site S125K. 2. The notes receivable are due in 2023. The balance of $630 includes $30 of accrued interest. The next interest payment is due in July 2022. 3. Included in the investments are treasury bills of $80K that were purchased in November 2021 and mature in January, 2022; trading securities of S150 which are expected to be sold within the next year. The balance represents securities expected to be held longer than one year. 4. As of 12/31/21, Stockholders' equity has common stock, $2.00 par value, authorized 250K shares, and issued 150K shares at an average price of $4.50. The remaining balance in stockholders' equity is retained earnings. 5. The note payable represents a 12% note, with interest paid annually February 28. The note matures in installments of S100 beginning 2/28/22. 6. Deferred revenue will be recognized equally over the next 18 months Required: Based on all of the information provided, answer the following questions as they would appear on a classified balance sheet for XYZ Corporation at December 31, 2021. Select and copy the below sections a-l and answer in the space provided. As of 12/31/21: a. Net accounts receivable b. Total current assets c. Total Long term investment section d. Total PP&E section e. Total intangibles section f. Total other assets section g. Total Assets h. Total Current Liabilities 1. Total Long-term Liabilities j. Common Stock k. Paid in capital in excess of par (APIC) I. Retained earnings

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 3.5C

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