In its December 31, 2017, balance sheet Oakley Corporationreported as an asset, “Net notes and accounts receivable,$7,100,000.” What other disclosures are necessary?
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In its December 31, 2017,
reported as an asset, “Net notes and
$7,100,000.” What other disclosures are necessary?
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- The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?The December 31, 2019, balance sheet for Walton Corporation is presented here. These are the only accounts on Walton’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: WALTON CORPORATIONBalance Sheet As of December 31, 2019 Assets Cash $ 35,000 Accounts receivable (net) ? Inventory ? Property, plant, and equipment (net) 305,000 $ 452,000 Liabilities and Stockholders’ Equity Accounts payable (trade) $ ? Income taxes payable (current) 35,000 Long-term debt ? Common stock 311,000 Retained earnings ? $ ? Additional Information Current ratio (at year end) 1.4 to 1.0 Total liabilities ÷ Total stockholders’ equity 60 % Gross margin percentage 40 % Inventory turnover (Cost of goods sold ÷ Ending inventory) 10.5 times Gross margin for 2019 $ 350,000 Required Compute the balance in trade accounts…The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018. Requirement: a). How…
- The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018 How much is the total…Using the following information, prepare a properly classified Statement of Financial Position for Rabbi’s Company as of December 31, 2020 under: Account Form 1. ACCRUALS AND OTHER CURRENT LIABILITIES 125,890.00 2. BONDS PAYABLE 5,000,000.00 3. CASH AND CASH EQUIVALENTS 2,500,000.00 4. CURRENT INCOME TAX PAYABLE 589,660.00 5. INTANGIBLE ASSETS, NET 2,654,700.00 6. INVESTMENT IN ASSOCIATE 1,890,600.00 7. INVESTMENT IN PROPERTY 1,968,740.00 8. INVESTMENT IN EQUITY SECURITIES 3,650,000.00 9. LONG-TERM NOTES PAYABLE 2,000,000.00 10.MERCHANDISE INVENTORY 2,789,000.00 11.OFFICE AND STORE SUPPLIES 400,000.00 12.OTHER NON-CURRENT ASSET 600,000.00 13.OTHER NON-CURRENT LIABILITIES 750,000.00 14.OWNER’SEQUITY 18,211,250.00 15.PROPERTY PLANT AND EQUIPMENT NET 9,856,250.00 16.PREPAID EXPENSES 385,000.00 17.SHORT TERM NOTES PAYABLE 320,000.00 18.TRADE AND…The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…
- The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income statement: WILDHORSE INC.Comparative Balance Sheet Accounts 2021 2020 Cash $72,270 $76,650 Accounts receivable 46,720 29,930 Inventory 23,725 33,580 Prepaid expenses 5,475 4,234 Accounts payable 31,390 26,280 Accrued expenses payable 3,650 5,840 Dividends payable 17,520 12,410 Income taxes payable 4,964 8,614 WILDHORSE INC.Income StatementYear Ended October 31, 2021 Sales $456,250 Cost of goods sold 284,700 Gross profit 171,550 Operating expenses $64,240 Depreciation expense 16,790 Loss on sale of equipment 5,840 86,870 Profit before income taxes 84,680 Income taxes 21,170 Profit $63,510 Prepare the…The net realizable value of the company’s accounts receivable on December 31, 2016, should be A. P1,518,887 C. P1,528,150 B. P1,612,650 D. P1,603,358Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…
- Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…Birtle Corporation reports the following statement of financial position information for 2017 and 2018. BIRTLE CORPORATION2017 and 2018 Statement of Financial Position Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 9,279 $ 11,173 Accounts payable $ 41,060 $ 43,805 Accounts receivable 23,683 25,760 Notes payable 16,157 16,843 Inventory 42,636 46,915 Total $ 75,598 $ 83,848 Total $ 57,217 $ 60,648 Long-term debt $ 40,000 $ 35,000 Fixed assets Owners’ equity Net plant and equipment $ 272,047 $ 297,967 Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 200,428 236,167 Total $ 250,428 $ 286,167 Total assets $ 347,645 $ 381,815 Total liabilities…The current assets and current liabilities sections of the balance sheet of Blossom Co. appear as follows. The current assets and current liabilities sections of the balance sheet of Blossom Co. appear as follows. Blossom Co.Balance Sheet (Partial)As of December 31, 2017 Cash $17,100 Accounts payable $27,700 Accounts receivable $40,100 Notes payable 13,600 Less: Allowance for doubtful accounts 1,300 38,800 Unearned revenue 2,600 Inventory 63,300 Total current liabilities $43,900 Prepaid expenses 7,200 Total current assets $126,400 The following errors in the corporation’s accounting have been discovered: 1. Keane collected $3,800 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company’s controller recorded the amount as revenue. 2. The inventory amount reported included $3,000 of merchandise that had been received on December 31, 2017 but…