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Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000

Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.7E
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Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000 Accounts receivable 62,000 Less Allowance for doubtful Accounts 5,000 57,000 Inventories 81,000 Prepaid expenses 32,000 233,000 Non – current assets Land 120,000 Buildings Less: Accumulated depreciation 200,000 300,000 100,000 Equipment Less: Accumulated depreciation 50,000 75,000 25,000 Сорyright 12,000 382,000 Total assets 615,000 LIABILITIES AND SHAREHOLDER EQUITY Current liabilities Accounts payable 65,000 Interest payable 5,000 Unearned revenue 20,000 Notes payable 250,000 Shareholders Equity Ordinary share income 200,000 Retailed earnings 340,000 75,000 275,000 Total liabilities and shareholder's equity 615.000
Transcribed Image Text:Instruction: Prepare a classified statement of financial position for Melon Company Melon Company Statement of Financial Position As of December 31, 2014 ASSETS Current assets Cash 25,000 Marketable securities 38,000 Accounts receivable 62,000 Less Allowance for doubtful Accounts 5,000 57,000 Inventories 81,000 Prepaid expenses 32,000 233,000 Non – current assets Land 120,000 Buildings Less: Accumulated depreciation 200,000 300,000 100,000 Equipment Less: Accumulated depreciation 50,000 75,000 25,000 Сорyright 12,000 382,000 Total assets 615,000 LIABILITIES AND SHAREHOLDER EQUITY Current liabilities Accounts payable 65,000 Interest payable 5,000 Unearned revenue 20,000 Notes payable 250,000 Shareholders Equity Ordinary share income 200,000 Retailed earnings 340,000 75,000 275,000 Total liabilities and shareholder's equity 615.000
E9-6B: (Statement of Financial Position Preparation) The following is a December 31, 2014, post-closing trial balance for the MELON Company. Account Titles Debit Credit Cash current asset 25,000 Accounts receivable C/A 62,000 Inventories C/A 81,00 Interest payable current liabilities 5,000 Marketable securities 38,000 Land 120,000 Buildings Accumulated depreciation-buildings 300,000 100,000 Equipment 75,000 Accumulated amortization equipment NCA 25,000 Copyright (net of amortization) NSA 12,000 Prepaid expenses current asset 32,000 Accounts payable CI 65,000 Unearned revenues current liability 20,000 Continued from the previous page Account Titles Debit Credit Notes payable CL 250,000 Allowance for doubtful accounts (Contra Asset account) 5,000 Ordinary share capital she Retained earnings she 200,000 75,000 Total 745,000 745,000
Transcribed Image Text:E9-6B: (Statement of Financial Position Preparation) The following is a December 31, 2014, post-closing trial balance for the MELON Company. Account Titles Debit Credit Cash current asset 25,000 Accounts receivable C/A 62,000 Inventories C/A 81,00 Interest payable current liabilities 5,000 Marketable securities 38,000 Land 120,000 Buildings Accumulated depreciation-buildings 300,000 100,000 Equipment 75,000 Accumulated amortization equipment NCA 25,000 Copyright (net of amortization) NSA 12,000 Prepaid expenses current asset 32,000 Accounts payable CI 65,000 Unearned revenues current liability 20,000 Continued from the previous page Account Titles Debit Credit Notes payable CL 250,000 Allowance for doubtful accounts (Contra Asset account) 5,000 Ordinary share capital she Retained earnings she 200,000 75,000 Total 745,000 745,000
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