Shamrock Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order toobtain additional funds for expansion.SHAMROCK COMPANYBALANCE SHEETFOR THE YEAR ENDED 2020Current assetsCash$236,500Accounts receivable (net)346,500Inventory (lower-of-average-cost-or-market)407,500Equity investments (marketable)-at cost (fair value $126,500)146,500Property, plant, and equipmentBuildings (net)576,500Equipment (net)166,500Land held for future use181.500Intangible assetsGoodwill86,500Cash surrender value of life insurance96,500Prepaid expenses18,500Current liabilitiesAccounts payable141.500Notes payable (due next year)131,500Pension obligation88,500Rent payable55,500Premium on bonds payable59,500Long-term liabilitiesBonds payable506,500Stockholders' equityCommon stock, $1.0 par, authorized 400,000 shares, issued 296,500296,500Additional paid-in capital166,500Retained earningsPrepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildingsis $166,500 and for the equipment, $111.500. The allowance for doubtful accounts has a balance of $23.500. The pension obligation isconsidered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings andEquipment. Enter account name only and do not provide the descriptive information provided in the question)

Statement of financial position refers to a statement which provides a brief summary of the…

Prepare a revised balance sheet given the available information, Assume that the accumulated depreciation balance for the buildings is $166,500 and for the equipment, $111.500. The allowance for doubtful accounts has a balance of $23.500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question)

Prepare a revised balance sheet given the available information, Assume that the accumulated depreciation balance for the buildings is $166,500 and for the equipment, $111.500. The allowance for doubtful accounts has a balance of $23.500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question)

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

10th Edition

ISBN:9781337902571

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter16: Financial Planning And Forecasting

Section: Chapter Questions

Problem 8P: LONG-TERM FINANCING NEEDED At year-end 2019, total assets for Arrington Inc. were 1.8 million and...

See similar textbooks

Similar questions

Novak Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. NOVAK COMPANYBALANCE SHEETFOR THE YEAR ENDED 2020 Current assets Cash $241,500 Accounts receivable (net) 351,500 Inventory (lower-of-average-cost-or-market) 412,500 Equity investments (marketable)-at cost (fair value $131,500) 151,500 Property, plant, and equipment Buildings (net) 581,500 Equipment (net) 171,500 Land held for future use 186,500 Intangible assets Goodwill 91,500 Cash surrender value of life insurance 101,500 Prepaid expenses 23,500 Current liabilities Accounts payable 146,500 Notes payable (due next year) 136,500 Pension obligation 93,500 Rent payable 60,500 Premium on bonds payable 64,500 Long-term liabilities Bonds payable 511,500 Stockholders’ equity Common stock,…
National Corporation had net current assets of P2,500,000 at the end of 2022 and P1,800,000 at the end of 2021. In addition, National Co. had net spontaneous current liabilities of P1,500,000 in 2022 and P1,300,000 in 2021. Using this information, National Co.'s net current asset investment for 2022 was
Music Corporation had current assets of P2,000,000 at the end of 2020 and P1,800,000 at the end of 2019. In addition, Music had current liabilities of P1,000,000 in 2020 and P1,500,000 in 2019. Using this information, Music’s net current asset investment for 2020 was P700,000 P(300,000) P300,000 P(700,000)
lab Company’s accounting policy with respect to investment properties is to measure them at fair value at the end of each reporting period. One of its investment properties was measured at P8,000,000 on December 31, 2020.The property had been acquired on January 1, 2020 for a total of P7,600,000, made up of P6,900,000 paid to the vendor. P300,000 paid to the local authority as a property transfer tax and P400,000 paid to professional advisers. The useful life of the property is 40 years. What is the gain to be recognized in profit or loss for the year ended December 31, 2020 in respect of the investment property? * P400,000 P590,000 P700,000 P800,000 answer not given
Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 456,000 May 1 417,000 October 1 648,000 2020: March 1 1,512,000 June 30 708,000 Amounts borrowed and outstanding: $1.7 million borrowed at 10%, specifically for the project $7 million borrowed on July 1, 2018, at 12% $14 million borrowed on January 1, 2017, at 6% Required: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $___________________ Capitalized interest, 2020 $___________________ If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $________________
On its December 31, 2020, balance sheet, Post Co. reported its investment in financial asset @ fair value through other comprehensive income, which had cost P360,000, at fair value of P330,000. At December 31, 2021, the fair value of the securities was 350,000. What should Post report on its 2021 income statement as a result of the increase in fair value of the investments in 2021? Unrealized loss of P10,000 Unrealized gain of P20,000 Nil Realized gain of P20,000
Cooper, Inc., is constructing a building that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2013-December 31, 2014Expenditures on project (incurred evenly): 2013 $30,0002014 $50,000Amounts borrowed and outstanding (all debt incurred January 1, 2013) $10,000 at 10% (specifically for the construction project)$18,000 at 11% (general debt)$30,000 at 13% (general debt) Assume that in 2013 unused borrowed funds were invested and earned interest revenue amounting to $800. How much interest now should be capitalized to the asset account in 2013? a. $1,000b. $1,500c. $1,612.50d. $1,812.50
Cooper, Inc., is constructing a building that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2013-December 31, 2014Expenditures on project (incurred evenly): 2013 $30,0002014 $50,000Amounts borrowed and outstanding (all debt incurred January 1, 2013) $10,000 at 10% (specifically for the construction project)$18,000 at 11% (general debt)$30,000 at 13% (general debt) What is the amount of interest that should be capitalized in 2014?a. $6,400b. $6,600c. $6,710d. $6,910
Cooper, Inc., is constructing a building that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2013-December 31, 2014Expenditures on project (incurred evenly): 2013 $30,0002014 $50,000Amounts borrowed and outstanding (all debt incurred January 1, 2013) $10,000 at 10% (specifically for the construction project)$18,000 at 11% (general debt)$30,000 at 13% (general debt) What is the amount of interest that should be capitalized in 2013?a. $1,000b. $1,500c. $1,612.50d. $1,812.50 What is the amount of interest that should be capitalized in 2014?a. $6,400b. $6,600c. $6,710d. $6,910 Assume that in 2013 unused borrowed funds were invested and earned interest revenue amounting to $800. How much interest now should be capitalized to the asset account in 2013?a. $1,000b. $1,500c. $1,612.50d. $1,812.50
Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 504,000 May 1 405,000 October 1 504,000 2020: March 1 1,392,000 June 30 540,000 Amounts borrowed and outstanding: $1.6 million borrowed at 10%, specifically for the project $6 million borrowed on July 1, 2018, at 12% $13 million borrowed on January 1, 2017, at 6% Instructions: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $ fill in the blank 1 Capitalized interest, 2020 $ fill in the blank 2 If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $ fill in the blank 3
Alta Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2019, to June 30, 2020 Expenditures on project: 2019: January 1 $ 456,000 May 1 489,000 October 1 588,000 2020: March 1 1,572,000 June 30 552,000 Amounts borrowed and outstanding: $1.7 million borrowed at 10%, specifically for the project $6 million borrowed on July 1, 2018, at 12% $10 million borrowed on January 1, 2017, at 6% Required: Note: Round all final numeric answers to two decimal places. Compute the amount of interest costs capitalized each year. Capitalized interest, 2019 $ fill in the blank 1 Capitalized interest, 2020 $ fill in the blank 2 If it is assumed that the production complex has an estimated life of 20 years and a residual value of $0, compute the straight-line depreciation in 2020. $ fill in the blank 3
Ireland Airways recently reported the following items at fair value in recent annual report (in millions). Account Amount Source of Input Cash and Cash equivalents $11,837 Identical Asset /Active Market Commercial Paper 135 Similar Asset/Active Market Other Available for Sale Securities 228 Identical Asset/Active Market Option contracts 109 Significant unobservable inputs Time Deposits 550 Identical Asset/Inactive Market Certificates of Deposit 125 Similar Asset/Inactive Market What is the total dollar amount of level 1 assets? What is the total dollar amount of level 2 assets? What is the total dollar amount of level 3 assets?