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Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020. Current Assets: Cash $190,000 Trading securities-at fair value 80,000 Accounts receivable 250,000 Allowance for doubtful accounts $10,000 Inventories, at lower of average cost or market 400,000 Supplies 60,000 Oil & Gas 40,000 Prepaid rent 16,000 Prepaid expenses 14,000 Total current assets Long-term investments: Land held for future use 800,000 LT investments 500,000 Property, plant, and equipment Building 300,000 Accumulated. Dep. building 50,000 Equipment 700,000 Accumulated Dep. equipment 150,000 Intangible assets Goodwill 30,000 Сорyrights 25,000 Total Assets Current liabilities Accounts payable 75,000 Notes payable (due next year) 55,000 Rent payable 35,000 Total current liabilities Long-term liabilities Bonds payable 355,000 Premium on bonds payable 5,000 Pension obligation 85,000 LT loan 600,000 Total liabilities Stockholders' equity Common stock, $2 par, authorized 1,000,000 800,000 shares, issued 500,000 shares Additional paid-in capital CS 300,000 Preferred stock, $5 par, issued 50,000 250,000 Additional paid-in capital PS Retained earnings 100,000 335,000 Total stockholders' equity Total liabilities and stockholders' equity 3,405,000 3,405,000 Prepare the following: 1. current assets section of balance sheet. 2. LT investment section of balance sheet. 3. Intangible assets section of balance sheet.

Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020. Current Assets: Cash $190,000 Trading securities-at fair value 80,000 Accounts receivable 250,000 Allowance for doubtful accounts $10,000 Inventories, at lower of average cost or market 400,000 Supplies 60,000 Oil & Gas 40,000 Prepaid rent 16,000 Prepaid expenses 14,000 Total current assets Long-term investments: Land held for future use 800,000 LT investments 500,000 Property, plant, and equipment Building 300,000 Accumulated. Dep. building 50,000 Equipment 700,000 Accumulated Dep. equipment 150,000 Intangible assets Goodwill 30,000 Сорyrights 25,000 Total Assets Current liabilities Accounts payable 75,000 Notes payable (due next year) 55,000 Rent payable 35,000 Total current liabilities Long-term liabilities Bonds payable 355,000 Premium on bonds payable 5,000 Pension obligation 85,000 LT loan 600,000 Total liabilities Stockholders' equity Common stock, $2 par, authorized 1,000,000 800,000 shares, issued 500,000 shares Additional paid-in capital CS 300,000 Preferred stock, $5 par, issued 50,000 250,000 Additional paid-in capital PS Retained earnings 100,000 335,000 Total stockholders' equity Total liabilities and stockholders' equity 3,405,000 3,405,000 Prepare the following: 1. current assets section of balance sheet. 2. LT investment section of balance sheet. 3. Intangible assets section of balance sheet.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...
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Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020. Current Assets: Cash $190,000 Trading securities-at fair value 80,000 Accounts receivable 250,000 Allowance for doubtful accounts $10,000 Inventories, at lower of average cost or market 400,000 Supplies 60,000 Oil & Gas 40,000 Prepaid rent 16,000 Prepaid expenses 14,000 Total current assets Long-term investments: Land held for future use 800,000 LT investments 500,000 Property, plant, and equipment Building 300,000 Accumulated. Dep. building 50,000 Equipment Accumulated Dep. equipment 700,000 150,000 Intangible assets Goodwill 30,000 Сорyrights 25,000 Total Assets Current liabilities Accounts payable 75,000 Notes payable (due next year) 55,000 Rent payable 35,000 Total current liabilities Long-term liabilities Bonds payable 355,000 Premium on bonds payable 5,000 Pension obligation 85,000 LT loan 600,000 Total liabilities Stockholders' equity Common stock, $2 par, authorized 1,000,000 800,000 shares, issued 500,000 shares Additional paid-in capital CS 300,000 Preferred stock, $5 par, issued 50,000 250,000 Additional paid-in capital PS 100,000 Retained earnings 335,000 Total stockholders' equity Total liabilities and stockholders' equity 3,405,000 3,405,000 Prepare the following: 1. current assets section of balance sheet. 2. LT investment section of balance sheet. 3. Intangible assets section of balance sheet. 4. Other assets section of balance sheet. 5. Current liabilities section of balance sheet. 6. LT liabilities section of balance sheet. 7. Stockholders' equity section of balance sheet. 8. Complete balance sheet.
Transcribed Image Text:Presented below is the adjusted trial balance of Dubai Corporation at December31, 2020. Current Assets: Cash $190,000 Trading securities-at fair value 80,000 Accounts receivable 250,000 Allowance for doubtful accounts $10,000 Inventories, at lower of average cost or market 400,000 Supplies 60,000 Oil & Gas 40,000 Prepaid rent 16,000 Prepaid expenses 14,000 Total current assets Long-term investments: Land held for future use 800,000 LT investments 500,000 Property, plant, and equipment Building 300,000 Accumulated. Dep. building 50,000 Equipment Accumulated Dep. equipment 700,000 150,000 Intangible assets Goodwill 30,000 Сорyrights 25,000 Total Assets Current liabilities Accounts payable 75,000 Notes payable (due next year) 55,000 Rent payable 35,000 Total current liabilities Long-term liabilities Bonds payable 355,000 Premium on bonds payable 5,000 Pension obligation 85,000 LT loan 600,000 Total liabilities Stockholders' equity Common stock, $2 par, authorized 1,000,000 800,000 shares, issued 500,000 shares Additional paid-in capital CS 300,000 Preferred stock, $5 par, issued 50,000 250,000 Additional paid-in capital PS 100,000 Retained earnings 335,000 Total stockholders' equity Total liabilities and stockholders' equity 3,405,000 3,405,000 Prepare the following: 1. current assets section of balance sheet. 2. LT investment section of balance sheet. 3. Intangible assets section of balance sheet. 4. Other assets section of balance sheet. 5. Current liabilities section of balance sheet. 6. LT liabilities section of balance sheet. 7. Stockholders' equity section of balance sheet. 8. Complete balance sheet.
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