Subject- accounting Presented below is a list of balance sheet accounts.Accounts payableAccounts receivable.Accumulated depreciation-buildingsAccumulated depreciation equipmentAllowance for uncollectible accountsLand (held for speculation)Bonds payable (due in 10 years)BuildingsNotes payable (due in 6 months)Notes receivable (due in 2 years)Patent (net)Additional paid-in capitalPrepaid expensesCashCommon stockCopyright (net)EquipmentInterest receivable (due in three months)InventoryLand (in use)Long-term equity investmentsInterest payable (current)Retained earnings.Short-term investmentsIncome taxes payableSalaries payableRequired:Prepare a classified balance sheet ignoring monetary amounts.Note: Enter the answer in the order of liquidity.

The balance sheet is one of the financial statements prepared by the entities in order to present…

Answered: Required: Prepare a classified balance…

Required: Prepare a classified balance sheet ignoring monetary amounts. Note: Enter the answer in the order of liquidity.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.5E: Classification of Assets and Liabilities Indicate the appropriate classification of each of the...

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Presented below is a list of balance sheet accounts. Accounts payable Cash Accounts receivable Common stock Accumulated depreciation—buildings Copyright (net) Accumulated depreciation—equipment Equipment Allowance for uncollectible accounts Interest receivable (due in three months) Restricted cash (to be used in 10 years) Inventory Bonds payable (due in 10 years) Land (in use) Buildings Long-term investments Notes payable (due in 6 months) Interest payable (current) Notes receivable (due in 2 years) Retained earnings Patent (net) Short-term investments Additional paid-in capital Income taxes payable Prepaid expenses Salaries payable Required:Prepare a classified balance sheet ignoring monetary amounts. (Enter the answer in the order of liquidity.)
Presented below is a list of balance sheet accounts.Accounts payable CashAccounts receivable Common stockAccumulated depreciation—buildings CopyrightAccumulated depreciation—equipment EquipmentAllowance for uncollectible accounts Interest receivable (due in three months)Restricted cash (to be used in 10 years) InventoriesBonds payable (due in 10 years) Land (in use)Buildings Long-term investmentsNotes payable (due in 6 months) Rent payable (current)Notes receivable (due in 2 years) Retained earningsPatent Short-term investmentsPreferred stock Taxes payablePrepaid expenses Wages payableRequired:Prepare a classified balance sheet ignoring monetary amounts
The following balances were taken from the books of Bonita Corp. on December 31, 2020. Interest revenue $87,400 Accumulated depreciation—equipment $41,400Cash 52,400 Accumulated depreciation—buildings 29,400Sales revenue 1,381,400 Notes receivable 156,400Accounts receivable 151,400 Selling expenses 195,400Prepaid insurance 21,400 Accounts payable 171,400Sales returns and allowances 151,400 Bonds payable 101,400Allowance for doubtful accounts 8,400 Administrative and general expenses 98,400Sales discounts 46,400 Accrued liabilities 33,400Land 101,400 Interest expense 61,400Equipment 201,400 Notes payable 101,400Buildings 141,400 Loss from earthquake damage 151,400Cost of goods sold 622,400 Common stock 501,400 Retained earnings 22,400 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.)
The following information was extracted from the records of SydMel Ltd for the year ended30 June 2021.SydMel LtdStatement of Financial Position (Extract)As at 30 June 2021AssetsAccounts receivables $26,000Allowance for doubtful debts 2,500 $23,500Equipment 150,000Accumulated depreciation – Equipment (20% per year) 30,000 120,000LiabilitiesInterest Payable 2,000 2,000Provision for employee benefits 5,000 5,000Additional information• The allowed deductible tax depreciation rate for Equipment is 25%.• None of the employee benefits has been paid. It is not deductible for tax purposes untilit is actually paid.• The tax rate is 30%.Requireda. Prepare a deferred tax worksheet to identify the temporary differences arising inrespect of the assets and liabilities in the statement of financial position, and tocalculate the balance of the deferred tax liability and deferred tax asset accounts at30 June 2021. Assume the opening balances of the deferred tax accounts were $3,000for Deferred Tax…
Presented below are the captions of Faulk Company’s balance sheet. Indicate where each of the following items would be classified. Balance Sheet Accounts Balance Sheet Classification 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable 4. Accounts payable. 5. Buildings. 6. Equity investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.
The asset - vehicle worth £21,200 will be depreciated by 10% at the end of the year. Which nominal accounts should be debited and credited, respectively? a) Debit Depreciation A/c & Credit Non-Current Asset A/c b) Debit Inventory A/c & Credit Depreciation A/c c) Debit Balance Sheet A/c & Credit Profit or Loss A/c
The following balances were taken from the books of Alonzo Corp. on December 31, 2020. Interest revenue $ 86,000 Accumulated depreciation—equipment $ 40,000 Cash 51,000 Accumulated depreciation—buildings 28,000 Sales revenue 1,380,000 Notes receivable 155,000 Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 Accrued liabilities 32,000 Land 100,000 Interest expense 60,000 Equipment 200,000 Notes payable 100,000 Buildings 140,000 Loss from earthquake damage 150,000 Cost of goods sold 621,000 Common stock 500,000 Retained earnings 21,000 Assume the total effective tax rate on all items is 20%. Instructions Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year.
The following balances were taken from the books of Alonzo Corp. on December 31, 2020. Interest revenue $86,000 Accumulated depreciation—equipment $40,000 Cash 51,000 Accumulated depreciation—buildings 28,000 Sales revenue 1,380,000 Notes receivable 155,000 Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 Accrued liabilities 32,000 Land 100,000 Interest expense 60,000 Equipment 200,000 Notes payable 100,000 Buildings 140,000 Loss from earthquake damage 150,000 Cost of goods sold 621,000 Common stock 500,000 Retained earnings 21,000 Assume the total effective tax rate on all items is 20%.Prepare a multiple-step…
Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is…
The following balances were taken from the books of Schimank Corp. on December 31, 2020: Interest revenue $ 120,400 Accumulated depreciation—equipment $ 56,000 Cash 71,400 Accumulated depreciation—building 39,200 Sales 1,932,000 Notes receivable 217,000 Accounts receivable 210,000 Selling expenses 271,600 Prepaid insurance 28,000 Accounts payable 238,000 Sales returns and allowances 210,000 Bonds payable 140,000 Allowance for doubtful Administrative and general Accounts 9,800 expenses 135,800 Sales discounts 63,000 Accrued liabilities 44,800 Land 140,000 Interest expense 84,000 Equipment 280,000 Notes payable 140,000 Building 196,000 Loss from earthquake damage 210,000 Cost of goods sold 869,400 Common stock 700,000 Retained earnings 29,400 In addition, the company has a gain from the operations of a…
The following items were taken from the financial statements of D. Gygi Company. (All amounts are in thousands.) Long-term debt $1,000 Accumulated depreciation—equipment $5,655 Prepaid insurance 880 Accounts payable 1,444 Equipment 11,500 Notes payable (due after 2020) 400 Stock investments (long-term) 264 Common stock 10,000 Debt investments (short-term) 3,690 Retained earnings 2,955 Notes payable (due in 2020) 500 Accounts receivable 1,696 Cash 2,668 Inventory 1,256 Prepare a classified balance sheet in good form as of December 31, 2019. (Enter amounts in thousands. List Current Assets in order of liquidity.)
Presented below are the captions of Faulk Company’s balance sheet. a. Current assets. b. Investments. c. Property, plant, and equipment. d. Intangible assets. e. Other assets. f. Current liabilities. g. Noncurrent liabilities. h. Capital stock. i. Additional paid-in capital. j. Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5. Buildings. 6. Equity investments (to be sold within one year). 7. Current maturity of long-term debt. 8. Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable. 11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable.