Please do not give solution in image format thanku Prepare a classified statement of financial position in good form. The numbers of authorized shares are as follows: unlimited common and 20,000 preferred. Assume that income taxaccounts, notes receivable, bank loan, and notes payable are short term, unless stated otherwise, and that the FV-NI investments are stated at fair value. (List Current Assets in order ofliquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Equipment.)Capital SharesCurrent AssetsCurrent LiabilitiesLong-Term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-Term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' EquityCPronghorn Inc.Statement of Financial PositionAssetsLAHAPP? VZEPT Statement of financial position items for Pronghorn Inc. follow for the current year, 2023:GoodwillBank loanBonds payable due 2027CashLandNotes receivableNotes payableAccounts payableRetained earningsIncome tax receivableNotes payable (due in five years)$123,750175,815282,300356,400475,200441,243262,350485,100?96,6541,584,000Accumulated depreciation-equipmentInventoryRent payableIncome tax payableRent payable (long-term)Common shares (20,000 shares issued)Preferred shares (15,000 shares issued)Prepaid expensesEquipmentFV-NI investmentsAccumulated depreciation-buildingsBuildings$289,080237,40244,55097,378475,200198,000148,50087,0411,455,300119,790267,4981,623,600

According to the question given, we need to prepare the statement of financial position.The…

Statement of financial position items for Pronghorn Inc. follow for the current year, 2023: Goodwill Bank loan Bonds payable due 2027 Cash Land Notes receivable $123,750 175,815 282,300 Rent payable 356,400 Income tax payable 475,200 Rent payable (long-term) 441,243 Common shares (20,000 shares issued) 262,350 Preferred shares (15,000 shares issued) Prepaid expenses Equipment Notes payable Accounts payable Retained earnings Income tax receivable 96,654 Notes payable (due in five years) 1,584,000 485,100 ? Accumulated depreciation-equipment Inventory FV-NI investments Accumulated depreciation-buildings Buildings $289,080 237,402 44,550 97,378 475,200 198,000 148,500 87,041 1,455,300 119,790 267,498 1,623,600

Statement of financial position items for Pronghorn Inc. follow for the current year, 2023: Goodwill Bank loan Bonds payable due 2027 Cash Land Notes receivable $123,750 175,815 282,300 Rent payable 356,400 Income tax payable 475,200 Rent payable (long-term) 441,243 Common shares (20,000 shares issued) 262,350 Preferred shares (15,000 shares issued) Prepaid expenses Equipment Notes payable Accounts payable Retained earnings Income tax receivable 96,654 Notes payable (due in five years) 1,584,000 485,100 ? Accumulated depreciation-equipment Inventory FV-NI investments Accumulated depreciation-buildings Buildings $289,080 237,402 44,550 97,378 475,200 198,000 148,500 87,041 1,455,300 119,790 267,498 1,623,600

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

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1C

See similar textbooks

Similar questions

Future Values and Long-Term Investments Portman Corporation engaged in the following transactions during 2020: a. On January 1, 2020, Portman deposited $12,000 in a certificate of deposit paying 6% interest compounded semiannually (3% per 6-month period). The certificate will mature on December 31, 2023 b. On January 1, 2020, Portman established an account with Lee County Bank. Portman will make quarterly payments of $2,500 to Lee beginning on March 31, 2020, and ending on December 31, 2021. Lee guarantees an interest rate of 8% compounded quarterly (2% per 3-month period). Required: 1. Prepare the cash flow diagram for each of these two investments. 2. Calculate the amount to which each of these investments will accumulate at maturity. (Note: Round answers to two decimal places.)
Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items Would be reported on the December 31, 2019, balance sheet. 3. Next Level What is Clear Glass Companys effective interest rate?
Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
Notes Payable and Effective Interest On November 1,2019, Edwin Inc. borrowed cash and signed a 60,000, 1-year note payable. Required: Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: cash received effective interest rate interest expense for 2019 Prepare the journal entries for Edwin under each case for 2019 and 2020. Next Level Why is the effective rate higher for the non-interest-bearing note?
Note Payable and Accrued Interest Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021. Required: 1. Prepare the entry for this note on September 30, 2020. 2. Prepare the adjusting entry for this note on December 31, 2020. 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021.
Short-Term Debt Expected to Be Refinanced On December 31, 2019, Excello Electric Company had 1 million of short-term notes payable due February 7, 2020. Excello expected to refinance these notes on a long-term basis. On January 15, 2020, the company issued bonds with a face value of 900,000 for 882,000. On January 22, 2020, the proceeds from the bond issue plus additional cash held by Excello on December 31, 2019, were used to liquidate the 1 million of short-term notes. The December 31, 2019, balance sheet is issued on February 12, 2020. Required: Prepare a partial balance sheet as of December 31, 2019, showing how the 1 million of short-term notes payable should be disclosed. Include an appropriate footnote for proper disclosure.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?
Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
Accrued Income Taxes Nolan Inc. had taxable income of $400,000 in 2019. Its effective tax rate is 35%. Nolan pays its 2019 income taxes on April 15, 2020. Required: 1. Given this information, determine the adjusting journal entry that Nolan must make on December 31, 2019. 2. Prepare the journal entry to record the tax payment.