The following information is for Concord Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,900 Additional Paid-in Capital $ 55,400 Equipment (cost) 113,400 Accounts Receivable 72,200 Inventory (work in process) 13,100 Inventory (raw materials) 59,300 Cash (unrestricted) 21,300 Supplies Expense 16,200 Inventory (finished goods) 33,800 Cost of Goods Sold 406,200 Equity Investments (cost) 9,000 Allowance for Doubtful Accounts 4,000 Customer Advances 12,700 Licenses 7,200 Unearned Service Revenue 36,600 Notes Receivable 16,400 Treasury Stock 13,900 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 7,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,950. 5. The equity investments have a fair value of $ 7,400. (Assume they are trading securities.) 6. The allowance for doubtful accounts applies to the accounts receivable. 7. The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.) Prepare the current assets section of Concord Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)
The following information is for Concord Corporation as of December 31, 2017. Restricted Cash for Retirement of long- term debt $ 24,900 Additional Paid-in Capital $ 55,400 Equipment (cost) 113,400 Accounts Receivable 72,200 Inventory (work in process) 13,100 Inventory (raw materials) 59,300 Cash (unrestricted) 21,300 Supplies Expense 16,200 Inventory (finished goods) 33,800 Cost of Goods Sold 406,200 Equity Investments (cost) 9,000 Allowance for Doubtful Accounts 4,000 Customer Advances 12,700 Licenses 7,200 Unearned Service Revenue 36,600 Notes Receivable 16,400 Treasury Stock 13,900 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stock is recorded at cost. 3. Licenses are recorded net of accumulated amortization of $ 7,500. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $ 37,950. 5. The equity investments have a fair value of $ 7,400. (Assume they are trading securities.) 6. The allowance for doubtful accounts applies to the accounts receivable. 7. The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.) Prepare the current assets section of Concord Corporation’s balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.)
Chapter12: Capital Structure
Section: Chapter Questions
Problem 1PROB
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The following information is for Concord Corporation as of December 31, 2017.
| Restricted Cash for Retirement of long- term debt | $ 24,900 | Additional Paid-in Capital | $ 55,400 | |||
|---|---|---|---|---|---|---|
| Equipment (cost) | 113,400 | 72,200 | ||||
| Inventory (work in process) | 13,100 | Inventory (raw materials) | 59,300 | |||
| Cash (unrestricted) | 21,300 | Supplies Expense | 16,200 | |||
| Inventory (finished goods) | 33,800 | Cost of Goods Sold | 406,200 | |||
| Equity Investments (cost) | 9,000 | Allowance for Doubtful Accounts | 4,000 | |||
| Customer Advances | 12,700 | Licenses | 7,200 | |||
| Unearned Service Revenue | 36,600 | Notes Receivable | 16,400 | |||
| 13,900 |
The following additional information is available.
| 1. | Inventories are valued at lower-of-cost-or-market using FIFO. | |
| 2. | Treasury stock is recorded at cost. | |
| 3. | Licenses are recorded net of accumulated amortization of $ 7,500. | |
| 4. | Equipment is recorded at cost. |
|
| 5. | The equity investments have a fair value of $ 7,400. (Assume they are trading securities.) | |
| 6. | The allowance for doubtful accounts applies to the accounts receivable. | |
| 7. | The notes receivable are due in full on March 31, 2019, with interest receivable every April 30. The notes bear interest at 9%. (Hint: Accrued interest due on December 31, 2017.) |
Prepare the current assets section of Concord Corporation’s
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