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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 21, Problem 9E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Problem 8E
Problem 9E
Problem 10E
Problem 11E
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Problem 14P
Problem 15P
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Problem 6C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances for the spreadsheet to support its 2019 statement of cash flows:

Chapter 21, Problem 9E, Partially Completed Spreadsheet Hanks Company has prepared the following changes in account balances

Additional information: The net income was $1,300. Depreciation expense was $350, and patent amortization expense was $100. At the end of 2019, long-term investments were purchased at a cost of $1,550. Land that cost $700 was sold for $900. On December 31, 2019, bonds payable with a face value of $2,000 were issued for equipment valued at $2,300. Two hundred shares of common stock were issued at $7 per share. Forty shares of common stock were issued as a “’small” stock dividend, the relevant market price being $5 per share. Cash dividends declared and paid totaled $600.

Required:

On the basis of the preceding information, complete the spreadsheet.

To determine

Report the completed spreadsheet entries of H Company for the year 2019.

Explanation

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

Report the completed spreadsheet entries.

Table (1)

Working notes:

  1. a) Net income as on 2019 is $1,300
  2. b) Depreciation expense as on 2019 is $350
  3. c) Plant amortization as on 2019 is $100
  4. d) Decrease in accounts receivable by $290
  5. e) Inventory increased by $1,280
  6. f) Accounts payable increased by $120
  7. g) Payment for purchase of long term investment is $1,550
  8. h) Calculate the gain on sale of land

Gain on saleof land = Selling price − Book value=$900−$700=$200

i-1) Calculate the issuance of bond for equipment

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Ch-21 P-1GICh-21 P-2GICh-21 P-3GICh-21 P-4GICh-21 P-5GICh-21 P-6GICh-21 P-7GICh-21 P-8GICh-21 P-9GICh-21 P-10GI
Ch-21 P-11GICh-21 P-12GICh-21 P-13GICh-21 P-14GICh-21 P-15GICh-21 P-16GICh-21 P-17GICh-21 P-18GICh-21 P-19GICh-21 P-1MCCh-21 P-2MCCh-21 P-3MCCh-21 P-4MCCh-21 P-5MCCh-21 P-6MCCh-21 P-7MCCh-21 P-8MCCh-21 P-9MCCh-21 P-10MCCh-21 P-1RECh-21 P-2RECh-21 P-3RECh-21 P-4RECh-21 P-5RECh-21 P-6RECh-21 P-7RECh-21 P-8RECh-21 P-9RECh-21 P-10RECh-21 P-11RECh-21 P-12RECh-21 P-13RECh-21 P-14RECh-21 P-1ECh-21 P-2ECh-21 P-3ECh-21 P-4ECh-21 P-5ECh-21 P-6ECh-21 P-7ECh-21 P-8ECh-21 P-9ECh-21 P-10ECh-21 P-11ECh-21 P-12ECh-21 P-13ECh-21 P-14ECh-21 P-15ECh-21 P-16ECh-21 P-17ECh-21 P-18ECh-21 P-19ECh-21 P-20ECh-21 P-21ECh-21 P-22ECh-21 P-1PCh-21 P-2PCh-21 P-3PCh-21 P-4PCh-21 P-5PCh-21 P-6PCh-21 P-7PCh-21 P-8PCh-21 P-9PCh-21 P-10PCh-21 P-11PCh-21 P-12PCh-21 P-13PCh-21 P-14PCh-21 P-15PCh-21 P-16PCh-21 P-17PCh-21 P-18PCh-21 P-1CCh-21 P-2CCh-21 P-3CCh-21 P-4CCh-21 P-5CCh-21 P-6CCh-21 P-7CCh-21 P-8CCh-21 P-10C

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