INTERMEDIATE ACCOUNTING V1 330 6/16 >C
8th Edition
ISBN: 9781260014853
Author: SPICELAND
Publisher: MCG CUSTOM
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Textbook Question
Chapter 3, Problem 3.6E
Balance sheet; Current versus long-term classification
• LO3–2, LO3–3
Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2018.
| Account Title | Debits | Credits |
| Cash $ | 20,000 | |
| Accounts receivable | 130,000 | |
| Raw materials | 24,000 | |
| Note receivable | 100,000 | |
| Interest receivable | 3,000 | |
| Interest payable | $ 5,000 | |
| Marketable securities | 32,000 | |
| Land | 50,000 | |
| Buildings | 1,300,000 | |
| Accumulated depreciation—buildings | 620,000 | |
| Work in process | 42,000 | |
| Finished goods | 89,000 | |
| Equipment | 300,000 | |
| Accumulated depreciation—equipment | 30,000 | |
| Patent (net of amortization) | 120,000 | |
| Prepaid rent (for the next two years) | 60,000 | |
| Deferred revenue (next 12 months) | 36,000 | |
| Accounts payable | 180,000 | |
| Note payable | 400,000 | |
| Cash restricted for payment of note payable | 80,000 | |
| Allowance for uncollectible accounts | 13,000 | |
| Sales revenue | 800,000 | |
| Cost of goods sold | 450,000 | |
| Rent expense | 28,000 |
Additional Information:
1. The note receivable, along with any accrued interest, is due on November 22, 2019.
2. The note payable is due in 2022. Interest is payable annually.
3. The marketable securities consist of treasury bills, all of which mature in the next year.
4. Deferred revenue will be recognized as revenue equally over the next two years.
Required:
Determine the company’s
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Prepare a classified balance sheet for Jackson Corporation at December 31, 2021, by properly classifying each of the accounts.
E 3–6 Balance sheet; Current versus long-term classification (LO3–2, LO3–3)
Presented next are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021.
Account Title
Debits
Credits
Cash
$20,000
Accounts receivable
130,000
Raw materials
24,000
Notes receivable
100,000
Interest receivable
3,000
Interest payable
$5,000
Investment in debt securities
32,000
Land
50,000
Buildings
1,300,000
Accumulated depreciation—buildings
620,000
Work in process
42,000
Finished goods
89,000
Equipment
300,000
Accumulated depreciation—equipment
130,000
Patent (net)
120,000
Prepaid rent (for the next two years)
60,000
Deferred revenue
36,000
Accounts payable
180,000
Notes payable
400,000…
Problem 84 (LAA)
Summa Company revealed the following account balances
on December 31, 2020
Accota payable
Accounta receivable, net of allowance for doubtful
accounts PS0.000
Accrued taxes
Aecrued interest receivable
Autherined sbare capital, 60,000 aharea. P100 par
Building, net ofaccumulated depreciation of P500,000 3,000.000
Cash on hand
Cash in bank
Bond sinking fund
Furniture and equipment, net ofaccumulated
depreciation of P900,000
Iaventory
Investment property
Land
Deferred tax liability
Bonds payable due June 30, 2021
Notes payable
Notes reoeivable
Patent
Ocher accrued liabilities
Prepaid expenses
Share premium
Retained earninge appropristed for contingencies
Retained eantings
Share ubecription receivable
Subscribed share capital E000 shares
Unianoed share capital
1000,000
50.000
30,000
5,000.000
50.000
650.000
2000.000
1,500,000
1,200,000
700.000
1,000,000
650.000
2.000.000
850.000
200,000
370,000
150,000
100,000
300,000
200,000
2.700,000
500,000
L000,000
2.000,000
Required:…
#1 O
Category.
Prior Year Current Year
Accounts payable
3,134.00
5,904.00
Accounts receivable
6,978.00
8,907.00
Accruals
5,624.00
6,194.00
Additional paid in capital
20,362.00 13,212.00
Cash
???
???
Common Stock
2,850
2,850
COGS
22,484.00 18,100.00
Current portion long-term debt
500
500
Depreciation expense
1,003.00
1,011.00
Interest expense
1,257.00
1,156.00
Inventories
3,097.00
6,657.00
Long-term debt
16,532.00 22,027.00
Net fixed assets
75,252.00 74,022.00
Notes payable
4,045.00
6,536.00
Operating expenses (excl. depr.)
19,950
20,000
Retained earnings
35,789.00 34,684.00
Sales
46,360
45,408.00
Тахes
350
920
What is the firm's cash flow from financing?
Submit
Answer format: Number: Round to: 0 decimal places.
Chapter 3 Solutions
INTERMEDIATE ACCOUNTING V1 330 6/16 >C
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
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