Concept explainers
Fill in the blanks labeled (a) through (n).
Explanation of Solution
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and
Fill the missing information:
Company F | ||
Balance Sheet | ||
December 31 | ||
Particulars | 2016 | 2017 |
Current assets | $19,100 | (h)$20,000 (8) |
Long-term investments | $23,700 | (m)$21,200 (12) |
Property, plant, and equipment (net) | (c) $79,400 (3) | $87,500 |
Intangible assets | $12,600 | $12,000 |
Total assets | (e)$134,800(5) | (k)$140,700 |
Current liabilities | (b)$9,200(2) | $9,800 |
Long-term liabilities | (d)$28,900(4) | $30,200 |
Total liabilities | $38,100 | (n)$40,000 (13) |
Common stock, $10 par | (f)$17,000 (6) | (l)$18,000(11) |
Additional paid-in capital | (g)$34,000(7) | $36,000 |
Total contributed capital | $51,000 | (i)$54,000(9) |
$40,900 | (j)$41,700(10) | |
Accumulated other comprehensive income | $4,800 | $5,000 |
Total shareholders’ equity | (a)$96,700(1) | $100,700 |
Total liabilities and shareholders’ equity | $134,800 | $140,700 |
Table (1)
Note:
The amount of total assets for missing information (k) is same as the amount of total liabilities and shareholders’ equity ($140,700) since, total assets equals total of liabilities and shareholders’ equity.
Working notes:
Year 2016:
(1) Calculate the amount of total shareholders’ equity:
(2) Calculate the amount of current liabilities:
(3) Calculate the amount of property, plant and equipment:
(4) Calculate the amount of long-term liabilities:
(5) Calculate the amount of total liabilities and shareholders’ equity:
(6) Calculate the amount of common stock for the year 2016:
(7) Calculate the amount of additional paid-in capital for the year 2016:
Year 2017:
(8) Calculate the amount of current assets:
(9) Calculate the amount of total contributed capital:
(10) Calculate the amount of retained earnings:
(11) Calculate the amount of common stock:
(12) Calculate the amount of long-term investments:
(13) Calculate the amount of total liabilities:
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Chapter 4 Solutions
Bundle: Intermediate Accounting: Reporting And Analysis, 2017 Update, Loose-leaf Version, 2nd + Lms Integrated Cengagenowv2, 2 Terms Printed Access Card
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