Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 6, Problem 6.5BE
Classified
Armstrong Associates Balance Shoot At December 31 |
|
Assets | Amount |
Cash | $ 255,000 |
Receivables | 1,390,000 |
Prepaid Assets and Supplies | 722,000 |
Property. Plant, and Equipment - net | 2,075,000 |
Total Assets | $4,442,000 |
Liabilities | |
Payables and Accrued Expenses | $1,040,500 |
Income Taxes Payable | 316,750 |
Notes Payable, due in 5 years | 1,007,000 |
Total Liabilities | $2,364,250 |
Contributed Capital | $1,855,000 |
222,750 | |
Total Stockholders' Equity | $ 2,077,750 |
Total Liabilities and Stockholders' Equity | $4,442,000 |
The following account analyses were made during the company’s recent year-end audit
Receivables | ||
$ 450,000 | ||
Indefinite-life Intangible Assets | 940,000 | |
Receivables | $1,390,000 | |
Prepaid Assets and Supplies | ||
Merchandise Inventory | $ 641,000 | |
Prepaid Rent | 81,000 | |
Prepaid Assets and Supplies | $ 722,000 | |
Payables and Accrued Expenses | ||
Accounts Payable | $ 510,000 | |
Accrued Expenses | 521,500 | |
Payables and Accrued Expenses | $1,040,500 | |
Contributed Capital | ||
Common Stock, $1 par value | $ 815,000 | |
Additional Paid-in Capital | 1,040,000 | |
Contributed Capital | $1,855,000 |
Required
Prepare a corrected classified balance sheet.
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Intermediate Accounting
Ch. 6 - What are the limitations of the balance sheet?Ch. 6 - What does a firms liquidity measure?Ch. 6 - Prob. 6.3QCh. 6 - What are the four major components of stockholders...Ch. 6 - Prob. 6.5QCh. 6 - Prob. 6.6QCh. 6 - Where is accumulated other comprehensive income...Ch. 6 - Prob. 6.8QCh. 6 - Prob. 6.9QCh. 6 - What are the two main balance sheet formats?...
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