FMGT 1116 Lecture Notes - Accounts Payable, Retained Earnings, Capital Account
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Related Questions
Arrange the following items in proper balance sheetpresentation: (Amounts to be deducted should be indicatedwith parentheses or a minus sign.)
Accumulated depreciation | $ | 391,000 |
Retained earnings | 35,000 | |
Cash | 19,000 | |
Bonds payable | 174,000 | |
Accounts receivable | 49,000 | |
Plant and equipmentâoriginal cost | 741,000 | |
Accounts payable | 37,000 | |
Allowance for bad debts | 6,000 | |
Common stock, $1 par, 100,000 shares outstanding | 100,000 | |
Inventory | 68,000 | |
Preferred stock, $54 par, 1,000 shares outstanding | 54,000 | |
Marketable securities | 21,000 | |
Investments | 27,000 | |
Notes payable | 36,000 | |
Capital paid in excess of par (common stock) | 92,000 | |
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P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3 | |||||||
Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct at December 31, 2015: | |||||||
cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; | |||||||
investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000; | |||||||
accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000; | |||||||
retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). | |||||||
Required: | |||||||
1 | Based on these data, prepare a December 31, 2015, balance sheet. (Amounts to be deducted should be indicated by a minus sign.) | ||||||
Possible input areas are shaded. | |||||||
EXQUISITE JEWELERS | |||||||
Balance Sheet | |||||||
December 31, 2015 | |||||||
Assets | |||||||
Current assets: | |||||||
Total current assets | $ - | ||||||
Long-term investments: | |||||||
Fixed assets: | |||||||
Total fixed assets | - | ||||||
Other assets: | |||||||
Total assets | $ 377,500 | ||||||
Liabilities | |||||||
Current liabilities: | |||||||
Total current liabilities | $ - | ||||||
Long-term liabilities: | |||||||
Total liabilities | - | ||||||
Stockholders' Equity | |||||||
Contributed capital: | |||||||
Total contributed capital | - | ||||||
Total stockholders' equity | - | ||||||
Total liabilities and stockholders' equity | $ - | ||||||
Required: | |||||||
2 | What is the net book value of the store equipment? | ||||||
Net book value |