ACG 4101 Lecture Notes - Lecture 1: Accounts Payable, Current Liability, Accrual

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bluegiraffe14

18 Jul 2017

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Notes require the payment of explicit interest in addition to the original obligation amount. Items held for sale in the normal course of business are classified in the balance sheet as. An expense that has been incurred but will be paid in a future period. Salaries payable, interest payable and taxes payable are examples of. Accounts payable, accrued salaries, current maturities of long term debt. If a company"s long term investments are not material in amount, where should they be disclosed on the balance sheet. From an accounting perspective, critical events that investors experience over the life of an investment includes. Sale of investment ad changes in fair value. What are the classifications possible for investments in which the investor doesn"t exert significant influence. Trading securities, available for sale and held to maturity securities. Holding gains and losses associated with investments properly classified as held to maturity are.

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P3-2

Prepare a classified balance sheet ignoring monetaryaccounts

the data listed below are taken from a balance sheet of tridentcorporation at december 31 2016 some amounts, indicated by questionmarka have been intentionally omitted. ($in000s)

cash and cash equivalents 239,186

short term investments 353,700

Accounts recievable (net of allowance) 504,944

Inventories ?

Prepaid expenses (current) 83,259

total current assets 1,594,927

long term recievables 110,800

property and equipment (net) ?

total assets ?

notes payable and short term debt 31,116

accounts payable ?

accrued liabilites 421,772

other current liabilites 181,604

total current liabilites 693,564

long term debt and deffered taxes ?

total liabilites 956,140

Shareholders equity 1,370,627

Required

1. Dertermine the missing accounts

2. Prepare tridents classified balance sheet.

TIP: you may find this easier to do if you lay it out incomplete balance sheet form (as in instr. 2)

roseclam804

M8-13 Reporting Accounts andNotes Receivable in a Classified Balance Sheet

Adobe Systems Incorporated reported the following accounts andamounts (in millions) in its financial statements for the yearended November 30, 2013. Prepare the current assets section of itsbalance sheet. The Allowance for Doubtful Accounts relates entirelyto Accounts Receivable.

Accounts Payable $720

Accounts Receivable610

Accumulated Amortization 450

Accumulated Depreciation790

Allowance for Doubtful Accounts10

Cash and Cash Equivalents830

Equipment 4,955

Income Taxes Payable 10

Notes Payable (long-term) $1,500

Notes Payable (short-term) 15

Notes Receivable (long-term) 210

Prepaid Rent 270

Retained Earnings 6,930

Service Revenue 450

Short-term Investments 2,340

Software 605

Unearned Revenue 780

M8-13
	Reporting Accounts and Notes Receivable in aClassified Balance Sheet

			Adobe Systems, Inc.
			Partial Balance Sheet
			As of November 30, 20XX
			(in millions)

		Assets:		Amount
		Current Assets
			Cash and Cash Equivalents
			Short-term investments
			Accounts Receivable
			Allowance for Doubful Accounts
			Accounts Receivable, Net of Allowance
			Prepaid Rent
			Total Current Assets

scarletspider899

Problem 5-2

Presented below are a number of balance sheet items for Montoya,Inc., for the current year, 2014.

Goodwill	$ 127,330	Accumulated Depreciation-Equipment	$ 292,246
Payroll Taxes Payable	179,921	Inventory	242,130
Bonds payable	302,330	Rent payable (short-term)	47,330
Discount on bonds payable	15,246	Income taxes payable	100,692
Cash	362,330	Rent payable (long-term)	482,330
Land	482,330	Common stock, $1 par value	202,330
Notes receivable	448,030	Preferred stock, $10 par value	152,330
Notes payable (to banks)	267,330	Prepaid expenses	90,250
Accounts payable	492,330	Equipment	1,472,330
Retained earnings	?	Equity investments (trading)	123,330
Income taxes receivable	99,960	Accumulated Depreciation-Buildings	270,446
Notes payable (long-term)	1,602,330	Buildings	1,642,330

Prepare a classified balance sheet in good form. Common stockauthorized was 400,000 shares, and preferred stock authorized was20,000 shares. Assume that notes receivable and notes payable areshort-term, unless stated otherwise. Cost and fair value of equityinvestments (trading) are the same. (List CurrentAssets in order of liquidity. List Property, Plant and Equipment inorder of Land, Building and Equipment.)

carminehamster879

ACG 4101 Lecture Notes - Lecture 1: Accounts Payable, Current Liability, Accrual

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