ACCT 2301 Lecture 4: Notes Chapter 4

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rubymallard294

6 Nov 2018

School

Texas A&M University-Kingsville

Department

Accounting

Course

ACCT 2301

Professor

Kendra Jo Huff

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Document Summary

Classifying the balance sheet group assets and liabilities by type. Current assets: cash or other assets expected to convert to cash or be used within one year or the operating cycle, whichever is longer. = office supplies and prepaid expenses (used up) Property, plant and equipment: fixed assets with a long life; used in operations; tangible assets (have a physical form) Long-term investments: investments in property, stocks or bonds of other corps. Current liabilities: must be paid within one year or operating cycle (whichever is longer) = accounts payable, salary payable, interest payable, accrued expenses (utility bill), note payable (if its short term), unearned revenue. Long-term liabilities: due date is more than a year out. = note payable, mortgage payable (property), bond payable. Still going to be common stock (shareholder investments), and retained earnings (accumulated profits or losses over the life of the corporation less dividends) Closing process: closing entries; close temporary accounts and transfer their balances to retained earnings.

Related Questions

Below you will find selected information (in millions) fromCoca-Cola Co.âs 2012 Annual Report.

Income Taxes Payable	$471
Short-term Investments and Marketable Securities	8,109
Cash	8,442
Other non-current Liabilities	10,449
Common Stock	1,760
Receivables	4,812
Other Current Assets	2,973
Long-term Investments	10,448
Other Non-current Assets	3,585
Property, Plant and Equipment	23,486
Trademarks	6,527
Other Intangible Assets	20,810
Allowance for Doubtful Accounts	53
Accumulated Depreciation	9,010
Accounts Payable	8,680
Short Term Notes Payable	17,874
Prepaid Expenses	2,781
Other Current Liabilities	796
Long-Term Liabilities	14,736
Paid-in-Capital in Excess of Par Value	11,379
Retained Earnings	55,038
Inventories	3,264
Treasury Stock	35,009

Other information taken from the Annual Report.

Sales Revenue for 2012	$48,017
Cost of Goods Sold for 2012	19,053
Net Income for 2012	9,019
Inventory Balance on 12/31/11	3,092
Net Accounts Receivable Balance on 12/31/11	4,920
Total Assets on 12/31/11	79,974
Equity Balance on 12/31/11	31,921

lavendergrasshopper535

Below you will find selected information (in millions) fromCoca-Cola Co.âs 2012 Annual Report.

Income Taxes Payable	$471
Short-term Investments and Marketable Securities	8,109
Cash	8,442
Other non-current Liabilities	10,449
Common Stock	1,760
Receivables	4,812
Other Current Assets	2,973
Long-term Investments	10,448
Other Non-current Assets	3,585
Property, Plant and Equipment	23,486
Trademarks	6,527
Other Intangible Assets	20,810
Allowance for Doubtful Accounts	53
Accumulated Depreciation	9,010
Accounts Payable	8,680
Short Term Notes Payable	17,874
Prepaid Expenses	2,781
Other Current Liabilities	796
Long-Term Liabilities	14,736
Paid-in-Capital in Excess of Par Value	11,379
Retained Earnings	55,038
Inventories	3,264
Treasury Stock	35,009

Other information taken from the Annual Report.

Sales Revenue for 2012	$48,017
Cost of Goods Sold for 2012	19,053
Net Income for 2012	9,019
Inventory Balance on 12/31/11	3,092
Net Accounts Receivable Balance on 12/31/11	4,920
Total Assets on 12/31/11	79,974
Equity Balance on 12/31/11	31,921

Required: 1: Using the information provided prepare a BalanceSheet. Separate the current assets from non-current assets andprovide a total for each. Also, separate the current liabilitiesfrom the non-current liabilities and provide a total foreach.
2: Using the Balance Sheet from your answer above, calculate theCurrent Ratio and Return on common stockholdersâ equity.

scarlettermite353

Complete a horizontal and vertical analysis of the BalanceSheets (below) for the past three years (with all yearly balancesset as a percentage of total assets for that year), in spreadsheetformat.

All numbers in thousands

Period Ending		Sep 26, 2015	Sep 27, 2014	Sep 28, 2013

Assets
Current Assets
	Cash And Cash Equivalents	21,120,000	13,844,000	14,259,000
	Short Term Investments	20,481,000	11,233,000	26,287,000
	Net Receivables	35,889,000	31,537,000	24,094,000
	Inventory	2,349,000	2,111,000	1,764,000
	Other Current Assets	9,539,000	9,806,000	6,882,000

Total Current Assets		89,378,000	68,531,000	73,286,000
Long Term Investments		164,065,000	130,162,000	106,215,000
Property Plant and Equipment		22,471,000	20,624,000	16,597,000
Goodwill		5,116,000	4,616,000	1,577,000
Intangible Assets		3,893,000	4,142,000	4,179,000
Accumulated Amortization		-	-	-
Other Assets		5,556,000	3,764,000	5,146,000
Deferred Long Term Asset Charges		-	-	-

Total Assets		290,479,000	231,839,000	207,000,000

Liabilities
Current Liabilities
	Accounts Payable	60,671,000	48,649,000	36,223,000
	Short/Current Long Term Debt	10,999,000	6,308,000	-
	Other Current Liabilities	8,940,000	8,491,000	7,435,000

Total Current Liabilities		80,610,000	63,448,000	43,658,000
Long Term Debt		53,463,000	28,987,000	16,960,000
Other Liabilities		33,427,000	24,826,000	20,208,000
Deferred Long Term Liability Charges		3,624,000	3,031,000	2,625,000
Minority Interest		-	-	-
Negative Goodwill		-	-	-

Total Liabilities		171,124,000	120,292,000	83,451,000

Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		27,416,000	23,313,000	19,764,000
Retained Earnings		92,284,000	87,152,000	104,256,000
Treasury Stock		-	-	-
Capital Surplus		-	-	-
Other Stockholder Equity		(345,000)	1,082,000	(471,000)

Total Stockholder Equity		119,355,000	111,547,000	123,549,000

Net Tangible Assets		110,346,000	102,789,000	117,793,000

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ACCT 2301 Lecture 4: Notes Chapter 4

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