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
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 | ||||||||
Related questions
Terracotta, Inc. reported the following accounts and amounts (inmillions) in its financial statements for the year ended November30, 2013. |
| Accounts Payable | $ | 730 | |
| Accounts Receivable | 630 | ||
| Accumulated Amortization | 460 | ||
| Accumulated Depreciation | 800 | ||
| Allowance for Doubtful Accounts | 20 | ||
| Cash and Cash Equivalents | 840 | ||
| Equipment | 5,055 | ||
| Income Taxes Payable | 20 | ||
| Notes Payable (long-term) | 1,600 | ||
| Notes Payable (short-term) | 20 | ||
| Notes Receivable (long-term) | 220 | ||
| Prepaid Rent | 280 | ||
| Retained Earnings | 7,030 | ||
| Service Revenue | 460 | ||
| Short-term Investments | 2,440 | ||
| Software | 615 | ||
| Unearned Revenue | 790 | ||
Prepare the current assets section of its balance sheet. TheAllowance for Doubtful Accounts relates entirely to AccountsReceivable.
| Terracotta | ||
| Partial Balance Sheet | ||
| As of November 30, 2013 | ||
| (in millions of dollars) | ||
| Assets | ||
| Current Assets: | ||
| Cash and Cash Equivalents | ||
| Short-term Investments | ||
| Accounts Receivable | ||
| Allowance for Doubtful Accounts | ||
| Accounts Receivable, net of Allowance | ||
| Prepaid Rent | ||
| Total Current Assets |
Terracotta, Inc. reported the following accounts and amounts (inmillions) in its financial statements for the year ended November30, 2013. |
| Accounts Payable | $ | 730 | |
| Accounts Receivable | 630 | ||
| Accumulated Amortization | 460 | ||
| Accumulated Depreciation | 800 | ||
| Allowance for Doubtful Accounts | 20 | ||
| Cash and Cash Equivalents | 840 | ||
| Equipment | 5,055 | ||
| Income Taxes Payable | 20 | ||
| Notes Payable (long-term) | 1,600 | ||
| Notes Payable (short-term) | 20 | ||
| Notes Receivable (long-term) | 220 | ||
| Prepaid Rent | 280 | ||
| Retained Earnings | 7,030 | ||
| Service Revenue | 460 | ||
| Short-term Investments | 2,440 | ||
| Software | 615 | ||
| Unearned Revenue | 790 | ||
Prepare the current assets section of its balance sheet. TheAllowance for Doubtful Accounts relates entirely to AccountsReceivable.
| TERRACOTTA, INC. | ||
| Partial Balance Sheet | ||
| As of November 30, 2013 | ||
| (in millions of dollars) | ||
| Assets | ||
| CurrentAssets: | ||
| Cash and CashEquivalents | ||
| Short-termInvestments | ||
| AccountsReceivable | ||
| Allowance forDoubtful Accounts | ||
| AccountsReceivable, net of Allowance | ||
| Prepaid Rent | ||
| Total CurrentAssets | ||
Presented below is the trial balance of Scott Butler Corporationat December 31, 2014.
Debit | Credit | |||
Cash | $ 200,010 | |||
Sales | $ 8,101,320 | |||
Debt Investments (trading) (cost, $145,000) | 154,320 | |||
Cost of Goods Sold | 4,801,320 | |||
Debt Investments (long-term) | 302,010 | |||
Equity Investments (long-term) | 280,010 | |||
Notes Payable (short-term) | 91,320 | |||
Accounts Payable | 456,320 | |||
Selling Expenses | 2,001,320 | |||
Investment Revenue | 64,480 | |||
Land | 260,000 | |||
Buildings | 1,043,010 | |||
Dividends Payable | 139,010 | |||
Accrued Liabilities | 97,320 | |||
Accounts Receivable | 436,320 | |||
Accumulated Depreciation-Buildings | 152,000 | |||
Allowance for Doubtful Accounts | 26,320 | |||
Administrative Expenses | 901,480 | |||
Interest Expense | 212,480 | |||
Inventory | 600,010 | |||
Gain (extraordinary) | 81,480 | |||
Notes Payable (long-term) | 903,010 | |||
Equipment | 601,320 | |||
Bonds Payable | 1,003,010 | |||
Accumulated Depreciation-Equipment | 60,000 | |||
Franchises | 160,000 | |||
Common Stock ($5 par) | 1,001,320 | |||
Treasury Stock | 192,320 | |||
Patents | 195,000 | |||
Retained Earnings | 81,010 | |||
Paid-in Capital in Excess of Par | 83,010 | |||
| Totals | $12,340,930 | $12,340,930 |
Prepare a balance sheet at December 31, 2014, for Scott ButlerCorporation. (Ignore income taxes). (List CurrentAssets in order of liquidity. List Property, Plant and Equipment inorder of Land, Building and Equipment. Enter account name only anddo not provide the descriptive information provided in thequestion.)
