Parkman Sporting Goods is preparing its annual report for its fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following items: Required: Indicate whether each item should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet. 1. A related-party transaction. 2. Depreciation method. 3. Allowance for uncollectible accounts. 4. Composition of investments. 5. Composition of long-term debt. 6. Inventory costing method. 7. Number of shares of common stock authorized, issued, and outstanding. 8. Employee benefit plans. The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Parkman Sporting Goods is preparing its annual report for its fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following items: Required: Indicate whether each item should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet. 1. A related-party transaction. 2. Depreciation method. 3. Allowance for uncollectible accounts. 4. Composition of investments. 5. Composition of long-term debt. 6. Inventory costing method. 7. Number of shares of common stock authorized, issued, and outstanding. 8. Employee benefit plans. The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
Related questions
Question
Transcribed Image Text:Parkman Sporting Goods is preparing its annual report for its fiscal year. The company's controller has asked for your help in
determining how best to disclose information about the following items:
Required:
Indicate whether each item should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure
note, or (C) on the face of the balance sheet.
1. A related-party transaction.
2. Depreciation method.
3. Allowance for uncollectible accounts.
4. Composition of investments.
5. Composition of long-term debt.
6. Inventory costing method.
7. Number of shares of common stock authorized, issued, and outstanding.
8. Employee benefit plans.
Transcribed Image Text:The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents
Accounts receivable (net)
$ 6,300
33,000
73,000
Inventory
Property, plant, and equipment (net)
185,000
Accounts payable
52,000
Salaries payable
Paid-in capital
24,000
165,000
The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and
related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1.
Required:
Determine the following at December 31, 2024:
1. Total current assets
2. Short-term investments
3. Retained earnings
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