Crane Corporation has the following accounts included in its December 31, 2017, trial balance: Equity Investments (trading) $21,000, Goodwill $150,000, Prepaid Insurance $12,000, Patents $220,000, and Franchises $130,000. Prepare the intangible assets section of the balance sheet.
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Crane Corporation has the following accounts included in its December 31, 2017,
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- Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $7,000, Land $40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful Accounts $4,000, and Equity Investments (trading) $11,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.Cheyenne Corporation's adjusted trial balance contained the following current asset accounts as of December 31, 2017: Cash $ 10,400; Supplies $ 5,900; Inventory $ 125,700; Allowance for Doubtful Accounts $ 6,100; Equity Investments (available-for-sale) $ 75,900; and Accounts Receivable $ 84,500. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) CHEYENNE CORPORATION Balance Sheet (Partial) %24 %24Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises $47,000, Patents $33,000, and Trademarks $10,000. Prepare the intangible assets section of the balance sheet.
- Martinez Corporation has the following accounts included in its December 31, 2020, trial balance: Equity Investments (to be sold in the next 6 months) $30,000, Goodwill $150,800, Prepaid Insurance $21,900, Patents $228,200, and Franchises $111,200. Prepare the intangible assets section of the balance sheet.Included in Outkast Company’s December 31, 2017, trial balance are the following accounts: Prepaid Rent $5,200, Debt Investments (to be held to maturity until 2020) $56,000, Unearned Fees $17,000, Land (held for investment) $39,000, and Notes Receivable (long-term) $42,000. Prepare the long-term investments section of the balance sheet.Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…
- Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise ordered for August…Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…Harding Corporation has the following accounts included in its December 31, 2017, trial balance: Accounts Receivable $110,000, Inventory $290,000, Allowance for Doubtful Accounts $8,000, Patents $72,000, Prepaid Insurance $9,500, Accounts Payable $77,000, and Cash $30,000. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence.
- Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash $420,000; Patents and copyrights = $800,000; Accounts payable = $490,000; Accounts receivable = $149,000; Tangible net fixed assets = $4,000,000; Inventory = $195,000; Notes payable = $180,000; Accumulated retained earnings = $1,245,000; Long-term debt = $1,530,000. What is the common stock account balance for the company? =Prepare a 2018 balance sheet for Rogers Corporation based on the following information: Cash = $330,000; Patents and copyrights = $650,000; Accounts payable = $450,000; Accounts receivable = $139,000; Tangible net fixed assets = $4,000,000; Inventory = $295,000; Notes payable $180,000; Accumulated retained earnings = $1,365,000; Long-term debt = $1,530,000. What is the common stock account balance for the company? Multiple Choice O $2,105,000 O $1,673,000 O $2,511,000 O $2,249,000 $1,889,000 =The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaidexpenses. The 2018 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; longterm assets, $2,400,000; and shareholders’ equity, $2,500,000. The current ratio at the end of the year was 2.0 andthe debt to equity ratio was 1.4.Required:Determine the following 2018 amounts and ratios:1. Current liabilities2. Long-term liabilities3. Accounts receivable4. The acid-test ratio