
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Neptune Corporation is preparing its December 31, 2018,
g) Notes payable of $440,000 is due on 31st January, 2020.
h) Neptune restricted 50% of its’ total cash of $330,000 to repay a loan after 2 years.
i) Neptune has a claim of $60,000 to be received after 2 months against an insurance company for a causality loss.
j) Neptune owns an equipment of $35,000 which is currently unused.
Instructions:
For each item above indicate the dollar amounts to be reported as assets, liabilities or stockholders’ equity. Mention the classification as well.
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