FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
Selected accounts from Phipps Corporation's trial balance are
as follows.
Phipps Corporation
Trial Balance
December 31
(Selected Accounts)
Debit
Credit
Cash
$50,000
Short-Term Marketable Securities
25,000
Accounts Receivable
13,000
Inventories
46,000
Other Current Assets
10,000
Land
120,000
Equipment
45,000
Accumulated Depreciation-Equipment
$5,000
Goodwill
25,000
Other Intangible Assets
16,000
Prepare the assets section of the company's balance sheet.
Phipps Corporation
Balance Sheet
December 31
Assets
Current Assets:
Total Current Assets
Accounts Receivable
Cash
Inventories
Other Intangible Assets
Short-term Marketable Securities
expand button
Transcribed Image Text:Selected accounts from Phipps Corporation's trial balance are as follows. Phipps Corporation Trial Balance December 31 (Selected Accounts) Debit Credit Cash $50,000 Short-Term Marketable Securities 25,000 Accounts Receivable 13,000 Inventories 46,000 Other Current Assets 10,000 Land 120,000 Equipment 45,000 Accumulated Depreciation-Equipment $5,000 Goodwill 25,000 Other Intangible Assets 16,000 Prepare the assets section of the company's balance sheet. Phipps Corporation Balance Sheet December 31 Assets Current Assets: Total Current Assets Accounts Receivable Cash Inventories Other Intangible Assets Short-term Marketable Securities
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education