FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Question 15
The following data, presented in alphabetical order, are taken from the records of Pharoah Corporation.
The investment in Sasse common stock is considered to be a long-term security.
Prepare a classifiedbalance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)
Accounts payable | $240,800 | |
140,400 | ||
179,000 | ||
Accumulated depreciation—equipment | 52,900 | |
Allowance for doubtful accounts | 5,100 | |
Bonds payable (10%, due 2028) | 500,900 | |
Buildings | 950,700 | |
Cash | 41,500 | |
Common stock ($10 par value; 494,100 shares authorized, 149,300 shares issued) | 1,493,000 | |
Dividends payable | 81,000 | |
Equipment | 275,200 | |
199,800 | ||
Income taxes payable | 120,000 | |
Inventory | 169,100 | |
Investment in Mara common stock (30% ownership), at equity | 380,400 | |
Investment in Sasse common stock, at fair value | 278,500 | |
Land | 389,000 | |
Notes payable (due 2021) | 69,500 | |
Paid-in capital in excess of par—common stock | 136,500 | |
Premium on bonds payable | 40,500 | |
Prepaid insurance | 16,200 | |
102,500 | ||
Short-term investments, at fair value | 180,900 |
The investment in Sasse common stock is considered to be a long-term security.
Prepare a classified
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 2 images
Knowledge Booster
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
- Contributed capital: Western Grass, Inc. Equity Section of Balance Sheet December 31, 2823 Preferred shares, $3 cumulative, 10,000 shares authorized, issued and outstanding Common shares, 100,000 shares authorized; 65,000 shares issued and outstanding Total contributed capital Retained earnings Total equity 75,000 552,500 627 500 581 000 $1,208,500 Required: Using the Information provided, calculate book value per common share assuming: (Round the final answers to 2 decimal places.) a. There are no dividends in arrears. b. There are three years of dividends in arrears. Book Value of Common Sharesarrow_forwardprk: Assignment 2 i APS The following information pertains to Ming Corp. at January 1, Year 2: Common stock, $12 par, 53,000 shares authorized, 2,500 shares issued and outstanding Paid-in capital in excess of par, common stock 56,100 Retained earnings 56,100 Ming Corp. completed the following transactions during Year 2: 1. Issued 3,000 shares of $12 par common stock for $17 per share. 2. Repurchased 1,200 shares of its own common stock for $20 per share. 3. Resold 720 shares of treasury stock for $22 per share. 4. Earned $53,400 of cash revenue. 5. Paid $41,050 of cash operating expenses. Required Prepare the stockholders' equity section of the year-end balance sheet. MING CORPORATION Balance Sheet (Partial) As of December 31, Year 2 Stockholders' Equity Total paid-in capital Total stockholders' equityarrow_forwardi.3arrow_forward
- 2arrow_forwardA-7arrow_forwardVertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $355,300 $211,680 Property, plant, and equipment 543,400 509,600 Intangible assets 146,300 62,720 Current liabilities 188,100 94,080 Long-term liabilities 428,450 321,440 Common stock 104,500 109,760 Retained earnings 323,950 258,720 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current year year Amount Percent Previous Previous year year Amount Percent Current assets $355,300 $211,680 % Property, plant, and equipment 543,400 509,600 % Intangible assets % 146,300 62,720 % % %arrow_forward
- Exercise 14-03 a-b (Video) On January 1, 2020, Oriole Corporation had $1,160,000 of common stock outstanding that was issued at par. It also had retained earnings of $747,500. The company issued 37,500 shares of common stock at par on July 1 and earned net income Journalize the declaration of a 15% stock dividend on December 10, 2020, for the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is re Entry" for the account titles and enter 0 for the amounts.) b. No. Account Titles and Explanation a. Par value is $10, and market price is $18. Par value is $5, and market price is $22. b. Debit LINK TO TEXT Credit Click if you would like to Show Work for this question: Open Show Work VIDEO: SIMILAR EXERCISEarrow_forwardQuestion Content Area Alma Corp. issues 870 shares of $6 par common stock at $19 per share. When the transaction is journalized, credits are made to a. Common Stock, $16,530. b. Common Stock, $5,220 and Paid-In Capital in Excess of Par—Common Stock, $11,310. c. Common Stock, $11,310 and Paid-In Capital in Excess of Stated Value, $5,220. d. Common Stock, $5,220 and Retained Earnings, $11,310.arrow_forwardquestion on exercise 16.4arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education