Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $5,000; Accounts Receivable, $9,000; Supplies, $19,000; Equipment, $120,000; Accumulated Depreciation, $45,000; Accounts Payable, $26,000; Salaries Payable, $16,000; Common Stock, $60,000; and Retained Earnings, _____. Prepare the December 31, 2021, classified balance sheet including the correct balance for retained earnings.
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $8,000; accounts
receivable, $18,000; Inventory, $32,000; equipment, $180,000; accumulated depreciation, $72,000; accounts payable, $54,000:
salaries payable, $28,000; retained earnings, $18,000, and common stock, $66,000.
Prepare a 12/31/2021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
BOWLER CORPORATION
Balance Sheet
At December 31, 2021
Assets
Liabilities and Shareholders' Equity
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings, $9,000; and common stock, $50,000. Prepare a 12/31/2021 balance sheet.
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- Shown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000arrow_forwardCurrent Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓arrow_forwardThe following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 6,400 Accounts receivable (net) 34,000 Inventory 74,000 Property, plant, and equipment (net) 190,000 Accounts payable 53,000 Salaries payable 14,000 Paid-in capital 170,000 The only asset not listed is short-term investments. The only liabilities not listed are $44,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.8:1. Required:Determine the following at December 31, 2021: Total Current Asset? Short Term Investment? Retained Earnings?arrow_forward
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