Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 3.1P
• LO3–2, LO3–3
Presented below is a list of balance sheet accounts.
| Accounts payable | Cash |
| Accounts receivable | Common stock |
| Copyright | |
| Accumulated depreciation—equipment | Equipment |
| Allowance for uncollectible accounts | Interest receivable (due in three months) |
| Restricted cash (to be used in 10 years) | Inventories |
| Bonds payable (due in 10 years) | Land (in use) |
| Buildings | Long-term investments |
| Notes payable (due in 6 months) | Rent payable (current) |
| Notes receivable (due in 2 years) | Retained earnings |
| Patent | Short-term investments |
| Taxes payable | |
| Prepaid expenses | Wages payable |
Required:
Prepare a classified balance sheet ignoring monetary amounts.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Comprehensive Problem
The following were taken from the books of Amihan Company:
Long-term Payable
Notes Payable
Property. Plant and Equipment
Accounts Receivable
Accounts Payable
Accumulated Depreciation
Cash
Owner's Capital
Unearned Income
Notes Receivable
Prepaid Expenses
Accrued Expenses
Inventory
Intangible Assets
P 500,000
120.000
750,000
56.000
65,000
100,000
77,000
c. Prepaid Expenses is current.
d. Date of SFP, December 31, 2020
?
15.345
244.000
56.700
37,890
157,840
124,500
OUTPUT 1 Prepare a classified SFP given the following additional information: (ACCOUNT FORM)
SFP
a. Notes Payable is due 6 months from now.
b. Notes Receivable is collectible 9 months from now.
Investment in Total Net Operating
Capital
Athenian Venues Inc. just reported the
following selected portion of its financial
statements for the end of 2020. Your
assistant has already calculated the
2020 end-of-year net operating working
capital (NOWC) from the full set of
financial statements (not shown here),
which is $20 million. The total net
operating capital for 2019 was $44
million. What was the 2020 net
investment in operating capital?
Athenian Venues Inc.: Selected
Balance Sheet Information as of
December 31
(Millions of Dollars)
2020
march eacg Letter to the correct number answer to the left:
1. Interest
2. Monetary asset
3. Compound interest
4. Simple interest
5. Annuity
6. Present value of a single amount
7. Annuity due
8. Future value of a single amount
9. Ordinary annuity
10. Effective rate or yield
11. Nonmonetary asset
12. Time value of money
13. Monetary liability
1. ______
2. ______
3. ______
4. ______
5. ______
6. ______
7. ______
8. ______
9. ______
10. ______
11. ______
12. ______
13. ______
a. First cash flow occurs one period after agreement begins
b. The rate at which money will actually grow during a year
c. First cash flow occurs on the first day of the agreement
d. The amount of money that a dollar will grow to
e. Amount of money paid/received in excess of amount borrowed/lent
f. Obligation to pay a sum of cash, the amount of which…
Chapter 3 Solutions
Intermediate Accounting
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
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
- Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000arrow_forwardQuestion 13 Using the following balance sheet items and amounts, calculate the total liquid assets. • Money market account $4056 • Retirement account $17200 • Medical bills $120 • Checking account $8308 • Credit card balance $670 Your Answer: Answerarrow_forwardProblem 84 (LAA) Summa Company revealed the following account balances on December 31, 2020 Accota payable Accounta receivable, net of allowance for doubtful accounts PS0.000 Accrued taxes Aecrued interest receivable Autherined sbare capital, 60,000 aharea. P100 par Building, net ofaccumulated depreciation of P500,000 3,000.000 Cash on hand Cash in bank Bond sinking fund Furniture and equipment, net ofaccumulated depreciation of P900,000 Iaventory Investment property Land Deferred tax liability Bonds payable due June 30, 2021 Notes payable Notes reoeivable Patent Ocher accrued liabilities Prepaid expenses Share premium Retained earninge appropristed for contingencies Retained eantings Share ubecription receivable Subscribed share capital E000 shares Unianoed share capital 1000,000 50.000 30,000 5,000.000 50.000 650.000 2000.000 1,500,000 1,200,000 700.000 1,000,000 650.000 2.000.000 850.000 200,000 370,000 150,000 100,000 300,000 200,000 2.700,000 500,000 L000,000 2.000,000 Required:…arrow_forward
- Accounts payable Accounts receivable Accumulated depreciation-buildings Advertising expense Amortization expense (patents) Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Notes payable-due in 2023 Patents (net) Salary expense Sales $ $ $ $ $ $ $ $ $ LA LA LA LA $ $ $ Answer is complete but not entirely correct. Translation 0.16 Current rate 0.16✔ Current rate Current rate 0.16 0.19 0.19✔ 0.16 Average rate Average rate Current rate 0.16 Current rate 0.28✔ Historical rate 0.16 Average rate 0.20✔ Historical rate 0.16 Current rate 0.16 Current rate 0.19 Average rate 0.19 Average rate ✓ $ ✓ $ ✓ $ ✓$ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ ✓ $ Remeasurement 0.16 X 0.16 X 0.26 X 0.19 X 0.25 X 0.26 X 0.16 X 0.28 x 0.26 X 0.20 x 0.16 X 0.25 X 0.19 X 0.19 Xarrow_forwardCash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. 2. 3. 4. 5. During 2025, the following transactions occurred. 6. 7. 8. 9. 10. 11. 1. 2. MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Adjustment data: 3. 4. 5. 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900 On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. Marigold performed services for $416,000 on account. On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March 31, 2026. Marigold collected $358,800 from customers on account. Marigold bought $45,630 of supplies on account. Marigold paid $41,860 on accounts payable. Marigold reacquired 520 shares of its common stock on…arrow_forward24 range the following items in proper balance sheet presentation: (Be sure to list the assets in order of their liquidity. Input all swers as positive values.) Accumulated amortization Retained earnings Cash Bonds payable Accounts receivable Plant and equipment-original cost Accounts payable Allowance for bad debts Common stock, 100,000 shares outstanding Inventory Preferred stock, 1,000 shares outstanding Marketable securities Investments Notes payable $230,000 195,300 12,000 136,000 51,500 700,000 42,000 5,200 172,000 73,000 60,000 20,000 22,000 38,000 Help Save & Exit Submitarrow_forward
- Bank 3 Assets (millions) 6 11 Liabilities (millions) Maturities 1 day +1 day-3mos +3 mos- 6 mos +6 mos-12 mos +1 year-5 years 17 10 15 90 43 52 11 Use the Repricing Model. If interest rates rise by 56 basis points for assets and 142 basis points for liabilities over the next year, then how will impact the interest income of Bank 3 over the next year? Bank 3 will experience a loss of $1,483,000 O Bank 3 will experience a gain of $679,400 Bank 3 will experience a loss of $679,400 Bank 3 will experience a gain of $1,953,400arrow_forwardWhat is the situation that best describes the following amortization schedule? Payment # Amount Paid Interest Portion Principal Portion Principal Balance 12,000.00 1 3,132.39 210.00 2,922.39 9,077.61 2 3,132.39 158.86 2,973.53 6,104.08 3,132.39 106.82 3,025.57 3,078.51 4 3,132.38 53.87 3,078.51 0.00 Total 12,529.55 529.55 12,000.00 a. Reuben received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. b. Fabrizio received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 70% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. C. Reuben received a loan of $12,000 froma bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded every…arrow_forwardProblem 8-2 (IAA) Exemplar Company provided the following account balances on December 31, 2020: Accounts receivable Advances to officers-not currently collectible Sinking fund Building Long-term refundable deposit Cash and cash equivalents Cash surrender value Equipment Patent Accrued interest on notes receivable Inventories Land Land held for speculation Notes receivable Computer software Prepaid expenses Trading securities Unearned rent income Retained earnings (deficit) Share premium - preference Premium on bonds payable Preference share capital Share premium - ordinary Notes payable SSS payable Accounts payable Accrued salaries Accumulated depreciation-building Accumulated depreciation-equipment Allowance for doubtful accounts Bonds payable Dividends payable Ordinary share capital Withholding tax payable Preference share redemption fund 400,000 100,000 400,000 5,000,000 50,000 500,000 60,000 1,000,000 100,000 10,000 1,300,000 1,500,000 500,000 250,000 3,250,000 70,000 280,000…arrow_forward
- 3. II 1. Show the impact (with amounts) of each of the following items on the horizontal C. equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. Study guide - Chapter 5 (with solutions).docx iv. In the following year, an account worth $6,000 is determined to be uncollectible, what is the entry? V. A receivable for $3,500 that was previously written off is collected. What is the 2 step entry? Cash + Stockholders' Equity Assets = Liabilities Revenues Expenses Net Income Flow 2. Tearrow_forward! Required information Problem 12-6A (Algo) Use ratios to analyze risk and profitability (LO12-3, 12-4) [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. Net sales Cost of goods sold Gross profit Expenses: VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 2025 $3,495,000 2,477,000 1,018,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 952,000 27,000 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 855,000 25,500 7,700 13,500 46,500 948, 200 125,800arrow_forwardAQUIL and BADIR formed a partnership on January 2, 2022 by contributing their respective assets and equities subject to adjustments. On that date, the following were provided: Cash Accounts Receivable Inventories Land Building Equipment Intangible assets Accounts Payable Other Liabilities Capital AQUIL BADIR 28,000 62,000 200,000 600,000 120,000 200,000 600,000 500,000 50,000 35,000 2,000 3,000 180,000 250,000 200,000 350,000 OZU,UUU 800,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Liquidity Risk (FRM Part 2 – Book 4 – Chapter 1); Author: AnalystPrep;https://www.youtube.com/watch?v=TguAvyxM6vg;License: Standard Youtube License