Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Chapter 6, Problem 6.3P
Prepare
| Account | Debit | Credit |
| Investments at fair value (trading) | $ 340.000 | |
| Accounts payable | $324,560 | |
| Additional paid-in capital | 700,000 | |
| Dividends payable | 35,400 | |
| Equipment under capital lease | 670,000 | |
| Intangible assets - net | 123,000 | |
| Merchandise inventory | 890,125 | |
| Income taxes payable | 65,000 | |
| Cash | 187,000 |
| Account | Debit | Credit |
| Notes payable, due in 10years | 800,000 | |
| 713,000 | ||
| Obligations under capital leases (noncurrent) | 640,000 | |
| Obligations under pension plans | 325,675 | |
| 25,000 | ||
| Accumulated other comprehensive income | 235,750 | |
| Current portion of long-term debt | 76,000 | |
| Property, plant, and equipment - net | 1,567,500 | |
| Investments in affiliate companies (noncurrent) | 493,960 | |
| 450,000 | ||
| Bonds payable, due in 20 years | 606,700 | |
| Common stock. $1 par value | 174,500 |
Required
- a. Prepare the balance sheet at December 31 using the report format.
- b. Prepare the balance sheet at December 31 using the account format.
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Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020
Current asset P 2,440,500
Noncurrent assets 6,285,500
Current liabilities 1,386,000
Noncurrent liabilities 900,000
Owner’s equity 6,440,000
A review of account balances reveals the following data
An analysis of current assets discloses the following:
Cash
P 422,500
Investment securities-trading
600,000
Trade accounts receivable
568,000
Inventories, including advertising supplies of P20,000
850,000
2,440,500
Noncurrent assets include the following:
Property, plant and equipment:
Depreciated book value (cost P 6,560,000)
5,490,000
Deposit with a supplier for merchandise ordered for August…
Purrfect, Inc., reports the following statement of financial position amounts as of June 30,2020
Current asset P 2,440,500
Noncurrent assets 6,285,500
Current liabilities 1,386,000
Noncurrent liabilities 900,000
Owner’s equity 6,440,000
A review of account balances reveals the following data
An analysis of current assets discloses the following:
Cash
P 422,500
Investment securities-trading
600,000
Trade accounts receivable
568,000
Inventories, including advertising supplies of P20,000
850,000
2,440,500
Noncurrent assets include the following:
Property, plant and equipment:
Depreciated book value (cost P 6,560,000)
5,490,000
Deposit with a supplier for merchandise ordered for August…
Maguindanao Computer, Inc., reports the following statement of financial position amounts as of December 31, 2020
Current asset P 2,440,500
Noncurrent assets 6,285,500
Current liabilities 1,386,000
Noncurrent liabilities 900,000
Owner’s equity 6,440,000
A review of account balances reveals the following data
An analysis of current assets discloses the following:
Cash
P 422,500
Investment securities-trading
600,000
Trade accounts receivable
568,000
Inventories, including advertising supplies of P20,000
850,000
2,440,500
2. Noncurrent assets include the following:
Property, plant and equipment:
Depreciated book value (cost P 6,560,000)
5,490,000
Deposit with a supplier for…
Chapter 6 Solutions
Intermediate Accounting
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