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 6.6BE
Classified
| Account | Debit | Credit |
| $ 300,000 | ||
| Bonds payable, due in 20 years | $ 400,000 | |
| Investments at fair value (trading) | 58,000 | |
| Accounts payable | 175,000 | |
| Additional paid-in capital | 587,000 | |
| Accumulated other comprehensive loss | 165,300 | |
| Current portion of long-term debt | 25,000 | |
| Property, plant, and equipment - net | 1,264,500 | |
| Dividends payable | 135.000 | |
| Merchandise inventory | 254,000 | |
| Income taxes payable | 65,800 | |
| Cash | 145,000 | |
| Notes payable, due in 5 years | 138,500 | |
| 625,500 | ||
| Common stock, $1 par value | — | 35,000 |
| Totals | $2,186,800 | $2,186,800 |
Prepare a classified balance sheet for the current year using the report format.
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Students have asked these similar questions
Determine the amount of long-term debt for ABC Co. using the following balance sheet
information: cash balance of $24,700, accounts payable of $96,526, common stock of
$401,347, retained earnings of $501,930, inventory of $205,420, other assets equal to
$77,911, net plant and equipment of $706,520, short-term notes payable of $30,000, and
accounts receivable of $142,714.
Long-Term Debt
%24
Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,429, accounts payable of $97,423, common stock of $400,517, retained earnings of $500,749, inventory of $207,068, other assets equal to $77,098, net plant and equipment of $706,191, short-term notes payable of $30,000, and accounts receivable of $142,586.
Sun City Corporation's end-of-year balance sheet consisted of the following amounts:
Cash
Property, plant, and equipment
Capital stock
Retained earnings
$ 25,000
70,000
100,000
Ob. $200,000
Oc. $165,000
Od. $100,000
7
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Long-term debt
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Inventory
What amount should Sun City report on its balance sheet for total assets?
Oa. $95,000
$70,000
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20,000
35,000
Chapter 6 Solutions
Intermediate Accounting
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