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 6.6P
Prepare Classified
| Account | Debit | Credit |
| Cash | Solve | |
| Notes payable, due in 10 years | $12,000 | |
| $ 5,600 | ||
| Accumulated other comprehensive income | 1,000 | |
| Current portion of long-term debt | 500 | |
| Property, plant, and equipment – net | 46,500 | |
| Investments in affiliate companies (noncurrent) | 3,000 | |
| 8,000 | ||
| Bonds payable, due in 20 years | 20,000 | |
| Common stock, $1 par value | 15,000 | |
| Investments at fair value (available-for-sale) (noncurrent) | 2,100 | |
| Accounts payable | 6,200 | |
| Additional paid-in capital | 14,800 | |
| Dividends payable | 300 | |
| Intangible assets – net | 4,000 | |
| Merchandise inventory | 5,800 | |
| Income taxes payable | 1,500 | |
| 6,800 |
Centre reported net income of $3,200 and declared dividends amounting to $600. Unrealized losses on the company’s available-for-sale portfolio amounted to $400 for the current year. There are no other events that affect stockholders’ equity.
Required
Prepare a classified balance sheet at December 31 of the current year.
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Using the following information, prepare a properly classified Statement of Financial Position in ACCOUNT FORM
0ther current liabilities
125,890
Bonds payable
5,000,000
Cash
2,500,000
Current income tax payable
589,660
Intangible assets
2,654,700
Investment in associate
1,890,600
Investment in equity securities
3,650,400
Investment property
1,968,740
Long-term notes payable
2,000,000
Merchandise inventory
2,789,000
Office supplies
400,000
Other noncurrent assets
600,000
Other noncurrent liabilities
750,000
Owner's Equity
18,211,250
Prepayments and other current assets
385,000
Property, plant, and equipment
9,856,250
Short-term notes payable
320,000
Accounts payables
1,562,890
Account receivables
1,865,000
Maymay Company trial balance has the following
selected accounts:
Cash (includes P100,000 in bond sinking
500,000
fund for long term bond payable)
Accounts receivable
200,000
Allowance of uncollectible accounts
50,000
Deposits received from customers
30,000
Merchandise inventory
70,000
Unearned rent
10,000
Investment at fair value to profit or loss
20,000
What amount should Mumay Company report as total
current assets in its statement of financial position?
O 740,000
640,000
720,000
O 670,000
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…
Chapter 6 Solutions
Intermediate Accounting
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Ch. 6 - Prob. 6.11QCh. 6 - Prob. 6.12QCh. 6 - What are the two formatting options for reporting...Ch. 6 - What is financial statement articulation?Ch. 6 - How is net income closed? Is the closing entry the...Ch. 6 - Why are the notes to the financial statements an...Ch. 6 - Prob. 6.17QCh. 6 - What is a subsequent event?Ch. 6 - What is a subsequent event under IFRS?Ch. 6 - How do firms report a material subsequent event on...Ch. 6 - Prob. 6.21QCh. 6 - Over what period must management assess the...Ch. 6 - Prob. 6.23QCh. 6 - Prob. 6.24QCh. 6 - Prob. 6.25QCh. 6 - Prob. 6.26QCh. 6 - Prob. 6.27QCh. 6 - Prob. 6.28QCh. 6 - Prob. 6.29QCh. 6 - Prob. 6.30QCh. 6 - Prob. 6.31QCh. 6 - Who is responsible for designing and implementing...Ch. 6 - Prob. 6.33QCh. 6 - What are the two key measures of liquidity?...Ch. 6 - What does the debt-to-equity ratio measure for a...Ch. 6 - What does a high current ratio indicate about a...Ch. 6 - Is it useful to compare working capital among...Ch. 6 - Sykes Corporations comparative balance sheets at...Ch. 6 - During Year 1, Brianna Company had the following...Ch. 6 - Which of the following items would not be included...Ch. 6 - Kong Co. purchased a three-month U.S. Treasury...Ch. 6 - Prob. 6.5MCCh. 6 - Prob. 6.6MCCh. 6 - In its year-end income statement, Black Knights...Ch. 6 - On is current year income statement, Vegas...Ch. 6 - Advantages of the Statement of Financial Position....Ch. 6 - Prob. 6.2BECh. 6 - Prob. 6.3BECh. 6 - Account Classification: Current and Noncurrent...Ch. 6 - Classified Balance Sheet. Armstrong Associates...Ch. 6 - Classified Balance Sheet, Report Format. Martell...Ch. 6 - Classified Balance Sheet, Account Format. Using...Ch. 6 - Classified Balance Sheet. Report Format.Bowe...Ch. 6 - Classified Balance Sheet, Account Format. Using...Ch. 6 - Classification as Operating. Investing, or...Ch. 6 - Prob. 6.11BECh. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating. Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Classification as Operating, Investing, or...Ch. 6 - Prob. 6.18BECh. 6 - Statement of Cash Flows, Indirect Method. Identity...Ch. 6 - Financial Statement Articulation. Complete the...Ch. 6 - Prob. 6.21BECh. 6 - Prob. 6.22BECh. 6 - Prob. 6.23BECh. 6 - Prob. 6.24BECh. 6 - Statement of Cash Flows, Indirect Method. Tennis...Ch. 6 - Statement of Cash Flows, Direct Method. Use the...Ch. 6 - Prob. 6.27BECh. 6 - Ratio Analyses. Green Grasshopper Incorporated is...Ch. 6 - Classification of Assets and Liabilities. Darin...Ch. 6 - Prob. 6.2ECh. 6 - Prob. 6.3ECh. 6 - Prob. 6.4ECh. 6 - Prepare Balance Sheet. Blackburn Building Products...Ch. 6 - Prepare Balance Sheet. Lake Company provided the...Ch. 6 - Statement of Cash Flows, Indirect Method. Tulsa...Ch. 6 - Prob. 6.8ECh. 6 - Prob. 6.9ECh. 6 - Prob. 6.10ECh. 6 - Prob. 6.11ECh. 6 - Financial Statement Articulation. Use the...Ch. 6 - Prob. 6.13ECh. 6 - Prob. 6.14ECh. 6 - Prob. 6.15ECh. 6 - Prob. 6.16ECh. 6 - Prob. 6.17ECh. 6 - Prob. 6.18ECh. 6 - Prepare Balance Sheet. Larkin Corporation provided...Ch. 6 - Prob. 6.2PCh. 6 - Prepare Balance Sheet. Jennings Incorporated...Ch. 6 - Prepare Stockholders Equity Section of Balance...Ch. 6 - Prepare Stockholders Equity Section of Balance...Ch. 6 - Prepare Classified Balance Sheet.Centre Company...Ch. 6 - Prepare a classified balance sheet at December 31...Ch. 6 - Prob. 6.8PCh. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Direct Method. Prepare...Ch. 6 - Statement of Cash Flows, Indirect Method. Prepare...Ch. 6 - Prob. 6.13PCh. 6 - Statement of Cash Flows, Operating Activities...Ch. 6 - Statement of Cash Flows, Direct Method. Prepare...Ch. 6 - Prob. 6.16PCh. 6 - Prob. 1JCCh. 6 - Prob. 1FSCCh. 6 - Prob. 1SSCCh. 6 - Surfing the Standards Case 2: True and Fair...Ch. 6 - Basis for Conclusions Cases Basis for Conclusions...Ch. 6 - Prob. 2BCC
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