Intermediate Accounting, Student Value Edition (2nd Edition)
2nd Edition
ISBN: 9780134732145
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 6, Problem 6.7BE
Classified
BE6-6. Classified Balance Sheet, Report Format. Martell Manufacturing Incorporated provided the following list of account balances for the current year ended December 31.
| 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
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2.
journalize each of the entries to record the selected transactions of Oliver Co. (Journal has 10 entries)
balance sheet on december 31,year 1 and december 31year 2 are presented below:
assets
dec 31 year 1
dec 31 year 2
liabilites
dec 31 year 1
dec 31 year 2
cash
50 000
60 000
trade accounts payable
62 000
49 000
accounts receivable
95 000
89 000
interest payable
8 000
11 000
allowance for uncollectible accounts
(4 000)
(3 000)
bonds payables
200 000
200 000
inventory
120 000
140 000
unamortized bond discount
(15 000)
(10 000)
property plant and equipment
295 000
340 000
Equity
199 000
257 000
accumlated depreciation
(102 000)
(119 000)
total assets
454 000
507 000
total liabilities
454 000
507 000
additional information for year 2 :
cash payents to suppliers of merchandise were 180 000
sales revenue was 338 000
3 000 of accounts receivables was written off
equipment was acquired for 65 000
depreciation expense was 30 000
interest expenses was 20 000
based on the above information calculate the following :
1. the cost of goods sold year 2.
2.…
Chapter 6 Solutions
Intermediate Accounting, Student Value Edition (2nd Edition)
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