Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Textbook Question
Chapter 6, Problem 6.8BE
Classified
| Account | Debit | Credit |
| Accumulated other comprehensive loss | $ 14,900 | |
| Current portion of long-term debt | $ 45,600 | |
| Property, plant, and equipment – net | 876,500 | |
| 50,000 | ||
| Bonds payable, due in 20 years | 125,000 | |
| Accounts payable | 76,500 | |
| Additional paid in capital | 345,000 | |
| Dividends payable | 1,200 | |
| Merchandise inventory | 200,000 | |
| Income taxes payable | 32,500 | |
| Cash | 15,325 | |
| Notes payable, due in 10 years | 9,000 | |
| 400,900 | ||
| Common stock. $1 par value | —____ | 121,025 |
| Totals | $1,156,725 | $1,156,725 |
Prepare a classified balance sheet using the report format.
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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 $142,714.
Long-Term Debt
%24
Sun City Corporation's end-of-year balance sheet consisted of the following amounts:
Cash
Property, plant, and equipment
Capital stock
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$ 25,000
70,000
100,000
Ob. $200,000
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Od. $100,000
7
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What amount should Sun City report on its balance sheet for total assets?
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Chapter 6 Solutions
Intermediate Accounting
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