A311Chapter 5 Problems
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A311Chapter 5 Problems

Course: ACCT 311, Fall 2011

School: Indiana

Word Count: 4441

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E5-2 (Classification of Statement of Financial Position Accounts) Presented below are the captions of Nikos Company's balance sheet. (a) Non-current assets. (c) Equity. (1) (2) Investments. Non-current liabilities. Current liabilities. (d) Property, plant, (e) and equipment. Intangible assets. Other assets. (3) (4) (b) Current assets. Indicate by letter where each of the following items would be classified....

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of E5-2 (Classification Statement of Financial Position Accounts) Presented below are the captions of Nikos Company's balance sheet. (a) Non-current assets. (c) Equity. (1) (2) Investments. Non-current liabilities. Current liabilities. (d) Property, plant, (e) and equipment. Intangible assets. Other assets. (3) (4) (b) Current assets. Indicate by letter where each of the following items would be classified. 1. Share capital-preference. c 2. Goodwill. a3 3. Wages payable. e 4. Trade accounts payable. e 5. Buildings. a2 6. Trading securities. b 7. Current portion of long-term debt. e 8. Patent. a3 9. Allowance for doubtful accounts. b 10. Accounts receivable. b 11. Accumulated other comprehensive income. c 12. Notes payable (due next year). e 13. Office supplies. b 14. Share capital-ordinary. c 15. Land. a2 16. Bond sinking fund. a1 17. Merchandise inventory. b 18. Prepaid insurance. b 19. Bonds payable. d 20. Taxes payable. e ***************************************************************************** ******** E5-4 (Preparation of a Classified Statement of Financial Position) Assume that Gulistan Inc. has the following accounts at the end of the current year. 1. Share Capital-Ordinary. 14. Accumulated DepreciationBuildings. 2. Long-Term Note Payable. 15. Cash Restricted for Plant Expansion. 3. Treasury Stock (at cost). 16. Land Held for Future Plant Site. 4. Note Payable, short-term. 17. Allowance for Doubtful Accounts- 5. Raw Materials. 6. 18. Retained Earnings. 7. Long-Term Investment in Preference Shares. Unearned Rent Revenue. 8. Work in Process. 20. Unearned Subscriptions Revenue. 9. Copyrights. 21. ReceivablesOfficers (due in one year). Accounts Receivable. 19. Share Premium-Ordinary. 10. Buildings. 22. Finished Goods. 11. Notes Receivable (short-term). 23. Accounts Receivable. 12. Cash. 24. Bonds Payable (due in 4 years). 13. Accrued Salaries Payable. Prepare a classified statement of financial position in good form. (No monetary amounts are necessary. List current assets in reverse order of liquidity and current liabilities in alphabetical order, with notes first.) GULISTAN INC. Statement of Financial Position December 31 Assets Non-current assets Long-term investments Long-term investment in preference shares $XXX Land held for future plant site XXX Cash restricted for plant expansion XXX Total long-term investments $XXX Property, plant, and equipment Buildings Less: Accumulated depreciation-buildings XXX XXX XXX Intangible assets Copyrights XXX ***************************************************************************** ******** E5-5 (Preparation of a Corrected Statement of Financial Position) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. BRUNO COMPANY Statement of Financial Position December 31, 2010 Current assets Cash $260,000 Accounts receivable (net) 340,000 Inventories at lower-of-average-cost-or-net realizable value 401,000 Trading securities-at cost (fair value $120,000) 140,000 Property, plant, and equipment Building (net) 570,000 Office equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 Other identifiable assets 90,000 Prepaid expenses 12,000 Current liabilities Accounts payable 135,000 Notes payable (due next year) 125,000 Pension obligation 82,000 Rent payable 49,000 Premium on bonds payable 53,000 Non-current liabilities Bonds payable 500,000 Equity Share capital-ordinary, $1.00 par, authorized 400,000 shares, issued 290,000 Share premium-ordinary Retained earnings 290,000 180,000 ? Prepare a revised statement of financial position given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a non-current liability. (List current assets in reverse order of liquidity. List ***************************************************************************** ******** E5-6 (Corrections of a Statement of Financial Position) The bookkeeper for Garfield Company has prepared the following statement of financial position as of July 31, 2010. GARFIELD COMPANY Statement of Financial Position As of July 31, 2010 Equipment (net) $84,000 Equity $155,500 Patents 21,000 Non-current liabilities 75,000 Inventories 60,000 Notes and accounts payable 44,000 Accounts receivable (net) 40,500 Cash 69,000 $274,500 $274,500 The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and $12,000 in a bond sinking fund. 2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivabledebit balances $52,000; (b) accounts receivablecredit balances $8,000; (c) allowance for doubtful accounts $3,500. 3. Merchandise inventory costing $5,300 was shipped out on consignment on July 31, 2010. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,300 were recognized on these consigned goods. 4. Equipment had a cost of $112,000 and an accumulated depreciation balance of $28,000. 5. Taxes payable of $9,000 were accrued on July 31. Garfield Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the taxes payable amount. Prepare a corrected classified balance sheet as of July 31, 2010, from the available information, adjusting the account balances using the additional information. (List current liabilities from largest to smallest amounts, e.g. 10, 5, 3. Enter all amounts as positive amounts and subtract where necessary.) GARFIELD COMPANY Statement of Financial Position July 31, 2010 Assets Non-current assets Long-term investments Bond sinking fund $12,000 Property, plant, and equipment Equipment Less: Acc. dep.-Equipment 112,000 28,000 84,000 E5-6 GARFIELD COMPANY Statement of Financial Position July 31, 2010 Assets Non-current assets Long-term investments Bond sinking fund $12,000 Property, plant, and equipment Equipment $112,000 28,000 Less: Acc. dep.-Equipment 84,000 Intangible assets 21,000 Patents Total on-current assets $117,000 Current assets Inventories *65,300 Accounts receivable Less: Allowance for doubtful accounts Cash **46,700 3,500 43,200 ***66,000 Total current assets 174,500 Total assets $291,500 Equity and Liabilities $155,500 Equity Non-current liabilities $75,000 Current liabilities Notes and accounts payable Taxes payable Total current liabilities ****$52,000 9,000 61,000 ***************************************************************************** ******** E5-7 (Current Assets Section of the Statement of Financial Position) Presented below are selected accounts of Aramis Company at December 31, 2010. Finished goods 52,000 Cost of goods sold Revenue received in advance Equipment 90,000 253,000 Notes receivable 2,100,000 40,000 Accounts receivable 161,000 187,000 Work-in-process 34,000 Raw materials Cash 42,000 60,000 Trading securities 31,000 Customer advances Cash restricted for plant expansion 36,000 Supplies expense Allowance for doubtful accounts Licenses 50,000 Share premium-ordinary 88,000 Treasury shares 22,000 12,000 18,000 The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is 50,600. 3. The trading securities have a fair value of 29,000. 4. The notes receivable are due April 30, 2012, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2010.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of 50,000 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of 14,000. 7. Treasury stock is recorded at cost. Prepare the current assets section of Aramis Company's December 31, 2010, statement of financial position, with appropriate disclosures. (List current assets in reverse order of liquidity. Enter all amounts as positive amounts and subtract where necessary.) Current assets Inventories at lower of cost (determined using FIFO) or net-realizable-value Finished goods 52,000 Work-in-process Raw materials 34,000 187,000 273,000 Accounts receivable Less: Allowance for doubtful accounts 161,000 12,000 Interest receivable 149,000 1,600 Trading securities at fair value 29,000 Cash 92,000 Less: Cash restricted for plant expansion 50,000 Total current assets 42,000 494,600 E5-7 Current assets Inventories at lower of cost (determined using FIFO) or net-realizablevalue Finished goods 52,000 Work-in-process 34,000 187,000 Raw materials Accounts receivable (of which 50,000 is pledged as collateral on a bank loan) 161,000 12,000 Less: Allowance for doubtful debts Interest receivable [(40,000 6%) 8/12] Trading securities at fair value (cost, 31,000) Cash *92,000 50,000 Less: Cash restricted for plant expansion Total current assets * An acceptable alternative is to report cash at 42,000 and simply report the cash restricted for plant expansion in the investments section. ***************************************************************************** ******** E5-8 (Current vs. Non-current Liabilities) Pascal Corporation is preparing its December 31, 2010, statement of financial position. The following items may be reported as either a current or non-current liability. 1. On December 15, 2010, Pascal declared a cash dividend of $2.00 per share to shareholders of record on December 31. The dividend is payable on January 15, 2011. Pascal has issued 1,000,000 ordinary shares of which 50,000 shares are held in treasury. 2. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 8% interest every September 30 and mature in installments of $25,000,000 every September 30, beginning September 30, 2011. 3. At December 31, 2009, customer advances were $12,000,000. During 2010, Pascal collected $30,000,000 of customer advances, and advances of $25,000,000 were earned. For each item above, indicate the dollar amounts to be reported as a current liability and as a non-current liability. (If the items does not have a current or non-current amount put 0 in the box. All boxes must be filled to be correct .) Current Non-current liability 1. Dividends payable $1,900,000 0 2. Bonds payable $25,000,000 75,000,000 Interest payable $2,000,000 0 3. Customer advances $17,000,000 0 E5-8 1. Dividends payable of $1,900,000 will be reported as a current liability [(1,000,000 50,000) $2.00]. 2. Bonds payable of $25,000,000 and interest payable of $2,000,000 ($100,000,000 8% 3/12) will be reported as a current liability. Bonds payable of $75,000,000 will be reported as a non-current liability. 3. Customer advances of $17,000,000 will be reported as a current liability ($12,000,000 + $30,000,000 - $25,000,000). ***************************************************************************** ******** E5-9 (Current Assets and Current Liabilities) The current assets and liabilities sections of the statement of financial position of Agincourt Company appear as follows. AGINCOURT COMPANY Statement of Financial Position (Partial) December 31, 2010 Inventories $171,000 Notes payable $67,000 61,000 Accounts receivable $89,000 Accounts payable Less: Allowance for doubtful $128,000 7,000 82,000 accounts Prepaid expenses 9,000 40,000 Cash $302,000 The following errors in the corporation's accounting have been discovered: 1. January 2011 cash disbursements entered as of December 2010 included payments of accounts payable in the amount of $35,000, on which a cash discount of 2% was taken. 2. The inventory included $27,000 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,000 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first four days in January 2011 in the amount of $30,000 were entered in the sales book as of December 31, 2010. Of these, $21,500 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2011 and entered as of December 31, 2010, totaled $35,324. Of this amount, $23,324 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. (a) Restate the current assets and liabilities sections of the statement of financial position in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) (List current assets in reverse order of liquidity and current liabilities with notes payable first. Enter all amounts as positive amounts and subtract where necessary.) AGINCOURT COMPANY Partial Statement of Financial Position As of December 31, 2010 Current assets Inventories $161,000 Accounts receivable $91,300 7,000 Less: Allowance for doubtful accounts 84,300 Prepaid expenses 9,000 30,476 Cash Total current assets $284,776 Current liabilities Notes payable $55,000 113,000 Accounts payable $168,000 Total current liabilities (b) State the net effect of your adjustments on Agincourt Company's retained earnings balance. (For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) Change increase (decrease) to retained earnings $(57,224) * Multiple correct answers are possible for this question; please rollover the answer field to see all possible answers E5-9 (a) AGINCOURT COMPANY Statement of Financial Position (Partial) As of December 31, 2010 Current assets Inventories Accounts receivable Less: Allowance for doubtful accounts Prepaid expenses Cash *161,000 **$91,300 7,000 9,000 ***$30,476 $284,776 Total current assets * Current liabilities Notes payable Accounts payable Total current liabilities Inventories Less: Inventory received on consignment Adjustment to inventory ** Accounts receivable balance Add: Accounts deducted from January collection ($23,324 98%) Deduct: Accounts receivable in January Adjusted accounts receivable *** Cash balance Add: Cash disbursement after discount ($35,000 98%) Less: Cash sales in January ($30,000 $21,500) Cash collected on account Bank loan proceeds ($35,324 - $23,324) Adjusted cash 84,300 a 55,000 $113,000 $168,000 b $171,000 10,000 $161,000 $89,000 23,800 112,800 (21,500) $91,300 $40,000 34,300 74,300 (8,500) (23,324) (12,000) $30,476 ***************************************************************************** ******** E5-11 (Statement of Financial Position Preparation) Presented below is the adjusted trial balance of Abbey Corporation at December 31, 2010. Debits Credits Cash ? Office supplies 1,200 Prepaid insurance 1,000 Equipment 48,000 Accumulated depreciation-Equipment 9,000 Trademarks 950 Accounts payable 10,000 Wages payable 500 Unearned service revenue 2,000 Bonds payable, due 2017 9,000 Share capital-ordinary 10,000 Retained earnings 20,000 Service revenue 10,000 Wages expense 9,000 Insurance expense 1,400 Rent expense 1,200 900 Interest expense ? ? Total Additional information: 1. Net loss for the year was 2,500. 2. No dividends were declared during 2010. Prepare a classified statement of financial position as of December 31, 2010. (List current assets in reverse order of liquidity. List multiple entries for current liabilities from largest to smallest amounts, e.g. 10, 5, 3. Enter all amounts as positive amounts and subtract where necessary.) ABBEY CORPORATION Statement of Financial Position December 31, 2010 Assets Property, plant, and equipment Equipment 48,000 9,000 Less: Accumulated depreciation Total property, plant, and equipment 39,000 Intangible assets Trademarks Current assets 950 E5-11 Retained earnings: (20,000 - 2,500*) *[10,000 - (9,000 + 1,400 + 1,200 + 900)] Cash [49,000 39,000 950 1,200 1,000] ***************************************************************************** ******** E5-13 (Statement of Cash FlowsClassifications) The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activityadd to net income. 2. Operating activitydeduct from net income. 3. Investing activity. 4. Financing activity. 5. Reported as significant no-cash activity in the notes to the financial statements. The transactions are as follows. (a) Issuance of ordinary shares. 4 (b) Purchase of land and building. 3 (c) Redemption of bonds. 4 (d) Sale of equipment. 3 (e) Depreciation of machinery. 1 (f) Amortization of patent. 1 (g) Issuance of bonds for plant assets. 5 (h) Payment of cash dividends. 4 (i) Exchange of furniture for office equipment. 5 (j) Purchase of treasury shares. 4 (k) Loss on sale of equipment. Increase in accounts receivable during the (l) year. (m) Decrease in accounts payable during the year. 1 2 2 ***************************************************************************** ******** E5-15 (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative statements of financial position for Yoon Corporation for the last two years at December 31 (000,000 omitted.). 2010 2009 52,000 74,000 298,000 240,000 (106,000) (89,000) Accounts receivable 180,000 185,000 Cash 157,000 78,000 Share capital-ordinary 160,000 160,000 Retained earnings 287,000 177,000 Investments Equipment Less: Accumulated depreciation Current liabilities 134,000 151,000 Additional information: Investments were sold at a loss of 7,000; no equipment was sold; cash dividends paid were 50,000 and net income was 160,000. (a) Prepare a statement of cash flows for 2010 for Yoon Corporation. (List multiple entries from the larges least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign pre YOON CORPORATION Statement of Cash Flows For the Year Ended December 31, Cash flows from operating activities Net income Adjustm ents to reconcile net income to net cash provided by operating activities: Depreciation expense Loss on sale of investments Decrease in accounts receivable Decrease in current liabilities Net cash provided by operating activities Cash flows from investing activities E5-15 Net cash provided by operating activities Less: Purchase of equipment Dividends Free cash flow 172,000 (58,000) (50,000) 64,000 ***************************************************************************** ******** E5-16 (a,b) (Preparation of a Statement of Cash Flows) A comparative statement of financial position for Orozco Corporation is presented below. December depreciation-equipment (69,000) (42,000) Inventories 180,000 189,000 Accounts 31 Assets 2010 2009 Land $71,000 $110,000 Equipment 270,000 200,000 Accumulated receivable 82,000 66,000 Cash 63,000 22,000 $597,000 $545,000 Total Equity and Liabilities Share capital-ordinary ($1 par) $214,000 $164,000 Retained earnings 199,000 134,000 Bonds payable 150,000 200,000 Accounts payable 34,000 47,000 $597,000 $545,000 Total Additional information: 1. Net income for 2010 was $105,000. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of ordinary shares. (a) Prepare a statement of cash flows for 2010 for Orozco Corporation. (List multiple entries from the larg least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign pre OROZCO CORPORATION Statement of Cash Flows For the Year Ended December 31, Cash flows from operating activities Net income Adjustm ents to reconcile net income to net cash provided by operating activities: Depreciation expense Decrease in inventory E5-16 (a,b) (a) OROZCO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation $27,000 expense Decrease in 9,000 inventory Increase in (16,000) accounts receivable Decrease in (13,000) accounts payable Net cash provided by operating activities Cash flows from investing activities Sale of land 39,000 Purchase of (70,000) equipment Net cash used by investing activities Cash flows from financing activities Payment of cash dividends Net increase in cash Cash at beginning of year Cash at end of year Noncash investing and financing activities Issued common stock to retire $50,000 of bonds outstanding Current cash debt coverage ratio = (b) = Net cash provided by operating activities Average current liabilities $112,000 $105,000 7,000 112,000 (31,000) (40,000) 41,000 22,000 $63,000 ***************************************************************************** ******** E5-18 (a,b) (Preparation of a Statement of Cash Flows, Analysis) The comparative statements of financial position of Menachem Corporation at the beginning and end of the year 2010 appear below. Assets Equipment Less: Accumulated depreciation Accounts receivable Cash Total MENACHEM CORPORATION Statement of Financial Position Dec. 31, 2010 Jan. 1, 2010 37,000 22,000 Inc./Dec. 15,000 Inc. (17,000) (11,000) 6,000 Inc. 106,000 22,000 148,000 88,000 13,000 112,000 18,000 Inc. 9,000 Inc. Equity and Liabilities Share capital100,000 80,000 20,000 Inc. ordinary Retained earnings 28,000 17,000 11,000 Inc. Accounts payable 20,000 15,000 5,000 Inc. 148,000 112,000 Total Net income of 34,000 was reported, and dividends of 23,000 were paid in 2010. New equipment was purchased and none was sold. (a) Prepare a statement of cash flows for the year 2010. (List multiple entries from the largest positive to t negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign precedin MENACHEM CORPORATION Statement of Cash Flows For the Year Ended December 31, 20 Cash flows from operating activities Net income Adjustment to reconcile net income to net cash provided by operating activities: Depreciation Increase in accounts payable Increase in accounts receivable Net cash provided by operating activities Cash flows from investing activities Purchase of equipment E5-18 (a,b) Dec, 31, 2010 (b) Current ratio Jan, 1, 2010 128,000 20,000 = 6.40 Free Cash Flow Analysis Net cash provided by operating activities Purchase equipment Pay dividends ***************************************************************************** ******** E5-1 Correct. (Statement of Financial Position Classifications) Presented below are a number of balance sheet accounts of Cunningham, Inc. For each of the accounts below, indicate the proper balance sheet classification. (a) Investment in Preference Shares (readily marketable and held for sale) Current asset (b) Treasury Shares Equity (c) Share Capital-Ordinary Equity (d) Cash Dividends Payable Current liability Property, plant, and equipment Property, plant, and equipment (e) Accumulated Depreciation (f) Warehouse in Process of Construction (for use by this company) (g) Petty Cash Current asset (h) Accrued Interest on Notes Payable (i) Deficit Current liability Retained earnings (j) Trading Securities Current asset (k) Income Taxes Payable Current liability (l) Unearned Subscription Revenue Current liability (m) Work in Process Current asset (n) Accrued Vacation Pay Click here if you would like to Show Work for this question Current liability ***************************************************************************** ******** E5-3 Correct. (Classification of Statement of Financial Position Accounts) Assume that Masters Enterprises uses the following headings on its balance sheet. (a) Investments. (g) Current liabilities. Property, plant, and (b) (h) Share capital equipment. (c) Intangible assets. (i) Share premium (d) Other assets. (j) Retained earnings. (e) Current assets. (k) Accumulated other comprehensive income. (f) Non-current liabilities. Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "n" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "x." 1. Unexpired insurance. e 2. Share owned in associated companies. a 3. Unearned subscriptions revenue. g 4. Advances to suppliers. e 5. Unearned rent revenue. g 6. Share capital-preference h 7. Share premium-preference i 8. Copyrights. c 9. Petty cash fund. e 10. Sales tax payable. g 11. Interest on notes receivable. e 12. Twenty-year issue of bonds payable that will mature within the next year. (No sinking fund exists, and refunding is not g planned.) 13. Accounts receivable e 14. Unrealized gain on available-for-sale securities. k 15. Interest on bonds payable. g 16. Salaries that company budget shows will be paid to x employees within the next year. 17. Accumulated depreciation. b ***************************************************************************** ******** E5-10 Correct. (Current Liabilities) Mary Pierce is the controller of Arnold Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year. (a) Bonuses to key employees based on net income for 2010 are estimated to be $150,000. (b) On December 1, 2010, the company borrowed $900,000 at 8% per year. Interest is paid quarterly. (Note is due in 2015.) (c) Credit sales for the year amounted to $10,000,000. Arnold's expense provision for doubtful accounts is estimated to be 2% of credit sales. (d) On December 15, 2010, the company declared a $2.00 per share dividend on the 40,000 ordinary shares outstanding, to be paid on January 5, 2011. (e) During the year, customer advances of $160,000 were received; $50,000 of this amount was earned by December 31, 2010. For each item above, indicate the dollar amount to be reported as a current liability. (If a liability is not reported, enter 0.) (a) $ 150000 (b) $ 6000 (c) $0 (d) $ 80000 (e) $ 110000 E5-10 (a) A current liability of $150,000 should be recorded. (b) A current liability for accrued interest of $6,000 ($900,000 8% 1/12) should be reported. Also, the $900,000 note payable should be a current liability if payable in one year. Otherwise, the $900,000 note payable would be a long-term liability. (c) Although bad debts expense of $200,000 should be debited and the allowance or doubtful accounts credited for $200,000, this does not result in a liability. The allowance for doubtful accounts is a valuation account (contra asset) and is deducted from accounts receivable on the balance sheet. (d) A current liability of $80,000 should be reported. The liability is recorded on the date of declaration. (e) Customer advances of $110,000 ($160,000 - $50,000) will be reported as a current liability. ***************************************************************************** ******** E5-12 Correct. (Preparation of a Statement of Financial Position) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010. Debit Credits Cash $197,000 Sales $7,900,000 Trading securities (at cost, $145,000) 153,000 Cost of goods sold 4,800,000 Long-term investments in bonds 299,000 Long-term investments in share capital277,000 ordinary Short-term notes payable 90,000 Accounts payable Selling expenses Investment revenue Land Buildings Dividends payable Accrued liabilities Accounts receivable Accumulated depreciation-Buildings Allowance for doubtful accounts Administrative expenses Interest expense Inventories Provision for pensions (long-term) Long-term notes payable Equipment Bonds payable Accumulated depreciation-Equipment Franchise Share capital-ordinary ($5 par) Treasury shares Patent Retained earnings Accumulated other comprehensive income 455,000 2,000,000 63,000 260,000 1,040,000 136,000 96,000 435,000 352,000 25,000 900,000 211,000 597,000 80,000 900,000 600,000 1,000,000 60,000 160,000 1,000,000 191,000 195,000 78,000 80,000 $12,315,000 $12,315,000 Prepare a statement of financial position at December 31, 2010, for Vivaldi Corporation. Ignore income taxes. (List liabilities, long-term investments, and intangible assets from largest to smallest amount, e.g. 10, 5, 3. List current assets in reverse order of liquidity. Enter all amounts as positive amounts and subtract where necessary.) VIVALDI CORPORATION Statement of Financial Position December 31, 2010 Assets Non-current assets Long-term investments Investment in bonds $ 299000 Investments in capital shares 277000 Total long-term investments $ 576000 Property, plant, and equipment Land Buildings Less: Accumulated depreciationbuildings Equipment 260000 $ 1040000 352000 600000 688000 Less: Accumulated depreciationequipment Total property, plant, and equipment 60000 1488000 Intangible assets Patent Franchise Total non-current assets Current assets Inventories Accounts receivable Less: Allowance for doubtful accounts Trading securities Cash Total current assets 540000 195000 160000 597000 435000 25000 410000 153000 197000 1357000 $ 3776000 Total assets Equity and Liabilities Equity Share capital-ordinary Retained earnings Accumulated other comprehensive income Less: Treasury shares Total equity Non-current liabilities Bonds payable Long-term notes payable Provision for pensions Total non-current liabilities Current liabilities Accounts payable Dividends payable Accrued liabilities Short-term notes payable Total current liabilities Total liabilities Total equity and liabilities 355000 2419000 $ 1000000 130000 80000 191000 $ 1019000 $ 1000000 900000 80000 1980000 455000 136000 96000 90000 777000 2757000 $ 3776000 Click here if you would like to Show Work for this question ***************************************************************************** ******** E5-14 Correct. (Preparation of a Statement of Cash Flows) The comparative statements of financial position of Connecticut Inc. at the beginning and the end of the year 2010 appear below. Assets Equipment Less: Accumulated depreciation Accounts receivable Cash Total CONNECTICUT INC. Statements of Financial Position Dec. 31, 2010 Jan. 1, 2010 $39,000 $22,000 Inc./Dec. $17,000 Inc. (17,000) (11,000) 6,000 Inc. 91,000 45,000 $158,000 88,000 13,000 $112,000 3,000 Inc. 32,000 Inc. Equity and Liabilities Share capital-ordinary $100,000 $80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. 20,000 15,000 Accounts payable 5,000 Inc. $158,000 $112,000 Total Net income of $34,000 was reported, and dividends of $13,000 were paid in 2010. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2010. (List multiple entries from the largest positive to the smallest positive amount followed by the most negative to the least negative amount, e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).) CONNECTICUT INC. Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income $ 34000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $ 6000 Increase in accounts payable 5000 -3000 8000 Increase in accounts receivable Net cash provided by operating activities 42000 Cash flows from investing activities Purchase of equipment -17000 Cash flows from financing activities Issuance of common stock 20000 -13000 Payment of cash dividends 7000 Net cash provided by financing activities Net increase in cash 32000 13000 Cash at beginning of year $ 45000 Cash at end of year ***************************************************************************** * E5-17 Correct. (Preparation of a Statement of Cash Flows and a Statement of Financial Position) Chekov Corporation's statement of financial position at the end of 2009 included the following items. Land $ 30,000 Bonds payable $100,000 Building 120,000 Current liabilities 150,000 Equipment 90,000 Share captial-ordinary 180,000 44,000 Accum. depr.-building (30,000) Retained earnings $474,000 Accum. depr.-equipment (11,000) Total Patents 40,000 235,000 Current assets $474,000 Total The following information is available for 2010. 1. Net income was $55,000. 2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $9,000. 3. Depreciation expense was $4,000 on the building and $9,000 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000. 6. An addition to the building was completed at a cost of $27,000. 7. A long-term investment in debt securites was purchased for $16,000. 8. Bonds payable of $50,000 were issued. 9. Cash dividends of $25,000 were declared and paid. 10. Treasury shares was purchased at a cost of $11,000. (a) Prepare a statement of cash flows for 2010. (List multiple entries from the largest positive to the small e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign preceding the number, e.g CHEKOV CORPORATION Statement of Cash Flows For the Year Ended December 31, Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Increase in current liabilities Loss on sale of equipment Patent amortization Increase in current assets Net cash provided by operating activities Cash flows from investing activities Sale of equipment Addition to building Investment in debt securities Net cash used by investing activities Cash flows from financing activities Issuance of bonds Payment of dividends Purchase of treasury shares Net cash provided by financing activities Net increase in cash (b) Prepare a balance sheet at December 31, 2010.(Enter all amounts as positive amounts and subtract where necessary.) CHEKOV CORPORATION Statement of Financial Position December 31, 2010 Assets Non-current assets Long-term investments Long-term investments $ 16000 Property, plant, and equipment Land Building Less: Accum. depr.-building Equipment Less: Accum. depr.-equipment Total property, plant, and equipment $ 30000 $ 147000 34000 70000 12000 113000 58000 201000 Intangible assets Patents Total non-current assets 37500 254500 Current assets 301500 $ 556000 Total assets Equity and Liabilities Equity Share capital-ordinary Retained earnings Treasury shares Total shareholders' equity Non-current liabilities Bonds payable Current liabilities Total liabilities $ 180000 74000 11000 $ 243000 150000 163000 Total equity and liabilities Click here if you would like to Show Work for this question 313000 $ 556000 E5-17 (a) CHEKOV CORPORATION Statement of Cash Flows For the Year Ended December 31, 2010 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense $13,000 Increase in current liabilities 13,000 Loss on sale of equipment *3,000 Patent amortization 2,500 (25,000) Increase in current assets (other than cash) Net cash provided by operating activities $55,000 6,500 61,500 Cash flows from investing activities Sale of equipment Addition to building Investment in debt securities Net cash used by investing activities 9,000 (27,000) (16,000) (34,000) Cash flows from financing activities Issuance of bonds 50,000 Payment of dividends (25,000) (11,000) Purchase of Treasury shares 14,000 Net cash provided by financing activities a $41,500 Net increase in cash * [$9,000 - ($20,000 - $8,000)] a An additional proof to arrive at the increase in cash is provided as follows: Total current assets-end of period $301,500 [from part (b)] (235,000) Total current assets-beginning of period Increase in current assets during the period 66,500 (25,000) Increase in current assets other than cash $41,500 Increase in cash during year (b) CHEKOV CORPORATION Statement of Financial Position December 31, 2010 Assets Non-current assets Long-term investments Property, Plant, and equipment Land $30,000 Building ($120,000 + $27,000) $147,000 34,000 Less: Accum. depr. ($30,000 + $4,000) 113,000 Equipment ($90,000 - $20,000) 70,000 12,000 58,000 Less: Accum. depr. ($11,000 - $8,000 + $9,000) Total property, plant, and equipment Intangible assetsPatents ($40,000 - $2,500) Total non-current assets Current assets Total assets Equity and Liabilities Equity Share capital-ordinary Retained earnings ($44,000 + $55,000 - $25,000) $180,000 74,000 $16,000 201,000 254,500 301,500 $556,000 b Less: Treasury shares Total shareholders' equity 11,000 $243,000 Non-current liabilities Bonds payable ($100,000 + $50,000) 150,000 Current liabilities($150,000 + $13,000) 163,000 Total liabilities 313,000 $556,000 Total equity and liabilities b The amount determined for current assets could be computed last and then is a plug figure. That is, total liabilities and stockholders' equity is computed because information is available to determine this amount. Because the total assets amount is the same as total liabilities and stockholders' equity amount, the amount of total assets is determined. Information is available to compute all the asset amounts except current assets and therefore current assets can be determined by deducting the total of all the other asset balances from the total asset balance (e.g., $556,000 - $37,500 - $201,000 - $16,000). Another way to compute this amount, given the information, is that beginning current assets plus the $25,000 increase in current assets other than cash plus the $41,500 increase in cash equals $301,500. ***************************************************************************** ********

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Indiana - ACCT - 311
E6-4(Computation of Future Values and Present Values)Using the appropriate interest table, answer the following questions. (Each case is independent ofthe others). (Round the results of computations to 2 decimal places, e.g. 12,250.25 and use theround
Indiana - ACCT - 311
CHAPTER 7E71Youransweriscorrect.(DeterminingCashBalance)ThecontrollerforWeinsteinCo.isattemptingtodeterminetheamountofcashandcashequivalentstobereportedonits December31,2010,statementoffinancialposition.Thefollowinginformationisprovided.1.Commercia
Indiana - ACCT - 311
E81(InventoriableCosts)Presentedbelowisalistofitemsthatmayormaynotbereportedasinventoryinacompany'sDecember31statementof financialposition.Indicatewhichoftheseitemswouldtypicallybereportedasinventoryinthefinancialstatements.Ifanitemshouldnotbe report
Indiana - ACCT - 311
E10-2(Acquisition Costs of Realty)Pollachek Co. purchased land as a factory site for $450,000. The process of tearing down two old buildings onthe site and constructing the factory required 6 months. The company paid $42,000 to raze the old buildings a
Indiana - ACCT - 311
E11-1(Depreciation ComputationsSL, SYD, DDB)Lansbury Company purchases equipment on January 1, Year 1, at a cost of $518,000. The asset is expected tohave a service life of 12 years and a residual value of $50,000.Compute the amount of depreciation fo
Indiana - ACCT - 311
E12-1Classification Issues-IntangiblesPresented below is a list of items that could be included in the intangible assets section of the statement offinancial position.(a) Indicate which items on the list below would generally be reported as intangible
Indiana - ACCT - 335
Chapter 2Fund AccountingQuestions for Review and Discussion1.In governmental accounting, a fund is a fiscal and accounting entity with a selfbalancing set of accounts used to account for an organizations resources and claimsagainst those resources. I
Indiana - ACCT - 335
Chapter 3Issues of Budgeting and ControlQuestions for Review and Discussion1. Capital budgets are closely tied to operating budgets in that governments and othernot-for-profits must include current year capital expenditures in their operatingbudgets.
Indiana - ACCT - 335
Chapter 4Recognizing Revenue in Governmental FundsQuestions for Review and Discussion1. Basis of accounting refers to when transactions and events are recognized.Measurement focus refers to what is being reported upon that is, which assetsand liabili
Indiana - ACCT - 335
Chapter 7Long-Lived Assets and Investments in Marketable SecuritiesQuestions for Review and Discussion1. Capital assets are nonfinancial resources. They are excluded from governmentalfunds because the measurement focus of governmental funds is upon fi
Indiana - ACCT - 335
Solutions to E6-4 E7-4 and E7-5EX 6-41.Journal entries(a)Estimated bond proceedsEstimated grant revenuesEstimated transfer from general fundAppropriationsconstruction costsAppropriationsbond issue costsTo record the budget$6,000,0002,500,0005
Indiana - ECON - 103
ECON 103Extra Homework 2 - SolutionsI. Multiple choice questions.1. Mallory decides to spend three hours working overtime rather than watching a video withher friends. She earns $8 an hour. Her opportunity cost of working isa. the $24 she earns worki
Indiana - ECON - 103
Econ 103, Homework 1- Solutions1. Suppose a country produces two goods: corn (measured in bushels) and trucks. Thetable below shows the output of each good that is possible for this country.PointABCDETrucks010203040Corn706045250Draw
Indiana - ECON - 103
ECO 103 Homework 2 Solutions1. Briefly explain whether each of the following would cause a movement along the demandcurve for Mc Donalds Big Mac hamburgers or a shift of the demand curve:a. the price of Burger Kings Whopper declines Shift of the demand
Indiana - ECON - 103
ECO 103, Homework 3 Solutions1. Suppose that business travelers and vacationers have the following demand for airline ticketsfrom New York to Boston:Price(dollars)150200250300Quantity DemandedBusiness Travelers2,1002,0001,9001,800Quantity D
Indiana - ECON - 103
Econ 103, Homework 4_Solutions1. Chapter 6, Problem 3, page 132a.The equilibrium price of Frisbees is $8 and the equilibrium quantity is six million Frisbees.b. With a price floor of $10, the new market price is $10 because the price floor is binding.
Indiana - ECON - 103
Econ 103, Homework 4-extra problems Solutions1. Chapter 6, Problem 5, page 132Reducing the payroll tax paid by firms and using part of the extra revenue to reduce the payrolltax paid by workers would not make workers better off, because the division of
Indiana - ECON - 103
Econ 103, Homework 51. Chapter 8, problem 1, page 1731.a.Figure below illustrates the market for pizza. The equilibrium price is P1, the equilibriumquantity is Q1, consumer surplus is area A + B + C, and producer surplus is area D + E + F. There is n
Indiana - ECON - 103
Econ 103, Homework 5_Extra Credit_Solutions331. Chapter 8, problem 3, page 173a.With very elastic supply and very inelastic demand, the burden of the tax on rubber bands will be bornelargely by buyers. As Figure 1 shows, consumer surplus declines cons
Indiana - ECON - 103
ECON 103Practice problems for the 1st midterm exam - SOLUTIONS1. A circular-flow diagram is a model thata. helps to explain how participants in the economy interact with one another.b. helps to explain how the economy is organized.c. incorporates all
Ohio - ANTH - 101
Answers to Ch12 RQ1. nodes of Ranvier4. brain; spinal cord7. True10.True13. E16. E19. E22. B25. B28. A2. synapse5. amino acid8. True11. True14. D17. A20. C23. E26. B29. E3. all-or-none6. False9. False12. True15. B18. C21. C24.
University of Phoenix - BUS - 475
Conceptualizing A BusinessRunning Head: CONCEPTUALIZING A BUSINESSStrategic Plan, Part 1: Conceptualizing a BusinessRebecca LanhamUniversity of Phoenix1Conceptualizing A Business2Strategic plan, part 1: Conceptualizing a BusinessAlmost everyone h
University of Phoenix - BUS - 475
FinalStrategicPlanUniversityofPhoenixBUS/475RebeccaLanhamAugust7,20111ConceptualizingaBusinessVisionStatementMissionStatementProductsGuidingPrinciples2Sweet Creations VisionThe best way to satisfy the customersneed is to provide the best Swe
University of Phoenix - BUS - 475
1Communications TemplateCommunications TemplateCharles Burt, Lou Gamache, Rebecca Lanham, Julie Lee, Megan EngelkingUniversity of PhoenixBUS/475July 30, 2011Phyllis Koch2Communications TemplateStakeholdersCommunication MethodMessage about comp
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What is a SWOTT analysis?What is its purpose in strategic planning?Do you believe that you must conduct a SWOTT analysis in order to have an effective strategicplan?Please support your conclusions by giving us examples from your work, personalexperie
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1Strategic Plan, Part III: Balanced ScorecardRebecca LanhamBUS 475- Integrated Business TopicsAugust 1, 2011Phyllis Koch2Balance scorecard is essential for developing a healthy business growing place. This is avital key for defining the goals and
University of Phoenix - BUS - 475
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University of Phoenix - BUS - 475
Running head: STRATEGIC PLAN, SWOTT PART II1Strategic Plan, SWOTT Part IIRebecca LanhamBUS 475July 25, 2011Phyllis KochSTRATEGIC PLAN, SWOTT PART II2Strategic Plan, SWOTT Part IIThose interested in the sweeter things in life Sweet Creations is t
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Week 3 DQsWhat are strategic objectives? What is the purpose of strategic objectives? What makes aneffective strategic objective? What are examples of strategic objectives for either yourorganization or one with which you are familiar? (Please remember
University of Phoenix - BUS - 475
Week 4 DQ #1 BUS 475Write 2 goals and then 5 SMART objectives to support these goals. Tell us whether yourobjectives are process, impact, or outcome objectives. Try to have at least one of each, ifpossible. Discuss how your objectives support your goal
University of Phoenix - BUS - 475
Week 4 DQ #2 BUS 475What is out-sourcing?Outsourcing is when your company contracts out with a company that is not in yourlocations. For example if my company makes stuff her and Arizona and I give jobs tosomeone else where this is considered outsourc
University of Phoenix - MGT - 498
Strategic planning is done by organizations using the SWOT analysis. A SWOT analysisis done internally by management to draw up course of action to protect their strengths capitalizeon opportunities, intimidate their threats, and develop actions for the
University of Phoenix - MGT - 498
Metrics like GE matrix, Mckinsey matrix, and BCG matrix plays an important and critical rolewhile keeping a track to the progress of implementation of strategy (QuickMBA Strategic Management,1999-2010). These matrices provide us information regarding th
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University of Phoenix - MGT - 498
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University of Phoenix - MGT - 498
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University of Phoenix - MGT - 498
Guidelines for the verification of strategy effectivenessStrategy is a plan or action that is design to achieve the goal of the organization. Strategy islike a road map that guide to execute the operations as according to the plan. It is important toch
University of Phoenix - MGT - 498
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University of Phoenix - MGT - 498
StrategicPlanforRiodanBeckyLanham,MistyWhitt,MattMcDonald,andRebecca6/25/12Spillman16/25/1226/25/1236/25/124GuidelinesfortheverificationofstrategyeffectivenessGoalsandobjectivesPerformanceCostandBudgeTimeDeadlines6/25/125ImplementingBu
University of Phoenix - MGT - 498
DQ #1 Week 3The difference between horizontal growth and vertical growth is that vertical growth involvesexpansion in the same domain whereas horizontal growth involves forward and backwardintegration. Unilever focuses on vertical growth and Wal-Mart c
UCSI - ICDM - 3073
UCSI - ICDM - 3073
University of Phoenix - MGT - 245
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APU Japan - THEOLOGY - 101
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International Islamic University - SOC - 103
The geography of Pakistan is a profound blend of landscapes varying from plains to deserts,forests, hills, and plateaus ranging from the coastal areas of the Arabian Sea in the south to themountains of the Karakoram range in the north. Pakistan geologic
International Islamic University - SOC - 103
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Berkeley College - ECON - 140
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École Centrale Paris - IT - 2011
MarketingPlanforAmazon.comMarketingPlanforAmazon.comExecutiveSummaryAmazon.comhasaleadingedgeintheecommerceworld.Ithasastrongcompetitiveadvantage.However,aswithmanyonlineretailers,therearecertainaspectsofconductingbusinessoverthewebthatcreatesdifficul
Ole Miss - BIO - 160
TerminologyHeridity: transmition of genetic material fromparent to offspringHapliod: one complete set of chomosomes( in gametes sperm/egg cells)Diploid: 2 complete set of chromosomes ( allbody cells [somatic cells] , germ cells)Homologous: pair of
ECPI College of Technology - PHY - 181
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Simon Fraser - CMPT - 300
CMPT 300: Final ReviewChapters 8 13Memory Management: Ch. 8, 9s Address spacesq qLogical (virtual): generated by the CPU Physical: seen by the memory units User program deals with logical addresses; never sees physicaladdressess Mapping from logic
Simon Fraser - CMPT - 300
CMPT 300: Operating SystemsTHIS REIVEW SHOULD NOT BE USED AS PREDICTORS OF THE ACTUAL QUESTIONS APPEARING ON THE FINAL EXAM.ReviewWhat Will Be in The Final Exam?Concepts & DefinitionsConditions & AssumptionsE.g., working set, agingPros & ConsE.g.,
Simon Fraser - CMPT - 300
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HKU - MATH - 1211
THE UNIVERSITY OF HONG KONGDEPARTMENT OF MATHEMATICSMATH1211 Multivariable Calculus2011-12 Second Semester: Solution to Assignment 11. Suppose that the ordinates of the point A are given by A = (t, a). Then we haveOA = (t, a)andttAP = (b sin , b
HKU - MATH - 1211
THE UNIVERSITY OF HONG KONGDEPARTMENT OF MATHEMATICSMATH1211 Multivariable Calculus2011-12 Second Semester: Assignment 1Due date: 2012 Feb. 13 (Monday), 5:00pm.*For those problems quoted from the textbook, please refer to there for the pictures anda
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Chapter 1. Matrices and Systems of EquationsMath1111Systems of Linear EquationsObjectivesConsider the following simple examples:(a) x1 + x2 = 2(b) x1 + x2 = 2x1 x2 = 2x1 + x2 = 1(c)x1 + x2 = 2 x1 x2 = 2Problems:What are the possible types of
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HKU - MATH - 1111
Chapter 1. Matrices and Systems of EquationsMatrix AlgebraRemark Inverse of a matrix is unique.Math1111Matrix InversionChapter 1. Matrices and Systems of EquationsMatrix AlgebraRemark Inverse of a matrix is unique.Math1111Matrix InversionQuestio
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