Documents about Assets Current Assets

  • 2 Pages

    ch 5_Solutions

    Cornell, HA 230

    Excerpt: ... M5-2) 1-Annual report 2-From 10-K 3-Earnings press release M5-3) 1)B E5-2) P5-2) 1)B 1)C 12)Q 2)C 2)F 2)L 13)K 3)D 3)A 3)D 14)B 4)B 4)E 4)H 15)E 5)A 5)C 5)N 16)P 6)C 6)D 6)J 17)O 7)A 8)I 9)M 10)F 11)R 7)D 8)B 9)A 10)B P5-3) A) Gold Jewelers Balance Sheet December 31, 2008 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Long-Term Investments Store Equipment (net) Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities Long-Term Notes Payable Total Long-Term Liabilities Total Liabilities Stockholders Equity Contributed Capital Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 42,000 51,300 110,000 800 204,100 26,000 31,400 261,500 42,000 8,000 50,000 29,000 29,000 79,000 96,000 86,500 182,500 261,500 B) The net book value of the store equipment is $31,400. This amount reflects the original amount paid for ...

  • 4 Pages

    Chapter 2 HW

    Vanderbilt, FNEC 140

    Excerpt: ... Exercise 2 - 3 Assets: January 1, 2006 Liabilities: January 1, 2006 Owners' equity: January 1, 2006 Assets: December 31, 2006 Liabilities: December 31, 2006 Owners' equity: December 31, 2006 Revenues in 2006 Expenses in 2006 $ X 360 280 80 380 320 60 80 100 Y $ 1,080 460 620 1,240 520 720 216 116 $ Z 230 80 150 310 90 220 400 330 Exercise 2 - 6 Simon Company Balance Sheet December 31, 2006 Assets Current assets : Cash Accounts receivable Supplies Total current assets Long-term assets: Land Buildings Total long-term assets Total assets Liabilities and Owners' Equity Liabilities: Accounts payable Mortgage payable Total Liabilities Owners' Equity Total Liabilities and owners' equity *Computations of Owners' Equity: Owners' Equity, January 1, 2006 Add net income for 2006 Less distribution to owners during 2006 Owners' equity, December 31, 2006 Problem 2 - 12 1. Revenues Expenses: Salaries expense Utilities expense Supplies expense Rent expense Other expenses Income before taxes Income Taxes Net income Earn ...

  • 6 Pages

    4

    McGill, MANG MGCR 352

    Excerpt: ... Kwanzu Coporation Balance Sheet As of December 31, 2007 Assets Current Assets : Cash 205,000 Accounts Recievable # Less: Allowance for Doubtful Accounts 25,000 490,000 Short-Term Investment 452,000 Inventory 687,000 Total Current Assets 1,834,000 Long Term Investments-available for sale 277,000 Land 260,000 Building # Less: Amortization-Building # 525,000 Equipment # Less: Amortization-Equipment 60,000 540,000 Total Properety, Plant & Equipment 1,602,000 Intangible Asset Total Assets Liabilities and Shareholder's Eqiuty Current Liabilities Accounts payable Short-term Notes Payable Accrued liabilities Total Current Liabilities Bonds Payable Long-term Notes Payable Total Liabilties 195,000 3,631,000 545,000 98,000 96,000 739,000 1,000,000 900,000 1,900,000 2,639,000 Shareholder's Equity Dividends Payable 136,000 Common Shares 809,000 Retained Earnings 218,000 Accumilated Other Copmrehensive Income 80,000 Total Shareholder's Equity 1,243,000 Total Liabilities and Shareholder's Equity 3,882,000 Nguye ...

  • 8 Pages

    223_Hwk_2_Solutions

    Cornell, HA 230

    Excerpt: ... . Notes receivable (+A). Cash (A). 1,000 1,000 3,000 3,000 500 100 400 100 100 200 200 d. e. M29. Beg. (a) (b) Cash 1,000 1,000 100 (c) 3,000 100 (d) 200 (e) 4,600 Notes Payable 3,000 Beg. 1,000 (a) 400 (c) 4,400 M210. Burress Inc. Balance Sheet At January 31, 2008 Assets Current assets : Cash Notes receivable Total current assets Equipment Total Assets Liabilities Current liabilities: Notes payable Total current liabilities Stockholders Equity Contributed capital Retained earnings Total stockholders equity Total Liabilities & Stockholders Equity Notes Receivable Beg. 1,000 (e) 200 1,200 Contributed Capital 5,500 Beg. 3,000 (b) 8,500 Equipment Beg. 16,300 (c) 500 16,800 Retained Earnings 9,800 Beg. (d) 100 9,700 $ 4,600 1,200 5,800 16,800 $22,600 $ 4,400 4,400 8,500 9,700 18,200 $22,600 E24. Assets a. Cash b. Cash c. Land Cash d. No ...

  • 5 Pages

    223_Hwk_5_Solutions

    Cornell, HA 230

    Excerpt: ... ly containing summary income statement and balance sheet (unaudited). Annual report filed by public companies with the SEC that contains additional detailed financial information. Quarterly report filed by public companies with the SEC that contains additional unaudited financial information. Report of special events (e.g., auditor changes, mergers) filed by public companies with the SEC. P5-2. G L D H N J A I M F (1) Retained earnings (2) Current liabilities (3) Liquidity (4) Contra-asset account (5) Accumulated depreciation (6) Intangible assets (7) Other assets (8) Shares outstanding (9) Normal operating cycle (10) Book value B Q P C E K O (11) Capital in excess of par (12) Liabilities (13) Fixed assets (14) Shareholders' equity (15) Current assets (16) Assets (17) Long-term liabilities P5-3. Req. 1 GOLD JEWELERS Balance Sheet December 31, 2008 Assets Current Assets Cash. Accounts receivable. ...

  • 4 Pages

    E5-5.1

    University of Phoenix, ACC 349

    Excerpt: ... UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDING DEC. 31, 2004 ASSETS Current Assets Cash (net of bank overdraft of 30,000) Accounts Receivable (net) Doubful Accounts Inventory at lower of average cost or market Trading Securities-at cost (fair value of 120,000) Total Current Assets Property, Plant, and Equipment Building Office Equipment Land held for future use $230,000 340000 17000 323000 401000 140000 $1,094,000 570000 160000 175000 905000 Intangible Assets Goodwill Cash surrender value o future life insrance Pre-paid expenses 80000 90000 12000 182000 2,181,000 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities Accounts Payable Notes Payable Pension obligations Rents payable 135000 125000 82000 49000 391000 Premium on bonds payable Long Term Liabilities Bonds Payable Stockholder's Equity Common Stock, $1.00par authorized 400,000 shares isued 290,000 Additional Paid-in capital 53000 444000 414000 500000 500000 290000 160000 450000 Retained Earnings Total Stockholders' Equity Total Liabilit ...

  • 20 Pages

    ACC301-sol-ch03

    St. Leo, ACC 301

    Excerpt: ... economic benefit from the crater is low. Not a liability. There was a liability, but since the payment was made, no further future sacrifice of assets will be required. Liability. Pauli is obligated to deliver services in the future as a result of events (receipt of the advertising) that have already occurred. (c) (d) (e) Liability. It is probable that Pauli will have to sacrifice assets in the future (new carpets) as a result of events that have already occurred (past sales of guaranteed carpets). Not a liability. Although it is probable that Pauli will have to make payments in the future, the events necessitating those payments have not yet occurred. Not a liability for the same reasons in (d). 326. Balance Sheet Assets Current assets : Cash Investment securities (trading) Accounts receivable Less allowance for bad debts Interest receivable Inventory Prepaid insurance Total current assets Investments: Investment in subsidiary Net pension asset Total investments Property, plant, and equipment: Land B ...

  • 3 Pages

    Opt_Prob_Solutions_chap_5_Solutions

    Cornell, HA 230

    Excerpt: ... . AP5-3. (continued) (b) ACME SALES Balance Sheet August 31, 2008 Assets Current Assets : Cash. Accounts receivable. Supplies inventory. Total current assets. Noncurrent Assets: Service vehicles. $60,000 Less accumulated depreciation. 20,000 Equipment. 14,000 Less accumulated depreciation. 4,000 Total noncurrent assets. Total assets. Liabilities Current Liabilities: Accounts payable. Income taxes payable. Salaries payable. ...

  • 1 Pages

    ime midterm cheat sheet1

    Cal Poly, IME 239

    Excerpt: ... Kirk Flores Balance Sheet For Period Ending December 31, 2006 Assets Current Assets Cash Accounts Receivable Inventory (10 packages at $20 each) Total Current Assets Office Equipment Accumulated Depreciation Net Equipment Other long Term Assets Total Long Term assets Total Assets Liabilities Current Liabilities Account Payable Short Tem Notes Total Current Liabilities Long Term Debt Total Liabilities Equity Invested Capital Retained Earnings Total Equity Total Liabilities and Equity 1000 800 200 2000 1500 (250) 1250 50 1300 3300 500 200 700 2000 2700 300 300 600 3300 A. (10 points) During the Month of January 2007 the following transactions occurred. Record these transactions on Taccounts. 1) Purchased a computer for use in the business costing $1500 with a long term loan. 2) Sold one software package for $100 cash 3) Billed a client for $600 for consulting work completed 4) Received $350 payment from a client for consulting work previously done. 5) Paid the assistant's salary of $1500 cash. 6) Purchased 5 ...

  • 3 Pages

    MBAM3-16

    Glasgow Caledonian University, MBA BUS511

    Excerpt: ... M3-16 Buck Up!, Inc. Income Statement Year Ended December 31, 2008 Revenues: Horse-breaking revenue Rodeo lesson revenue Total revenues Expenses: Wages expense Depreciation expense Maintenance expense Other expenses Total expenses Net income $25,200 10,500 35,700 3,000 900 410 270 4,580 $ 31,120 Buck Up!, Inc. Statement of Retained Earnings Year Ended December 31, 2008 Retained earnings, Jan. 1, 2008 Add: Net income Subtract: Dividends Retained earnings, Dec. 31, 2008 $ 14,500 31,120 (3,500) $ 42,120 M3-16 (continued) Buck Up!, Inc. Balance Sheet As of December 31, 2008 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment $66,000 Less Accumulated depreciation (1,400) Land Total Assets Liabilities Current liabilities Accounts payable Unearned revenues Total current liabilities Long-term notes payable Total Liabilities Stockholders' Equity Contributed capital Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ ...

  • 1 Pages

    P5-3 Answer

    University of Phoenix, ACC 363

    Excerpt: ... Side Kicks Company Balance Sheet December 31, 2007 Assets Current Assets : Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory - At LIFO Cost Prepaid Insurance Total Current Assets Long-term Investments Investments in Stocks & Bonds, of which Investments Costing $120,000 have been pledged as security of notes payable - at fair value $41,000 $163,500 8,700 154,800 308,500 5,900 510,200 339,000 85,000 124,000 Property Plant & Equipment Land Building in Process Equipment 400,000 Less: Accumulated Depreciation 140,000 Equipment- Net Intangible Assets Patent - At Cost less Amortization Total Non- Current Assets Total Assets Liabilities & Stockholders' Equity Current Liabilities Bank Loans Payable - secured by $120,000 Investmenst $94,000 Accounts Payable 148,000 Accrued Expenses 49,200 Total Current Liabilities Long-term Liabilities Bonds Payable (8%) 400,000 Less: Unamortized Discount on Bonds Payable 20,000 Total Liabilities Stockholders' Equity Common Stock (600,000 shares authorized, 500, ...