ch 5_Solutions

ch 5_Solutions - M5-2)1-Annual report2-From 10-K3-Earnings...

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Unformatted text preview: M5-2)1-Annual report2-From 10-K3-Earnings press releaseM5-3)1)B2)C3)D4)B5)A6)C7)D8)B9)A10)BE5-2)1)B2)F3)A4)E5)C6)DP5-2) 1)C2)L3)D4)H5)N6)J7)A8)I9)M10)F11)R12)Q13)K14)B15)E16)P17)OP5-3)A)Gold JewelersBalance SheetDecember 31, 2008AssetsCurrent AssetsCash42,000 Accounts Receivable 51,300Merchandise Inventory110,000Prepaid Insurance800Total Current Assets 204,100Long-Term Investments26,000Store Equipment (net)31,400Total Assets261,500Liabilities and Stockholders’ EquityCurrent LiabilitiesAccounts Payable 42,000Income Taxes Payable8,000Total Current Liabilities50,000Long-Term LiabilitiesLong-Term Notes Payable29,000Total Long-Term Liabilities 29,000Total Liabilities79,000Stockholders’ EquityContributed Capital96,000Retained Earnings 86,500Total Stockholder’s Equity182,500Total Liabilities and Stockholder’s Equity261,500B) The net book value of the store equipment is $31,400. This amount reflects the original amount paid for the equipment less the accumulated depreciation as well as the used up equipment (contra-accounts)....
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This homework help was uploaded on 02/19/2009 for the course HA 230 taught by Professor Davidlee during the Fall '06 term at Cornell.

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ch 5_Solutions - M5-2)1-Annual report2-From 10-K3-Earnings...

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