5-Assignment 5 Solution - 92 Chapter 3 CHAPTER 6 326 15 ....

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Unformatted text preview: 92 Chapter 3 CHAPTER 6 326 15 . Balance Sheet Assets Liabilities Current assets: Current liabilities: Cash Notes payable Investment securities (trading) Accounts payable Accounts receivable Income taxes payable Less allowance for bad Salaries payable debts Estimated warranty expense Interest receivable payable Inventory Total current liabilities Prepaid insurance Noncurrent liabilities: Total current assets Long-term debt: Investments: Bonds payable Investment in subsidiary Premium on bonds payable Net pension asset Pension fund Deferred income tax liability Total investments Total noncurrent liabilities Property, plant, and equipment: Total liabilities Land Buildings Stockholders Equity Less accumulated depreciation Contributed capital: Equipment Common stock Less accumulated depreciation Paid-in capital in excess of stated Total property, plant, and value equipment Paid-in capital from sale of Intangible assets: treasury stock Patents Total contributed capital Goodwill Retained earnings Total intangible assets Total stockholders equity Total assets Total liabilities and stockholders equity 334 23 . (a) Report the amount in the income statement. (b) Note disclosure. (c) Note disclosure. (d) Report the amount in the balance sheet as Allowance for Bad Debts. (e) Contingent liability mentioned in the body of the balance sheet, but no amount recognized because the contingency is not described as being probable. Note description of the potential liability. (f) Report the detail in the income statement or as a note disclosure. (g) Report the amount as a long-term asset. (h) Report the amount as a subtraction in the Equity section of the balance sheet. (i) No financial statement disclosure. (j) Note disclosure. (k) No financial statement disclosure. 344 32 . A work sheet is not required, but it facilitates the preparation of a corrected balance sheet. Appalachian Freight Company Work Sheet for Corrected Balance Sheet December 31, 2002 2005 Corrected Balance Sheet Corrections Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash...................................... 45,050 ......... ......... ......... 45,050 ......... Accounts Receivable........... 112,500 ......... ......... ......... 112,500 ......... Inventory ies .......................... 204,000 ......... ......... (b) 45,000 159,000 ......... Prepaid Insurance................ 8,800 ......... ......... ......... 8,800 ......... Property, Plant, and Equipment.................. 376,800 ......... (c) 180,000 (c) 85,000 471,800 ......... Miscellaneous Liabilities..... ......... 3,600 (d) 3,600 ......... ......... ......... Loan Payable........................ ......... 76,200 ......... ......... ......... 76,200 Accounts Payable................ ......... 75,250 ......... (b) 16,250 ......... 91,500 Capital Stock........................ ......... 134,000 (h) 134,000 ......... ......... ............
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This note was uploaded on 05/04/2008 for the course ACCT 3320 taught by Professor Frankzhang during the Summer '06 term at University of Texas at Dallas, Richardson.

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5-Assignment 5 Solution - 92 Chapter 3 CHAPTER 6 326 15 ....

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