Chapter_8_HW_Solution_final

Chapter_8_HW_Solution_final - AEM 221 Financial Accounting...

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AEM 221 Financial Accounting Spring 2007 Chapter 8 Homework Solution E8-1 Preparing a Classified Balance Sheet The following is a list of account titles and amounts (in millions) reported by Nosis, Inc., a leading manufacturer of dolls, action figures, and accessories for children and families: Buildings and Improvements $ 177 Goodwill $ 634 Prepaid Expenses and Other Current Assets 287 Machinery and Equipment 266 Allowance for Doubtful Accounts 58 Accumulated Depreciation 204 Other Noncurrent Assets 118 Inventories 302 Accumulated Amortization (other intangibles) 173 Other Intangibles 927 Cash and Cash Equivalents 160 Land and Improvements 14 Accounts Receivable 920 Tools, Dies, and Molds 45 Required: Prepare the asset section of the balance sheet for Nosis, Inc., classifying the assets into Current Assets, Property, Plant, and Equipment (net), and Other Assets. Nosis, Inc. 1
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Excerpts from Balance Sheet (in millions) ASSETS Current Assets Cash and Cash Equivalents $ 160 Accounts Receivable $ 920 Less: Allowance for Doubtful Accounts 58 862 Inventories 302 Prepaid Expenses and Other Current Assets 287 Total Current Assets 1,611 Property, Plant, and Equipment Tools, Dies and Molds 45 Machinery and Equipment 266 Buildings and Improvements 177 Land and Improvements 14 Property, Plant, and Equipment (at cost) 502 Less: Accumulated Depreciation 204 Total Property, Plant, and Equipment (net) 298 Other Assets Goodwill 634 Other Intangibles 927 Less: Accumulated Amortization 173 Other Intangibles, net of Accumulated Amortization 754
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