3311ch03 - Chapter 03 - The Balance Sheet and Financial...

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Unformatted text preview: Chapter 03 - The Balance Sheet and Financial Disclosures 1. c Equipment 10. a Inventories 2. f Accounts payable 11. d _ Patent 3.-a _ Allowance for uncollectible accounts 12. c Land, in use 4. b _ Land, held for investment 13. f _ Accrued liabilities 5. g _ Note payable, due in 5 years 14. a Prepaid rent 6. f Unearned rent revenue 15. h _ Common stock 7. f Note payable, due in 6 months 16. c Building, in use 8. i Income less dividends, accumulated 17. a Cash 9. b Investment in XYZ Corp., long-term 18. f Taxes payable Exercise 3-3 1. f Accrued interest payable 10. a Supplies 2. d Franchise 11. c Machinery 3.-c Accumulated depreciation 12. c Land, in use 4. e Prepaid insurance, for 2011 13.___ f Unearned revenue 5. g Bonds payable, due in 10 years 14. d _ Copyrights 6. f Current maturities of long-term debt 15. h _ Preferred stock 7. f Note payable, due in 3 months 16. b _ Land, held for speculation 8. b Long-term receivables 17. a Cash equivalents 9. b Bond sinking fund, will be used to 18. f Wages payable _____ retire bonds in 10 years 3-1 Chapter 3 The Balance Sheet and Financial Disclosures Exercise 3-2 Chapter 03 - The Balance Sheet and Financial Disclosures Current assets: 3-2 Exercise 3-4 JACKSON CORPORATION Balance Sheet At December 31, 2011 Assets Current assets: Cash .................................................................... $ 40,000 Marketable securities ......................................... 10,000 Accounts receivable ........................................... 34,000 Inventories .......................................................... 75,000 Prepaid rent ........................................................ 16,000 Total current assets ....................................... 175,000 Property, plant, and equipment: Machinery .......................................................... $145,000 Less: Accumulated depreciation ........................ (11,000 ) Net property, plant, and equipment ............... 134,000 Intangible assets: Patent ............................................................... 83,000 Total assets ................................................. $392,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable ............................................... $ 8,000 Wages payable ................................................... 4,000 Taxes payable ..................................................... 32,000 Total current liabilities .................................. 44,000 Long-term liabilities: Bonds payable .................................................... 200,000 Shareholders equity: Common stock ................................................... $100,000 Retained earnings ............................................... 48,000 Total shareholders equity ............................. 148,000 Total liabilities and shareholders equity $392,000 Exercise 3-5 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2011 Assets Current assets: Cash .................................................................................Cash ....
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This note was uploaded on 09/30/2010 for the course ACCT 3311 taught by Professor Gregsommers during the Spring '10 term at Southern Methodist.

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3311ch03 - Chapter 03 - The Balance Sheet and Financial...

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