week 3 - EXERCISE 5-1 (Continued) (j) Current asset. (k)...

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Unformatted text preview: EXERCISE 5-1 (Continued) (j) Current asset. (k) Current liability. (l) Current liability. (m) Current asset (inventory). (n) Current liability. EXERCISE 5-2 (1520 minutes) 1. h. 11. b. 2. d. 12. f. 3. f. 13. a. 4. f. 14. h. 5 c. 15. c. 6. a. 16. b. 7. f. 17. a. 8. g. 18. a. 9. a. 19. g. 10. a. 20. f. EXERCISE 5-3 (1520 minutes) 1. a. 10. f. 2. b. 11. a. 3. f. 12. f. 4. a. 13. a. or e. (preferably a.) 5 f. 14. c. and N. 6. h. 15. f. 7. i. 16. X. 8. d. 17. f. 9. a. 18. c. EXERCISE 5-4 (3035 minutes) GULISTAN INC. Balance Sheet December 31, 2010 Assets Current assets Cash............................................................................ $XXX Less: Cash restricted for plant .............................................expansion XXX $XXX Accounts receivable................................................. XXX Less: Allowance for doubtful ...............................................accounts XXX XXX Notes receivable........................................................ XXX Receivablesofficers............................................... XXX Inventories Finished goods.................................................... XXX Work in process.................................................. XXX Raw materials...................................................... XXX XXX Total current assets...................................... Long-term investments Preferred stock investments.................................... XXX Land held for future plant site................................. XXX Cash restricted for plant expansion........................ XXX Total long-term investments........................ Property, plant, and equipment Buildings.................................................................... XXX Less: Accum. depreciation ...............................................buildings XXX Intangible assets Copyrights.................................................................. Total assets......................................................... Liabilities and Stockholders Equity Current liabilities Accrued salaries payable................................................. $XXX Notes payable, short-term................................................ XXX Unearned subscriptions revenue.................................... XXX Unearned rent revenue..................................................... XXX Total current liabilities................................................ Long-term debt Bonds payable, due in four years.................................... $XXX Less: Discount on bonds payable................................... (XXX ) Total liabilities.............................................................. Stockholders equity Capital stock: Common stock............................................................. XXX Additional paid-in capital: Paid in capital in excess of parcommon stock....................................................
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week 3 - EXERCISE 5-1 (Continued) (j) Current asset. (k)...

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