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week 3 - EXERCISE 5-1(Continued(j(k(l(m(n Current asset...

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EXERCISE 5-1 (Continued) (j) Current asset. (k) Current liability. (l) Current liability. (m) Current asset (inventory). (n) Current liability. EXERCISE 5-2 (15–20 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.
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EXERCISE 5-3 (15–20 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.
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EXERCISE 5-4 (30–35 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 Receivables—officers ............................................... 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
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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 par—common stock ................................................. XXX Total paid-in capital ............................................... XXX Retained earnings ............................................................. XXX Total paid-in capital and retained earnings ................................................ XXX Less: Treasury stock, at cost .................................... (XXX ) Total stockholders’ equity ....................................
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Total liabilities and stock- holders’ equity ....................................................
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