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CHAPTER%205%20-%20Solutions - CHAPTER 5 SOLUTIONS TO HW...

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CHAPTER 5 SOLUTIONS TO HW HW5-1 (15–20 minutes) 1. b. 11. a. 2. a. 12. h. 3. f. 13. a. 4. g. 14. a. 5 f. 15. d. 6. b. 16. f. 7. h. 17. f. 8. a. 18. c. 9. a. 19. g. 10. c. 20. f. HW5-2 (15–20 minutes) 1. f. 10. d. 2. a. or e. (preferably a.) 11. f. or g. 3. f. 12. b. 4. c. 13. a. 5 x. 14. h. 6. f. 15. f. or g. 7. c. and n. 16. f. 8. a. 17. a. 9. i. 18. a.
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HW5-3 (30–35 minutes) DO CORPORATION Balance Sheet December 31, 2010 Assets Current assets Cash ......................................................... $ 98,500 Trading securities ................................... 76,500 Accounts receivable ............................... $217,500 Less: Allowance for doubtful accounts ............................... (12,500 ) 205,000 Inventories ............................................... 298,500 Total current assets ........................ $ 678,500 Long-term investments Investments in bonds ............................. 149,500 Investments in stocks ............................ 138,500 Total long-term investments ......... 288,000 Property, plant, and equipment Land ......................................................... 130,000 Building .................................................... 520,000 Less: Accum. depreciation ............. (76,000 ) 444,000 Equipment .............................................. 300,000 Less: Accum. depreciation ............. (30,000 ) 270,000 Total property, plant, and equipment ..................................... 844,000 Intangible assets Franchise (net of $80,000 amortization)... 80,000 Patent (net of $30,000 amortization) ..... 97,500 Total intangible assets ..................... 177,500 Total assets ...................................... $1,988,000
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HW5-3 (Continued) Liabilities and Stockholders’ Equity Current liabilities Accounts payable ............................... $227,500 Short-term notes payable .................. 45,000 Dividends payable .............................. 68,000 Accrued liabilities ............................... 48,000
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