homework ch 5

homework ch 5 - EXERCISE 5-2(1520 minutes 1 2 3 4 5 6 7 8 9...

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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 5-4 (30–35 minutes) Denis Savard Inc. Balance Sheet December 31, 20– Assets Current assets Cash. ........................................................... $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. ...................... $XXX Long-term investments Preferred stock investments. ................... XXX Land held for future plant site. ................. XXX Cash restricted for plant expansion. ....... XXX Total long-term investments. ....... XXX Property, plant, and equipment Buildings. .................................................... XXX Less: Accum. depreciation— buildings. ........................................... XXX XXX Intangible assets Copyrights. ................................................. XXX Total assets. ........................................ $XXX
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EXERCISE 5-4 (Continued) 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. ............................ $XXX Long-term debt Bonds payable, due in four years. ................ $XXX Less: Discount on bonds payable. ............... (XXX ) XXX Total liabilities. .......................................... XXX Stockholders’ equity Capital stock: Common stock. ......................................... XXX Additional paid-in capital: Premium on 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. ................ XXX Total liabilities and stock- holders’ equity. ................................ $XXX Note to instructor: An assumption made here is that cash included the cash restricted for plant expansion. If it did not, then a subtraction from cash would not be necessary or the cash balance would be “grossed up” and then the cash restricted for plant expansion deducted.
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EXERCISE 5-5 (30–35 minutes) Uhura Company Balance Sheet December 31, 2007 Assets Current assets Cash. ......................................................... $230,000 Trading securities—at fair value. ........... 120,000
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This note was uploaded on 03/30/2011 for the course ACT 4495 taught by Professor Burks during the Fall '10 term at Troy.

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homework ch 5 - EXERCISE 5-2(1520 minutes 1 2 3 4 5 6 7 8 9...

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