SOLUTIONS TO BRIEF EXERCISES-5-1

SOLUTIONS TO BRIEF EXERCISES-5-1 - SOLUTIONS TO BRIEF...

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SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 5-1 Current assets Cash. .................................................................. $ 30,000 Accounts receivable. ........................................ $110,000 Less: Allowance for doubtful accounts. .. (8,000 ) 102,000 Inventories. ........................................................ 290,000 Prepaid insurance. ........................................... 9,500 Total current assets. ............................ $431,500 BRIEF EXERCISE 5-2 Current assets Cash. .................................................................. $ 7,000 Trading securities. ............................................ 11,000 Accounts receivable. ........................................ $90,000 Less: Allowance for doubtful accounts. .. (4,000 ) 86,000 Inventory. ........................................................... 30,000 Prepaid insurance. ........................................... 5,200 Total current assets. ............................ $139,200 BRIEF EXERCISE 5-3 Long-term investments Held-to-maturity securities. ............................. $ 56,000 Land held for investment. ................................ 39,000 Long-term note receivables. ........................... 42,000
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Total investments. ...................................... $137,000
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BRIEF EXERCISE 5-4 Property, plant, and equipment Land. .................................................................. $ 71,000 Buildings. .......................................................... $207,000 Less: Accumulated depreciation. ............. (45,000 ) 162,000 Equipment. ........................................................ $190,000 Less: Accumulated depreciation. ............ (19,000 ) 171,000 Timberland. ....................................................... 70,000
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This note was uploaded on 04/15/2011 for the course ACCT 305 taught by Professor Allen during the Spring '11 term at Wilmington DE.

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SOLUTIONS TO BRIEF EXERCISES-5-1 - SOLUTIONS TO BRIEF...

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