3101 Homework Solutions ch0.05

3101 Homework Solutions ch0.05 - Acct 3101 Intermed. Acctg...

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Acct 3101 Intermed. Acctg 1 Homework Solutions Text: Kieso et al. 13 th ed. Chapter 5 EXERCISE 5-2 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. File: 3101 homework solutions ch.05 Page 1
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EXERCISE 5-4 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. ...................... $XXX Long-term investments Preferred stock investments. ................... XXX File: 3101 homework solutions ch.05 Page 2
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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 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 File: 3101 homework solutions ch.05 Page 3
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Less: Discount on bonds payable. ............... (XXX ) XXX Total liabilities. .......................................... XXX 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. ................ XXX Total liabilities and stock- holders’ equity. ................................ $XXX Note : An assumption made here is that cash included the cash restricted for plant expansion. If it did not, then a subtraction from
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3101 Homework Solutions ch0.05 - Acct 3101 Intermed. Acctg...

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