Acc371_hw3_answer

Acc371_hw3_answer - ACC371 - INTERMEDIATE ACCOUNTING I...

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ACC371 - INTERMEDIATE ACCOUNTING I HOMEWORK SET FOUR DUE: SEPTEMBER 28, 2009 1. Balance Sheet Adjustment and Preparation. See P5-5 on Kieso 13e page 252. SARGENT CORPORATION Balance Sheet December 31, 2010 Assets Current assets Cash. ................................................................ $150,000 Trading securities (at fair value). ...................... 80,000 Accounts receivable. ........................................ $ 170,000 Less: Allowance for doubtful accounts. ..... 10,000 160,000 Inventories, at lower of cost (determined using FIFO) or market. ....................................................... 180,000 Total current assets. ................................... $ 570,000 Long-term investments Investments in common stock (at fair value). .. 270,000 Bond sinking fund. ............................................ 250,000 Cash surrender value of life insurance. ........... 40,000 Land held for future use. .................................. 270,000 830,000 Property, plant, and equipment Land. ................................................................. 500,000 Buildings. .......................................................... 1,040,000 Less: Accum. depreciation—building. ....... 360,000 680,000 Equipment. ....................................................... 450,000 Less: Accum. depreciation—equipment.
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Acc371_hw3_answer - ACC371 - INTERMEDIATE ACCOUNTING I...

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