Intermediate Accounting Week 2 Ch 3 (29,30,38,43)

Intermediate Accounting Week 2 Ch 3 (29,30,38,43) - 329....

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3–29. (a) 22,642 (f) 145,372 (k) 78,145 (b) 129,515 (g) 159,991 (l) 468,770 (c) 380,465 (h) 21,842 (m) 441,732 (d) 295,772 (i) 43,911 (n) 792,514 (e) 88,484 (j) 65,753 3–30. 1. (a) Current assets: Cash. ............................................................ $ 33,900 Investment securities (trading). ................. 20,000 Notes receivable. ........................................ 18,000 Accounts receivable. .................................. $88,400 Less: Allowance for doubtful accounts. 4,300 84,100 Accrued interest on notes receivable. ...... 1,800 Inventory. ..................................................... 56,900 Prepaid expenses. ...................................... 6,100 Total current assets. ................................... $ 220,800 (b) Property, plant, and equipment: Accumulated Book Cost Depreciation Value Land. ........................................... $ 80,000 $ 80,000 Buildings. .................................... 170,000 $34,000 136,000 Equipment. ................................. 48,000 7,600 40,400 Total property, plant, and equipment. ............................... $ 298,000 $ 41,600 $ 256,400 (c) Intangible assets: Patents. .................................................. $ 15,000 Franchises. ............................................ 10,000 Total intangible assets. ........................ $ 25,000 (d) Total assets: Current assets. ...................................... $220,800 Property, plant, and equipment. .......... 256,400 Intangible assets. .................................. 25,000 Total assets. .......................................... $ 502,200 (e) Current liabilities: Accounts payable. ................................ $ 31,500 Notes payable—trade creditors. .......... 16,000 Accrued interest on notes payable. .... 800 Accrued interest on bonds payable. ... 8,000 Accrued interest on mortgage payable 2,160 Total current liabilities. ......................... $ 58,460 (f) Noncurrent liabilities: Bonds payable, 8%—issue 1. ............... $ 50,000
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Premium on bonds payable. ............. 1,500 $ 51,500 Bonds payable, 12%—issue 2. ............. $100,000 Discount on bonds payable. ............. 10,500 89,500 Mortgage payable. ................................. 57,500 Total noncurrent liabilities. .................. $ 198,500 (g) Owners’ equity: Contributed capital: Capital stock, par value $1, 10,000 shares authorized, 4,000 shares issued. ........................ $ 4,000 Additional paid-in capital. .................. 112,800 $116,800 Retained earnings. ................................ 139,440 $256,240 Less: Treasury stock—at cost (500 shares). ............................................. 11,000 Total owners’ equity. ............................ $ 245,240 (h) Total liabilities and owners’ equity: Current liabilities. .................................. $ 58,460 Noncurrent liabilities. ........................... 198,500 Owners’ equity. ..................................... 245,240
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This note was uploaded on 05/29/2011 for the course EC 2011 taught by Professor Johnson during the Spring '11 term at FIT.

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Intermediate Accounting Week 2 Ch 3 (29,30,38,43) - 329....

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