ch05JML - EXERCISE 5-2(15-20 minutes 1 2 3 4 5 6 7 8 9 10 H...

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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. EXERCISE 5-3 (15-20 minutes) 1. A. 11. A. 2. B. 12. F. 3. F. or G. 13. A. or E. (preferably A.) 4. A. 14. C. and N. 5 F. 15. D. or E. (preferably D.) 6. H.* 16. F. 7. I. 17. X. 8. D. 18. F. 9. A. 19. C. 10. F. * H if the par value method is used; otherwise, as a deduction from total stockholders’ equity. EXERCISE 5-4 (30-35 minutes) Denis Savard Inc. Balance Sheet December 31, 20– Assets Current assets Cash $XXX Less cash restricted for plant expansion XXX $XXX 5-1
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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 5-2
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EXERCISE 5-4 (Continued) Liabilities and Stockholders’ Equity Current liabilities Accrued salaries payable $XXX Unearned subscriptions XXX Unearned rent XXX Total current liabilities $XXX Long-term debt Bonds payable, due in four years $XXX Discount on bonds payable (XXX ) XXX Total liabilities XXX Stockholders’ equity Capital stock: Common stock $XXX Common stock subscribed XXX 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) Stock subscriptions receivable (XXX ) Total stockholders’ equity XXX
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