Excel_Student_03-30kathyhaines

Excel_Student_03-30kathyhaines - 03-30 Name: kathy haines...

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03-30 Name: kathy haines Select the appropriate account titles from the drop-down lists given in the blue-shaded cells of columns D and E. Enter the appropriate amounts/formulas in the blue-shaded cells in columns H, K, and M. The word “Wrong” will appear to the left of an incorrect entry. 1. (a) Current assets: Cash $43,700 Investment securities (trading) 15,000 Notes receivable 22,000 Accounts receivable $79,500 Less: Allowance for doubtful accounts 4,600 74,900 Accrued interest on notes receivable 2,100 Inventory 59,300 Prepaid expenses 8,200 Total current assets $225,200 (b) Property, plant, and equipment: Accumulated Book Cost Depreciation Value Land $103,000 $103,000 Buildings 192,000 $21,000 171,000 Equipment 37,000 5,900 31,100 Total property, plant, and equipment $305,100 (c) Intangible assets: Patents $85,000 Franchises 82,110 Total intangible assets $167,110 (d) Total assets Current assets $225,200 Property, plant, and equipment 305,100 Intangible assets 167,110 Total assets $697,410 (e) Current liabilities: Accounts payable $57,600 Notes payable – trade creditors 11,000
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This note was uploaded on 08/12/2011 for the course ACCT 2201 taught by Professor Alvarez during the Spring '11 term at FIT.

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Excel_Student_03-30kathyhaines - 03-30 Name: kathy haines...

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