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ACC305_week 2 discussions

ACC305_week 2 discussions - D ISCUSSION 1 Judgment Case...

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DISCUSSION 1 Judgment Case 4-9 (4-9) Situation Treatment (a-g) Financial Statement Presentation (CO, BC, or RE) 1 B CO 2 C RE 3 F CO 4 G CO 5 A BC 6 B CO 7 E BC 8 D CO Integrating Case 4-14 (4-15) Deficiencies in the presentation of the statement include: Both the balance sheet and income statement should be classified to give a more accurate reflection of the companies’ position. The balance sheet should have the following corrections: A current assets classification should include cash, net of accounts receivable, inventories, and the short term amount of the marketable securities. An investments classification should be added and should include the remaining portion of the marketable securities. A property, plant, and equipment classification should be added and needs to include a break-down of property and equipment along with their accumulated depreciation amounts. A current liabilities classification should also be added and should include accounts payable, accrued liabilities (not including interest), interest payable, notes payable (the $80,000)and current maturity of long-term debt ($60,000 installment due in 2007). A long-term liabilities classification should include notes payable ($60,000 installment due in 2008). A separate shareholders’
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