ACCT303 Chapter 4 Homework Solutions[1]

ACCT303 Chapter 4 Homework Solutions[1] - E4-2. Balance...

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1 E4-2. Balance sheet preparation Assets: Current assets: Cash 68 $ Accounts receivable (less allowance for doubtful accounts, $7) 95 Inventory 163 Factory supplies 20 346 $ Property, plant, and equipment: Land 500 $ Buildings and equipment 200 Less: Accumulated depreciation (50) 650 Intangible assets: Patents 51 $ Goodwill 49 100 Other assets: Returnable containers 32 Total assets 1,128 $ Liabilities: Current liabilities: Wages payable 195 $ Accounts payable 140 335 $ Long-term liabilities: Bonds payable 400 $ Discount on bonds payable (12) 388 Liability for contingencies (Note 1) 50 Total liabilities 773 $ Equity: Capital stock, $10 par, 5,000 shares issued and outstanding 50 $ Additional paid-in capital 75 Total contributed capital 125 $ Retained earnings 230 Total stockholders' equity 355 $ Total liabilities and stockholders' equity 1,128 $ Mikeska Company Balance Sheet As of 12/31/2011 (in thousands)
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2 Note 1: This classification assumes that this amount has been properly accrued. If, instead, the item is interpreted as an appropriation of retained earnings, it would be classified as a part of retained earnings. In either case, the company should specify more precisely the nature of the contingency. E4-2.Balance sheet preparation E4-4. Balance sheet classifications Reagan Company Balance Sheet As of December 31, 2011 Assets Liabilities and Stockholders’ Equity Current assets: Current liabilities: Cash Accounts payable Short-term investments Accrued expenses Trade accounts receivable
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This note was uploaded on 09/30/2011 for the course ACCT 303 taught by Professor Staff during the Spring '11 term at S.F. State.

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ACCT303 Chapter 4 Homework Solutions[1] - E4-2. Balance...

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