Chapter2_HW_Key[1] - Chapter 2 The Balance Sheet Homework...

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1 Chapter 2 The Balance Sheet Homework 1. Classify the following items as: current assets (CA), investments (I), property and equipment (PE), other assets (OA), current liabilities (CL), long-term liabilities (LTL), shareholders’ equity (SE), and other (O) (1 point) (a) land (b) goodwill (c) additional paid-in capital (d) cash (e) unearned income (f) current portion of long-term debt (g) investments in subsidiaries (h) income taxes payable (i) prepaid expenses (j) accrued payroll (k) marketable securities (l) preferred stock (m) treasury stock (n) china, glassware, silver, linen and uniforms (o) accounts payable (p) accounts receivable (q) deferred charges (r) inventories (a) PE (j) CL (b) OA (k) CA (c) SE (l) SE (d) CA (m) SE (e) CL (n) PE (f) CL (o) CL (g) I (p) CA (h) CL (q) OA (i) CA (r) CA
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2 2. Consider the following account balance of Happy Inn, as of December 31, 2006: (1 point) Accounts payable $2,000 Income taxes payable $100 Accounts receivable 4,000 Food inventory 1,000 Accrued interest payable 200 Furniture and equipment 3,000 Accrued wages 100 Land 5,000 Accumulated depreciation – building 1,000 Mortgages payable (current portion) 100 Accumulated depreciation - furniture & equip. 100 Mortgages payable (non-current portion) 14,000 Allowance for doubtful accounts 10 Prepaid insurance 100 Building 20,000 Retained earnings ? Cash 1,000 Security deposits 200 Common stock 15,000 Treasury stock 100 Deferred charges 200 Unearned revenue 200 (1) Determine total current assets (2) Determine total current liabilities (3) Determine the net book value of property and equipment
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This note was uploaded on 10/08/2011 for the course HTM 458 taught by Professor Bu during the Spring '09 term at S.F. State.

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Chapter2_HW_Key[1] - Chapter 2 The Balance Sheet Homework...

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