Chapter2_In_Class[1] - 1,000 Food inventory 7,500...

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1 Chapter 2 The Balance Sheet In Class Practice Questions 1. Consider the following information taken from the records of Tim’s Travel Services at the end of the year ended December 31, 2004: Marketable security $ 10,000 Cash 30,000 Prepaid insurance 3,000 Accounts receivable 10,000 Inventories 1,000
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2 2. Consider the following information from the records of Alonzo’s Restaurant at the end of the year ended December 31, 1999: Current portion of mortgages payable $ 30,000 Accounts payable 10,000 Income taxes payable 3,000 Accrued interest payable 2,000 Bonds payable 40,000 Mortgages payable (net of current installments) 120,000 Notes payable due in year 2000 20,000
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3 3. Prepare a properly classified balance sheet of Baker’s Heaven Restaurant, Inc. as of December 31, 2002 using the data given below: Cash $22,600 Furniture & equipment $30,000 Accounts receivable 25,500 Goodwill 10,000 Marketable securities 20,500 Accumulated depreciation 35,000 Accounts payable 30,000 Allowance for doubtful accounts
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Unformatted text preview: 1,000 Food inventory 7,500 Additional paid-in capital 20,000 Common stock 100,000 Retained earnings 12/31/2001 23,200 Beverage inventory 9,200 Accrued salaries 3,000 Income taxes payable 5,200 Notes payable (due in 2005) 80,000 Prepaid expenses 5,100 Net income for the year 2002 10,200 Land 50,000 Dividends declared in 2002 7,200 Building 120,000 Bakers Restaurant Balance Sheet December 31, 2002 ASSETS Current Assets Cash Less: Allowance for doubtful accounts Prepaid Expenses Total Current Assets 89,400 Property & Equipment Total Property & Equipment Less: Accumulated depreciation Net Book Value, Property & Equipment Other Assets Goodwill Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accrued Salaries Income Tax Payable Total Current Liabilities 38,200 Long Term Liabilities Notes Payable Total Liabilities Shareholder's Equity Common Stock Total Shareholders' Equity 146,200 Total Liabilities + Shareholders' Equity...
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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_In_Class[1] - 1,000 Food inventory 7,500...

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