Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_Class_Problems_And_Solutions

Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_Class_Problems_And_Solutions

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Intermediate Accounting I Chapter 5 Additional Problems 1. Presented below are the captions of Perfect Number Company’s balance sheet: A. Current Assets F. Current Liabilities B. Investments G. Noncurrent Liabilities C. Property, Plant and Equipment H. Capital Stock D. Intangible Assets I. Additional Paid-in Capital E. Other Assets J. Retained Earnings Required: Indicate by letter where each of the following items would be classified: 1. Preferred stock 2. Goodwill 3. Wages payable 4. Trade accounts payable 5. Buildings 6. Trading securities 7. Portion of long-term debt due in the next 12 months 8. Premium on bonds payable 9. Allowance for doubtful accounts. 10. Accounts receivable 11. Cash surrender value of life insurance 12. Notes payable due in the next fiscal year 13. Office supplies 14. Common stock 15. Land 16. Bond sinking fund 17. Merchandise inventory 18. Prepaid insurance 19. Bonds payable 20. Taxes payable 1
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2. Le Rouge Corporation has the following accounts included in its 6/30/2005 trial balance: Accounts Receivable, $110,000; Inventories, $290,000; Allowance for Doubtful Accounts, $8,000; Patents, $72,000; Prepaid Insurance, $9,500; Accounts Payable, $77,000; Cash $27,000. Prepare the current asset section of the balance sheet listing the accounts in proper sequence. 3. Included in the Cats and Dogs Company's 9/30/2005 trial balance are the following accounts: Prepaid Rent, $5,200; Held-to-Maturity Securities, $61,000; Unearned Fee Revenue, $17,000; Land held for Investment, $39,000; Long-term Receivables, $42,000. Prepare the long-term investments section of the balance sheet. 4 . Adam Ant Company's 12/31/2005 trial balance includes the following accounts: Inventories, $120,000; Buildings, $207,000; Accumulated Depreciation-Equipment, $19,000; Equipment,
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This note was uploaded on 02/12/2012 for the course ACCT 3001 taught by Professor Moffitt during the Spring '08 term at LSU.

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Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_Class_Problems_And_Solutions

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