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Gillespie Week 3 MBAA 603 - Tim Gillespie Week 3 Homework...

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Tim Gillespie Week 3 Homework MBAA 603 E5-3 A. Current Assets F. Current Liabilities B. Investments G. Long-term Liabilities C. Property, Plant and Equip H. Capital Stock D. Intangible Assets I. Paid-in Capital in Excess of Par E. Other Assets J. Retained Earnings 1. Unexpired Insurance A B 3. Unearned rent revenue F 4. Advances to suppliers A 5. Unearned rent revenue F 6. Preferred stock H I 8. Copyrights D 9. Petty cash fund A 10. Sales tax payable F A F A N F X 17. Discount on bonds payable F 18. Accumulated depreciation C Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet use the letter “X”. 2. Stock Owned in Affiliated Companies 7. Additional paid-in capital on preferred stock 11. Accured interest on notes receivable 12. Twenty-year issue of bonds payable that will mature within the next year. 13. Machinery retired for use and held for sale 14. Fully depreciated machine still in use 15. Accrued interest on bonds payable 16. Salaries that company budget shows will be paid to employees within the next year
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Name: Exercise: E5-7, Current Assets Section of the Balance Sheet Course: Date: Presented below are selected accounts of Aramis Company at December 31, 2010. Finished Goods $52,000 Cost of Goods Sold $2,100,000 Revenue Received in Advance 90,000 Notes Receivable 40,000 Equipment 253,000 Accounts Receivable 161,000 Work-in-Process 34,000 Raw Materials 187,000 Cash 42,000 Supplies Expense 60,000 Short-term Investments in Stock 31,000 12,000 Customer Advances 36,000 Licenses 18,000 Cash Restricted for Plant Expansion 50,000 Additional Paid-in Capital 88,000 Treasury Stock 22,000 The following additional information is available: $50,600 ### (Assume they are trading securities.) interest at 6% (Hint: Accrue interest due on December 31, 2010.) pledged as collateral on a bank loan for the amount of: ### $14,000 Instructions: Prepare the current assets section of Aramis Company’s December 31, 2010, balance sheet, with appropriate disclosures.
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