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5 the trial balance for keller corp reflected the

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5.The trial balance for Keller Corp. reflected the following account balances at December 31, 2014:Cash$ 33,000Accounts receivable (net)72,000Trading securities18,000Prepaid expenses6,000Patent12,000Land held for future business site54,000Inventory90,000Office equipment75,000Accumulated depreciation on office equipment45,000The current assets total at December 31, 2014 is:a.$219,000b.$231,000c.$261,000d.$303,000
6.One of the benefits of the statement of cash flows is that it helps users evaluate financial flexibility.Which of the following explanations is a description of financial flexibility?
7.The Heather Miller Company has the following obligations at December 31, 2014:Accounts payable$ 72,000Taxes payable60,000Notes payable issued November 1, 2014due October 31, 201580,000Bonds payable issued December 1, 2005due November 30, 2015 (to be paid by useof a sinking fund)100,000The amount that should be reported for total current liabilities at December 31, 2014 is:
ACT 312A/612A, Fall 2017Page 7
From Kieso, Weygandt, Warfield Study and Problem Solving GuidesChapter 55-1Major balance sheet classifications are listed below:CACurrent AssetsCLCurrent LiabilitiesINVESTLong-term InvestmentsLTLLong-term LiabilitiesPPEProperty, Plant, EquipmentCSCapital stockINTIntangible AssetsPICAdditional Paid-in CapitalOAOther AssetsRERetained EarningsIndicate which balance sheet classification is the most appropriate for reporting each account listedbelow. If the account is a contra account, put the abbreviation in parenthesis.If the exactclassification depends on facts which are not given, give the possible classifications. If an item isreported on the Income Statement, indicate that with an IS._______1.Accounts Payable_______2.Accounts Receivable_______3.Accrued Interest Receivable on Long-term Investments_______4.Accrued Interest Payable_______5.Accrued Taxes Payable_______6.Accumulated Depreciation – Building_______7.Accumulated Depreciation – Equipment_______8.Mineral Reserves_______9.Advances by Customers_______10.Advances to Affiliates_______11.Advances to Vendors_______12.Advertising Expense_______13.Allowance for Doubtful Accounts_______14.Allowance for Excess of Cost over Market Value of Inventory_______15.Bank Overdraft_______16.Bond Interest Payable_______17.Bond Sinking Fund_______18.Cash Surrender Value of Officers’ Life Insurance_______19.Certificates of Deposit_______20.Common Stock_______21.Current Maturities of Long-term Debt_______22.Customers’ Deposits_______23.Deferred Rental Income_______24.Discount on Bonds Payable_______25.Dividends Payable_______26.Factory Supplies_______27.Finished Goods Inventory_______28.Gain on Sale of Equipment_______29.General and Administrative Expenses_______30.GoodwillACT 312A/612A, Fall 2017Page 8
From Kieso, Weygandt, Warfield Study and Problem Solving GuidesChapter 55-1 (Continued)_______31.Income Taxes Payable_______32.Income Taxes Withheld from Employees_______33.Investments in Affiliates_______34.Land_______35.Land Held for Future Plant Site_______36.Leasehold Improvements_______37.Loss on Sale of Marketable Securities_______38.Marketable Securities_______39.Merchandise Inventory_______40.Mortgage Payable_______41.Notes Payable_______42.

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