A list of financial statement items for Maloney Company includes the following

A list of financial statement items for maloney

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A list of financial statement items for Maloney Company includes the following: Accounts receivable $19,500 Prepaid insurance $5,400 Cash $22,400 Supplies $1,800 Debt investments $ 6,200 Prepare the current assets section of the balance sheet listing the items in the proper sequence. Ans: N/A, LO: 1, Bloom: AP, Difficulty: Medium, Min: 5, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving, IMA: Reporting Solution 116 (5 min.) MALONEY COMPANY Balance Sheet (PARTIAL) Assets Current assets Cash. $ 22,400 Debt investments 6,200 Accounts receivable 19,500 Supplies 1,800 Prepaid insurance 5,400 ` Total current assets $55,300 FOR INSTRUCTOR USE ONLY
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2-37 A Further Look at Financial Statements BE. 117 The following information (in millions of dollars) is available for Kline Sportswear for 2017: Sales revenue $6,300 Net income $588.7 Stock price per share $18.45 Preferred stock dividend $0 Average shares outstanding 336.4 million Compute the earnings per share for Kline Sportswear. Ans: N/A, LO: 2, Bloom: AP, Difficulty: Medium, Min: 5, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: Problem Solving, IMA: Business Economics Solution 117 (5 min.) Earnings per share = $588.7 – 0 = $1.75 336.4 [(Net inc. – Pref. stock div.) ÷ Aver. sh. out.] FOR INSTRUCTOR USE ONLY
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2-38 Test Bank for Survey of Accounting , First Edition BE. 118 These selected condensed data are taken from a recent balance sheet of Sanson Company (in millions of dollars). Cash $ 7.2 Accounts receivable 14.4 Inventory 18.0 Other current assets 11.1 Total current liabilities 24.8 Additional information: Current liabilities at the beginning of the year were $35.6 million. What are (a) the working capital, and (b) the current ratio? Ans: N/A, LO: 2, Bloom: AP, Difficulty: Medium, Min: 5, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC:Problem Solving, IMA: Business Economicsa. $25.9($50.7 – $24.8) (Cash + Acc. rec. + Inv. + oth. C.A.) – Tot. cur. liab.b. 2.04: 1($50.7 $24.8) (Cash + Acc. rec. + Inv. + oth. C.A.) ÷ Tot. cur. liab. Solution 118 (5 min.) EXERCISES Ex. 119 The following information is available for Mullen Company for the year ended December 31, 2017: Accounts payable 4,700 Stock investments (long-term) 8,400 Accumulated depreciation, equipment 4,000 Retained earnings 16,000 Common stock 4,800 Intangible assets 2,500 Notes payable (due in 5 years) 6,000 Accounts receivable 1,500 Cash 2,600 Debt investments (short-term) 3,000 Land 10,000 Equipment 7,500 Instructions Use the above information to prepare a classified balance sheet for the year ended December 31, 2017. Solution 119 (20 min.) MULLEN COMPANY Balance Sheet FOR INSTRUCTOR USE ONLY
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2-39 A Further Look at Financial Statements December 31, 2017 Assets Current assets Cash. $ 2,600 Debt investments 3,000 Accounts receivable 1,500 Total current assets(Cash + Debt inv. + Acc. rec.) $7,100 Investments Stock investments 8,400 Property, plant, and equipment Land 10,000 Equipment $7,500 Less Accumulated depreciation-equipment 4,000 3,500 13,500 Intangible assets 2,500 Total assets ……. $31,500 (Tot. cur. assets + Stock inv. + Land + Equip. – Acc. dep. + Int. assets) FOR INSTRUCTOR USE ONLY
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2-40 Test Bank for
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  • Fall '20
  • Erin egeland
  • Balance Sheet, Generally Accepted Accounting Principles

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