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I need help with Questions 1, 2, 5, & 6 please and thank you.

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Question 1
0 / 1 pts
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6)
QUESTIONS:
The following is a December 31, 2018, post-closing trial balance for
Desert Company:
Account Title
Debits
Credits
Cash
$ 83,000
Accounts Receivable (net of Allowance)
$256,000
Prepaid Expenses
$ 32,000
Investments
$ 65,000
Land
$175,000
Buildings (net)
$160,000
Equipment (net)
$145,000
Accounts Payable
$ 73,000
Accrued Expenses
$ 45,000
Unearned Revenue
$150,000
Notes Payable
$300,000
Common Stock
$200,000
Retained Earnings
$148,000
TOTALS
$916,000
$916,000
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Additional Information:
ASU Home
1. The cash account includes $10,000 set aside in a legally restricted
fund to pay bonds payable that mature in 2024 and a $13,000 cash
surrender value of a life insurance policy on the company's CEO.
2. The accounts receivable balance consists of the following:
Amounts owed by customers with debit balances
$213,000
Customer accounts with credit balances
12,000
Allowance for Uncollectible Accounts - trade
customers
(15,000)
Non-trade note receivable due in three years
60,000
Interest receivable on note due in four months
10,000
TOTAL
$256,000
3. The land account includes land which cost $75,000 that the company
purchased for speculative purposes and is currently held for sale. The
remaining $100,000 is the cost of land on which the company's office
building resides. The equipment account includes idle machinery with a
book value of $25,000.
4. The investments account is classified as Available for Sale Securities
and includes an investment of $25,000 in bonds that mature July 1, 2019.
Of the remaining investments balance, management intends to hold for at
least the next three years. All investments in the portfolio have already
been marked-to-market and are reported at Fair Value.
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676
been marked-to-market and are reported at Fair Value.
ASU Home
5. The unearned revenue represents customer prepayments for magazine
subscriptions. Subscriptions are for three years and will be earned evenly
over each of the years beginning January 1, 2019.
6. The notes payable account consists of the following:
a. a $50,000 note due in six months.
b. a $100,000 bond due in six years.
c. a $150,000 note due in three annual installments of $50,000
each, with the next installment due Nov. 1, 2019.
*Interest on all notes has been properly accrued and is included in
accrued expenses.
Required:
Using this information, determine the amount of Current Assets, after all
adjustments and corrections have been made:
346000
et
Question 2
0 / 1 pts
Using the information in #1 above, determine Total Long-Term
Investments after all adjustments and corrections have been made:
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340: Exte X
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ASU Home
Question 3
1 / 1 pts
Using the information in #1 above, determine Total PP&E (net) after all
adjustments and corrections have been made:
380000
Question 4
1 / 1 pts
Using the information in #1 above, determine Total Other Assets after all
adjustments and corrections have been made:
25000
rrect
Question 5
0 / 1 pts
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