P3-2
Prepare a classified balance sheet ignoring monetaryaccounts
the data listed below are taken from a balance sheet of tridentcorporation at december 31 2016 some amounts, indicated by questionmarka have been intentionally omitted. ($in000s)
cash and cash equivalents 239,186
short term investments 353,700
Accounts recievable (net of allowance) 504,944
Inventories ?
Prepaid expenses (current) 83,259
total current assets 1,594,927
long term recievables 110,800
property and equipment (net) ?
total assets ?
notes payable and short term debt 31,116
accounts payable ?
accrued liabilites 421,772
other current liabilites 181,604
total current liabilites 693,564
long term debt and deffered taxes ?
total liabilites 956,140
Shareholders equity 1,370,627
Required
1. Dertermine the missing accounts
2. Prepare tridents classified balance sheet.
TIP: you may find this easier to do if you lay it out incomplete balance sheet form (as in instr. 2)
P3-2
Prepare a classified balance sheet ignoring monetaryaccounts
the data listed below are taken from a balance sheet of tridentcorporation at december 31 2016 some amounts, indicated by questionmarka have been intentionally omitted. ($in000s)
cash and cash equivalents 239,186
short term investments 353,700
Accounts recievable (net of allowance) 504,944
Inventories ?
Prepaid expenses (current) 83,259
total current assets 1,594,927
long term recievables 110,800
property and equipment (net) ?
total assets ?
notes payable and short term debt 31,116
accounts payable ?
accrued liabilites 421,772
other current liabilites 181,604
total current liabilites 693,564
long term debt and deffered taxes ?
total liabilites 956,140
Shareholders equity 1,370,627
Required
1. Dertermine the missing accounts
2. Prepare tridents classified balance sheet.
TIP: you may find this easier to do if you lay it out incomplete balance sheet form (as in instr. 2)
Related questions
M8-13 Reporting Accounts andNotes Receivable in a Classified Balance Sheet
Adobe Systems Incorporated reported the following accounts andamounts (in millions) in its financial statements for the yearended November 30, 2013. Prepare the current assets section of itsbalance sheet. The Allowance for Doubtful Accounts relates entirelyto Accounts Receivable.
Accounts Payable $720
Accounts Receivable610
Accumulated Amortization 450
Accumulated Depreciation790
Allowance for Doubtful Accounts10
Cash and Cash Equivalents830
Equipment 4,955
Income Taxes Payable 10
Notes Payable (long-term) $1,500
Notes Payable (short-term) 15
Notes Receivable (long-term) 210
Prepaid Rent 270
Retained Earnings 6,930
Service Revenue 450
Short-term Investments 2,340
Software 605
Unearned Revenue 780
| M8-13 | ||||||||
| Reporting Accounts and Notes Receivable in aClassified Balance Sheet | ||||||||
| Adobe Systems, Inc. | ||||||||
| Partial Balance Sheet | ||||||||
| As of November 30, 20XX | ||||||||
| (in millions) | ||||||||
| Assets: | Amount | |||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | ||||||||
| Short-term investments | ||||||||
| Accounts Receivable | ||||||||
| Allowance for Doubful Accounts | ||||||||
| Accounts Receivable, Net of Allowance | ||||||||
| Prepaid Rent | ||||||||
| Total Current Assets | ||||||||
Terracotta, Inc. reported the following accounts and amounts (inmillions) in its financial statements for the year ended November30, 2013. |
| Accounts Payable | $ | 730 | |
| Accounts Receivable | 630 | ||
| Accumulated Amortization | 460 | ||
| Accumulated Depreciation | 800 | ||
| Allowance for Doubtful Accounts | 20 | ||
| Cash and Cash Equivalents | 840 | ||
| Equipment | 5,055 | ||
| Income Taxes Payable | 20 | ||
| Notes Payable (long-term) | 1,600 | ||
| Notes Payable (short-term) | 20 | ||
| Notes Receivable (long-term) | 220 | ||
| Prepaid Rent | 280 | ||
| Retained Earnings | 7,030 | ||
| Service Revenue | 460 | ||
| Short-term Investments | 2,440 | ||
| Software | 615 | ||
| Unearned Revenue | 790 | ||
Prepare the current assets section of its balance sheet. TheAllowance for Doubtful Accounts relates entirely to AccountsReceivable.
| Terracotta | ||
| Partial Balance Sheet | ||
| As of November 30, 2013 | ||
| (in millions of dollars) | ||
| Assets | ||
| Current Assets: | ||
| Cash and Cash Equivalents | ||
| Short-term Investments | ||
| Accounts Receivable | ||
| Allowance for Doubtful Accounts | ||
| Accounts Receivable, net of Allowance | ||
| Prepaid Rent | ||
| Total Current Assets |
