Log in
Accounting
12
answers
0
watching
324
views
26 Jan 2018

which of the following are liabilites that are typically estimated amounts

Watch
12
answers
0
watching
324
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Already have an account? Log in
Share
Jamar Ferry
Jamar FerryLv2
29 Jan 2018
Already have an account? Log in
Share

Related questions

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)

The following single question has five parts:

What impact does each of the following transactions have on thefinancial statements?

Question 1: Paid rent for the current month.

Net income goes down; assets and stockholders'equity both godown.


Net income goes down; assets and liabilites both go down.


Net income goes down; liabilites go up and stockholders' equitygoes down.


No effect on net income; assets and stockholders' equity both godown.


No effect on net income; assets go down and liabilites go up.

Question 2: Purchase of equipment on account.


Net income goes down; assets and liabilities both go up.


Net income goes down; assets and stockholders' equity both godown.


Net income goes up; assets and liabilities both go up.


No effect on net income; assets and liabilities both go up.


No effect on net income; assets and stockholders' equity both goup.

Question 3: Performed servicesand billed a customer.

Net income goes up; assets go both up and down.


Net income goes up; assets and liabilites both go up.


Net income goes up; assets and stockholders' equity both go up.


No effect on net income; assets go both up and down.


No effect on net income; assets and liabilities both go up.

Question 4: Paid off an amount due to a creditor.

Net income goes up; assets and liabilities both go up.


Net income goes up; assets and liabilites both go down.


No effect on net income; assets and liabilities both go up.


No effect on net income; assets and stockholders' equity both godown.


No effect on net income; assets and liabilities both go down.

Question 5: Received utility bill for the current month; thebill will be paid next month.

Net income goes down; assets and liabilites both go up.


Net income goes down; assets and liabilites both go down.


Net income goes down; assets and stockholders' equity both godown.


Net income goes down; liabilities go up and stockholders' equitygoes down.


No effect on net income; assets and liabilities both go up.

the following incomplete balance sheet is for sanderson man.company was prepared by the companys controller as accountingmanager for sanderson you are attempting to reconstructtruct andrevise the balance sheet.

sanderson balance sheet

at dec 31, 2016

($in000s)

assets

currents asssets:

cash 1250

a/r 3,500

allowance for uncollectable accounts (400)

finished goods inventory 6,000

prepaid expenses 1,200

total curent assets 11,550

non current assets:

investments 3,000

raw materials and work in progress inventory 2250

equiment 15,000

accumulated depreciation on equipment (4,200)

patent ?

total assets ?

liabilites and shareholders equity

current liabilites:

A/P 5,200

Note payable 4,000

Intereest payable 100

deffered revenue 3,000

total current liabilites 12,300

Long-term liabilites:

Bonds payable 5,500

Interest payable-bonds 200

shareholders equity:

common stock $?

retained earnings ?- ?

total liabilties and shareholders equity ?

1. certain records that included the account balance for thepatent and shareholders equity items were lost however thecontroller told you that a complete, preliminary balance sheetprepared befoere the records were lost showed a debt to equityratio 1.2 that is total liabilites are 120% of total shareholdersequity retained earnings at the begining of the year was 4,000 netincome for 2016 was 1,560 and 560 in cash dividends were deductedand paid to shareholdrers.

2. managment intends to sell the investments in the next 6months

3. interest on both the note and bonds is payable anually.

4 the note payable is due in annual installments of 1,000each

5. deffered revenue will be recognized as revenue equally overthe next 2 fiscal years.

6. the common stock represents 400,000 shares of no par stockathorized, 250,000 shares issued and oustanding.

Required:

Prepare a complete, corrected, classified balancesheet.

Related Documents

ACC E272 Lecture Notes - Lecture 17: Microsoft Powerpoint, Market Rate, Relative Risk
rubyporpoise450
ACC-1A Lecture Notes - Lecture 27: Contingent Liability, Financial Statement, Commercial Paper
lemonwater-buffalo623
ACC 311 Lecture Notes - Lecture 9: Current Liability, Starbucks, Contingent Liability
greenwalrus59

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in