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Intermediate Accounting Chapter 3 Homework

Intermediate Accounting Chapter 3 Homework

The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

 

  Account Title Debits Credits
  Cash 51,000      
  Accounts receivable 45,000      
  Inventories 86,000      
  Prepaid rent 27,000      
  Marketable securities (short term) 21,000      
  Machinery 200,000      
  Accumulated depreciation—machinery     22,000  
  Patent (net of amortization) 90,000      
  Accounts payable     13,500  
  Wages payable     9,500  
  Taxes payable     43,000  
  Bonds payable (due in 10 years)     250,000  
  Common stock     140,000  
  Retained earnings     42,000  
  



      Totals 520,000   520,000  
  








 

Required:

Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

 

Cone Corporation is in the process of preparing its December 31, 2016, balance sheet. There are some questions as to the proper classification of the following items:

 

 a.

$67,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2020.

 b.

Prepaid rent of $41,000, covering the period January 1, 2017, through December 31, 2018.

 c.

Note payable of $234,000. The note is payable in annual installments of $37,000 each, with the first installment payable on March 1, 2017.

 d.

Accrued interest payable of $29,000 related to the note payable.

 e.

Investment in marketable securities of other corporations, $114,000. Cone intends to sell one-half of the securities in 2017.

 

Required:

Prepare a partial classified balance sheet to show how each of the above items should be reported.

 

 

The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2016 balance sheet reported the following: cash, $1,360,000; prepaid expenses, $420,000; noncurrent assets, $3,000,000; and shareholders’ equity, $3,100,000. The current ratio at the end of the year was 2.8 and the debt to equity ratio was 2.0.

 

Required:
Determine the following 2016 amounts and ratios: (Round your “The acid-test ratio” answer to 1 decimal place.)

The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.

 
  Account Title Debits Credits
  Cash   103,000        
  Short-term investments   218,000        
  Accounts receivable   159,000        
  Long-term investments   53,000        
  Inventories   233,000        
  Loans to employees   58,000        
  Prepaid expenses (for 2017)   34,000        
  Land   298,000        
  Building   1,730,000        
  Machinery and equipment   655,000        
  Patent   170,000        
  Franchise   58,000        
  Note receivable   340,000        
  Interest receivable   30,000        
  Accumulated depreciation—building         638,000  
  Accumulated depreciation—equipment         228,000  
  Accounts payable         207,000  
  Dividends payable (payable on 1/16/17)         28,000  
  Interest payable         34,000  
  Taxes payable         58,000  
  Deferred revenue         78,000  
  Notes payable         336,000  
  Allowance for uncollectible accounts         26,000  
  Common stock         2,072,000  
  Retained earnings         434,000  
 





        Totals   4,139,000     4,139,000  
 












    

Additional information:
1. 

The common stock represents 1.5 million shares of no par stock authorized, 680,000 shares issued and outstanding.

2.  The loans to employees are due on June 30, 2017.
3. 

The note receivable is due in installments of $68,000, payable on each September 30. Interest is payable annually.

4. 

Short-term investments consist of marketable equity securities that the company plans to sell in 2017 and $68,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2017. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.

5. 

Deferred revenue represents customer payments for extended service contracts. Seventy five percent of these contracts expire in 2017, the remainder in 2018.

6. 

Notes payable consists of two notes, one for $118,000 due on January 15, 2018, and another for $218,000 due on June 30, 2019.

   
Required:

Prepare a classified balance sheet for Vosburgh at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)


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