Question

The accountant at Monsters, Inc. unexpectedly quit on December 31, 2017, leaving everything behind. You managed...

The accountant at Monsters, Inc. unexpectedly quit on December 31, 2017, leaving everything behind. You managed to find the following information:

Accum. Depr. – Building            $15,000                        Interest Payable                                           600

Accum. Depr. – Equipment          10,000                        Inventory                                              $102,000

Accounts Receivable                     2,000                        Land                                                       137,320

Allowance for Bad Debt                    140                         Notes Payable (due 7/1/16)                     14,400

Bonds Payable (due 12/31/20)     78,000                        Prepaid Advertising                                   5,000

Buildings                                    80,400                        Retained Earnings                                             ?

Cash                                           30,000                        Salaries Payable                                           900

Common Stock                           60,000                        Taxes Payable                                           3,000

Equipment                                  40,000

1. Greg Rio, the owner of the firm, is concerned about the types of disclosures that the firm needs for its balance sheet items. Discuss the disclosures that the firm needs to make for:

- Inventories

- Accounts Receivable

- Property, Plant, and Equipment

- Bonds Payable

- Common Stock

Business   Accounting   
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Answer #1

Disclosures for the following will be made as following:

Assets (in $)
Current Assets 138860
Inventory 102000
Cash 30000
Accounts Receivable 2000
Less: Bad Debts 140 1860
Prepaid Advertising 5000
Non-Current Assets 232720
Land 137320
Building 80400
Less: Dep 15000 65400
Property, Plant& Equipment 40000
Less: Dep 10000 30000
Total Assets 371580
Liabilities
Current liabilities
Interest Payable 600
Bonds payable 78000
Salaries Payable 900
Taxes Payable 3000 82500
Non-Current Liabilities
Notes Payable 14400
Equity
Common Stock 60000
Retained Earning 214680 274680
Total Liabilities 371580
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