Cone Corporation is in the process of preparing its December 31,
2021, balance sheet. There are...
Cone Corporation is in the process of preparing its December 31,
2021, balance sheet. There are some questions as to the proper
classification of the following items:
$61,000 in cash restricted in a savings account to pay bonds
payable. The bonds mature in 2025.
Prepaid rent of $35,000, covering the period January 1, 2022,
through December 31, 2023.
Notes payable of $222,000. The notes are payable in annual
installments of $31,000 each, with the first installment payable on
March 1,...
Carla Corporation is preparing its December 31, 2017, balance
sheet. The following items may be reported...
Carla Corporation is preparing its December 31, 2017, balance
sheet. The following items may be reported as either a current or
long-term liability.
1.
On December 15, 2017, Carla declared a cash dividend of $2.60
per share to stockholders of record on December 31. The dividend is
payable on January 15, 2018. Carla has issued 1,000,000 shares of
common stock, of which 50,000 shares are held in treasury.
2.
At December 31, bonds payable of $101,992,000 are outstanding.
The bonds...
Concord Corporation is preparing its December 31, 2020, balance
sheet. The following items may be reported...
Concord Corporation is preparing its December 31, 2020, balance
sheet. The following items may be reported as either a current or
long-term liability.
1.
On December 15, 2020, Concord declared a cash dividend of $4.20
per share to stockholders of record on December 31. The dividend is
payable on January 15, 2021. Concord has issued 1,000,000 shares of
common stock, of which 50,000 shares are held in treasury.
2.
At December 31, bonds payable of $119,412,000 are outstanding.
The bonds...
The following is a
December 31, 2018, post-closing trial balance for the Jackson
Corporation.
Account
Title...
The following is a
December 31, 2018, post-closing trial balance for the Jackson
Corporation.
Account
Title
Debits
Credits
Cash
$
51,000
Accounts
receivable
45,000
Inventories
86,000
Prepaid rent for
the next 8 months
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...
The following is the ending balances of accounts at December 31,
2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31,
2018 for the Weismuller Publishing Company.
Account Title
Debits
Credits
Cash
101,000
Accounts receivable
196,000
Inventories
303,000
Prepaid expenses
184,000
Machinery and equipment
356,000
Accumulated
depreciation—equipment
128,000
Investments
176,000
Accounts payable
78,000
Interest payable
38,000
Deferred revenue
98,000
Taxes payable
48,000
Notes payable
290,000
Allowance for uncollectible
accounts
34,000
Common stock
418,000
Retained earnings
184,000
Totals
1,316,000
1,316,000
Additional information:
Prepaid expenses include $156,000 paid on December 31, 2018,...
15) Presented below is a partial trial balance for the Messenger
Corporation at December 31, 2018....
15) Presented below is a partial trial balance for the Messenger
Corporation at December 31, 2018.
Account Title
debit
credit
Cash and cash equivalents
30000
Accounts receivable
192000
Raw materials inventory
36000
Note receivable
125000
Interest receivable
4000
Interest payable
8000
Marketable securities investments
48000
Land
100000
Buildings
1500000
Accumulated depreciation—buildings
740000
Work in process inventory
38000
Finished goods inventory
68000
Equipment
400000
Accumulated depreciation—equipment
230000
Franchise (net of amortization)
120000
Prepaid insurance (for the next year)
60000
Deferred revenue...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title...
The following is a December 31, 2018, post-closing trial balance
for the Jackson Corporation.
Account Title
Debits
Credits
Cash
$
52,000
Accounts receivable
46,000
Inventories
87,000
Prepaid rent for the next 8 months
28,000
Marketable securities (short term)
22,000
Machinery
205,000
Accumulated depreciation—machinery
$
23,000
Patent (net of amortization)
91,000
Accounts payable
14,000
Wages payable
10,000
Taxes payable
44,000
Bonds payable (due in 10 years)
260,000
Common stock
150,000
Retained earnings
30,000
Totals
$
531,000
$
531,000
Required:
Prepare a...
On its December 31, 2008 balance sheet, the Noble Corporation
reported the following as investments in...
On its December 31, 2008 balance sheet, the Noble Corporation
reported the following as investments in long-term marketable
equity securities. Investment in long-term marketable equity
securities at market $300,000 Less Adjustment to reflect decline in
market value of marketable equity securities 28,000 At December 31,
2009, the market valuation of the portfolio was $298,000. Noble
does not elect to use the fair value option of reporting financial
assets. What should Noble report on its 2009 Statement of Income as
a...
The balance sheet at December 31, 2018, for Nevada Harvester
Corporation includes the liabilities listed below:...
The balance sheet at December 31, 2018, for Nevada Harvester
Corporation includes the liabilities listed below:
a. 10% bonds with a face amount of $42 million were issued for
$42 million on October 31, 2009. The bonds mature on October 31,
2029. Bondholders have the option of calling (demanding payment on)
the bonds on October 31, 2019, at a redemption price of $42
million. Market conditions are such that the call is not expected
to be exercised.
b. Management intended...
Dole Cole Company’s balance sheet is as follows: Dole Cole
Company Balance Sheet December 31 Assets...
Dole Cole Company’s balance sheet is as follows: Dole Cole
Company Balance Sheet December 31 Assets 2019 2018 RM RM Cash
15,000 16,000 Marketable securities 7,200 8,000 Accounts receivable
34,100 42,200 Inventories 82,000 50,000 Total current assets
138,300 116,200 Land and buildings 150,000 150,000 Machinery and
equipment 200,000 190,000 Furniture and fixtures 54,000 50,000
other 11,000 10,000 Total gross fixed assets 415,000 400,000 Less:
Accumulated depreciation 145,000 115,000 Net fixed assets 270,000
285,000 Total assets 408,300 401,200 Liabilities and Stockholders'...