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Search for more tutorials here - http://entire-courses.com/ACC-349-E5-5-Answer.1 |
This excel file ACC 349 E5 5 Answer.1 has the overview of the following tables: 1. UHURA COMPANY. Balance Sheet 2. LIABILITIES AND STOCKHOLDERS EQUITY |
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Search for more tutorials here - http://entire-courses.com/ACC-349-E5-5-Answer.1 |
Business - Accounting ACC421 Week 3 E5-5 E5-12 E5-15 E24-2 E24-4 E5-5 (Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion. BRUNO COMPANY BALANCE SHEET DECEMBER 31, 2010 Current assets Cash $260,000 Accounts receivable (net) 340,000 Inventories at lower of average cost or market 401,000 Trading securities—at cost (fair value $120,000) 140,000 Property, plant, and equipment Building (net) 570,000 Office equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 and so on ... Instructions Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability. E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010. Debits Credits Cash $ 197,000 Sales $ 7,900,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term Investments in Stocks 277,000 Short-term Notes Payable 90,000 Accounts Payable 455,000 Selling Expenses 2,000,000 Investment Revenue 63,000 Land 260,000 Buildings 1,040,000 and so on .... Instructions Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes. E5-15 (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31. 2010 2009 Cash $157,000 $ 78,000 Accounts receivable 180,000 185,000 Investments 52,000 74,000 Equipment 298,000 240,000 Less: Accumulated depreciation (106,000) (89,000) Current liabilities 134,000 151,000 Capital stock 160,000 160,000 Retained earnings 287,000 177,000 Additional information: Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000; and net income was $160,000. Instructions (a) Prepare a statement of cash flows for 2010 for Sondergaard Corporation. (b) Determine Sondergaard Corporation's free cash flow. E24-2 (Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose. 1. _________ Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end. 2. _________ Introduction of a new product line. 3. _________ Loss of assembly plant due to fire. 4. _________ Sale of a significant portion of the company's assets. and so on .... E24-4 (Ratio Computation and Analysis; Liquidity) As loan analyst for Madison Bank, you have been presented the following information. Plunkett Co. Herring Co. Assets Cash $ 120,000 $ 320,000 Receivables 220,000 302,000 Inventories 570,000 518,000 Total current assets 910,000 1,140,000 Other assets 500,000 612,000 so on .... |
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Search for more tutorials here - http://entire-courses.com/ACC-349-E5-5-Answer.1 |
One tip that can help you study in college is to make yourself flash cards when you have an exam coming up. Flash cards are easy to make. Your can buy inexpensive index cards and write questions on one side and answers on the other. You and a classmate can then use them to study together. |
