Below is a list of accounts and year-end balances taken from the general ledger of Deep Drillers,
Question:
Below is a list of accounts and year-end balances taken from the general ledger of Deep Drillers, Inc.
*Deep Drillers owns 42% of Susanna’s common stock.
Prepare the long-term asset section of the balance sheet in good form.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
$ 40,000 10,000 90.000 4,000 500,500 195,600 56,300 36,000 $3,000 Accumulated depreciation Treasury stock Building Land Drilling equipment Accounts receivable Dividend income 160,000 120,000 230,000 25,000 6,600 5,400 250,000 15,000 Goodwill Storage tanks Trademark Oil wells Investment in Susanna Co.* Construction in process Inventory of tools s payable Common stock Accumulated depletion
Step by Step Answer:
Deep Drillers Inc LongTerm Assets Section of Balance Sheet At YearEn...View the full answer
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Related Video
Treasury stock refers to shares of a company\'s own stock that the company has bought back from its shareholders and now holds as a form of asset on its balance sheet. When a company buys back its own stock, it reduces the number of outstanding shares in the market, which can potentially increase the value of the remaining shares. Treasury stock can be acquired through a variety of methods, such as open market purchases, negotiated transactions, or as a result of converting convertible securities. Companies may buy back their own shares for a number of reasons, including to return capital to shareholders, to signal confidence in the company\'s future, or to use the shares for employee stock option plans. While treasury stock does not pay dividends, it can be reissued by the company at a later time, which could dilute the value of the remaining shares. Companies are required to report their treasury stock holdings in their financial statements.
Students also viewed these Accounting questions
-
The 2012 year-end adjusted balances taken from the general ledger of Cooperstown Services, Inc. are listed below in general ledger order. Cooperstown Suppliers, Inc. DR CR Cash S12,950 Accounts...
-
The account balances taken from the general ledger for River Falls Beverages, Inc., are as follows: Accounts Payable ................... $285,940 Accounts Receivable .................... 386,660...
-
The account balances taken from the general ledger for Edwards, Inc., are as follows: Accounts Payable .................... $ 345,046 Accounts Receivable .................. 497,036 Accumulated...
-
Provide an detailed overview on the topic indirect pay/benefits. Use the information given: Indirect Pay: any type of employer-provided reward (or "benefit") that serves an employee need but is not...
-
On January 22, 2015, Dobbins Supply, Inc., sold 700 toner cartridges to Foster Office Fitters. Immediately prior to this sale, Dobbins Supply's perpetual inventory records for these units included...
-
Is this approach a good alternative to small business lending from traditional banks? Discuss the pros and cons of alternative lenders like PayPal.
-
What are the advantages of using cloud computing?
-
Turgro Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production. Instructions (a) Define the terms variable...
-
Marigold Hills Ltd. issued five-year bonds with a face value of $160,000 on January 1. The bonds have a coupon interest rate of 7% and interest is paid semi-annually on June 30 and December 31. The...
-
Natalie has been approached by one of her friends, Curtis Lesperance. Curtis runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is very anxious to buy...
-
Explain how a manager can use accounting information as a means of controlling assets and ensuring their security.
-
You are reviewing the balance sheet of Worldwide Technology, a manufacturer of assorted electronic components. You observe the following account classifications. a. Intangible assets b. Inventories...
-
The output gas mixture of a certain airblown coal gasifier has the composition of producer gas as listed in Table 14.2. Consider the combustion of this gas with 120% theoretical air at 100 kPa...
-
Explain and show each step for better understanding: Let H(x)=f(x) + 5g(x), where the graphs of f and g are shown in the figure to the right. Find H'(5). H'(5)= 104 8- 6- 4 2- VEIO [2(k) co. 6 8 10
-
Write and simplify the integral that gives the arc length of the curve y = ex on the interval 1 x 4. Round the answer to three decimals. [4 points] Write and simplify the integral that gives the...
-
Find the derivative applying the product rule: Derivative of f(x)=(7x - 6x +-10) (5x - 6x +- x3 xZ
-
For f(x) = 6x + 3x + 2 fill in the table below. f(x) : X 1.9 1.99 1.999 1.9999 2.0001 2.001 2.01 2.1 = x - 2 Af Ax0 Ax Use the table to estimate lim = Af = f(x) = f(2) Af Ax
-
Draw a function C(r) with the properties: lim H119 C(x) = 5, lim C(x) = -1, lim C(z) = 3, 2-0 1-04 lim C(x) = o, lim C(x) = 3 1 218 C(r) is has a domain of r ER, x # 2 and C(0) = 0.
-
Determine Mallcentrals budgeted purchases for the next (seven-day) week. a. $300,000 b. $225,000 c. $157,500 d. $75,000 Suppose Mallcentral sells 1,000 hardcover books per day at an average price of...
-
You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its...
-
Describe the relationship between social networks and social media.
-
Making Decisions as a Manager: Evaluating the Effects of Business Strategy on Return on Assets Sony is a world leader in the manufacture of consumer and commercial electronics as well as in the...
-
Making a Decision as an Auditor: Effects of Errors on Income, Assets, and Liabilities Megan Company (not a corporation) was careless about its financial records during its first year of operations,...
-
Evaluating an Ethical Dilemma: Management Incentives and Fraudulent Financial Statements Netherlands-based Royal Ahold ranks among the worlds three largest food retailers. In the United States it...
-
Mrs. Sam Taffer was a brilliant engineer at IBM and made a lot of money from stock options. Since then, she has worked as a musician and raised her two sons. She wishes to have most of her property...
-
Miller Company ended its fiscal year on June 30, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below. MILLER COMPANY Adjusted Trial Balance June 30, 2017...
-
What depreciation method is used to write off property, plant and equipment? Regarding the triple bottom line, what information did the company disclose about environmental matters in the reports?...
Study smarter with the SolutionInn App