The accounts and balances shown below were taken from Microtech Company's trial balance on December 31,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The accounts and balances shown below were taken from Microtech Company's trial balance on December 31, 2021. Wages Payable, $250,000; Cash $175,000; Bonds Payable $600,000; Dividends Payable $140,000; Prepaid Rent $136,000; Inventory $820,000; Sinking Fund Assets $525,000; Trading securities $153,000; Premium on Bonds Payable $48,000; Stock Investment in Subsidiary $1,020,000; Taxes Payable $228,000; Accounts Payable $248,000; Accounts Receivable $366,000; Property, Plant & Equipment $1,200,000; Patents-net, $150,000; Accumulated Depreciation-PPE $400,000; Land held for future business site $900,000. a. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current assets? b. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current liabilities? The accounts and balances shown below were taken from Microtech Company's trial balance on December 31, 2021. Wages Payable, $250,000; Cash $175,000; Bonds Payable $600,000; Dividends Payable $140,000; Prepaid Rent $136,000; Inventory $820,000; Sinking Fund Assets $525,000; Trading securities $153,000; Premium on Bonds Payable $48,000; Stock Investment in Subsidiary $1,020,000; Taxes Payable $228,000; Accounts Payable $248,000; Accounts Receivable $366,000; Property, Plant & Equipment $1,200,000; Patents-net, $150,000; Accumulated Depreciation-PPE $400,000; Land held for future business site $900,000. a. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current assets? b. How much should be reported in Microtech's December 31, 2021 balance sheet as current and non-current liabilities?
Expert Answer:
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
The accounts and balances that follow are from Kellman, Inc.'s general ledger. Compute the (1) Working capital and (2) Current ratio. Accounts Payable............................$13,280 Accounts...
-
The following adjusted trial balance contains the accounts and balances of Stilz Co. as of December 31, 2014, the end of its fiscal year: Required Prepare the closing entries for the company. No...
-
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2017. 1. Use the following information about the company's adjustments to...
-
Smile is a social media site that is growing in popularity. The firm has been around for a few years and has created a nice market niche for itself. Now the company has a possible buyer who has made...
-
Mathews Company manufactures only one product. For the year ended December 31, 2014, the contribution margin decreased by $ 126,000 from the planned level of $ 540,000. The president of Mathews...
-
System Duckstein, Inc., manufactures two types of aspirin: plain and buffered. It sells all it produces. Recently, Duckstein implemented a TOC approach for its Fort Smith plant. One binding...
-
New Science leadership: A. Thinks of leadership through a new perspective of naturally occurring events. B. Is based on ethics, biology, and chemistry. C. Involves leading based on the situation. D....
-
During 2014, DeLuca Company had net sales of $5,700,000. Most of the sales were on credit. At the end of 2014, the balance of Accounts Receivable was $700,000 and Allowance for Uncollectible Accounts...
-
warner, Inc. expects net cash flow from operating activities to be $ 140 comma 000, and the company plans purchases of equipment of $ 87 comma 000 and repurchases of stock of $ 16 comma 000. What is...
-
Problem 9 (50 Points) An air-cooled aluminum heat sink is used to keep electronics cool (see image and diagram). The cooling requirements are being significantly increased. To increase the rate of...
-
content area top Part 1 On January 1, 2022, Kimbrell Corporation issued $ 45 comma 000 par value, 4 %, 4-year bonds that mature on December 31, 2025. The market rate of interest was 10 %. Kimbrell...
-
a. Under what circumstances may it be advantageous to test controls with the computer? b. What are the disadvantages of auditing through the computer?
-
State the audit objectives for expenditure cycle transactions and balances that relate to each financial statement assertion category.
-
a. Under what circumstances may it not be necessary to confirm accounts receivable? b. What factors should be considered in determining the form of the confirmation request? c. When positive...
-
a. Identify the functions pertaining to sales adjustments transactions. b. State three types of controls pertaining to sales adjustments transactions and identify their common focus.
-
For each function pertaining to cash disbursements transactions, indicate the applicability, if any, of (a) proper authorization (b) independent checks.
-
203_winter_2023 / assignment_8 Assignment 8: Problem 2 Previous Problem Problem List Next Problem (1 point) Let f(x) = tan '(4x-1) Find f'(x) '(x) = Preview My Answers Submit Answers u have attempted...
-
Uniform electric field in Figure a uniform electric field is directed out of the page within a circular region of radius R = 3.00 cm. The magnitude of the electric field is given by E = (4.50 x 10-3...
-
The inventories of Berry Company for the years 2013 and 2014 are as follows: Required: 1. Assume the inventory that existed at the end of 2013 was sold in 2014. Prepare the necessary journal entries...
-
On January 1, 2013, Knox Company showed the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock ...........$130,000 Additional paid-in capital on...
-
On January 15, 2014, a truck driver for Cork Transfer Company negligently rounded a curve that was also a bridge covering several local merchant shops. The truck jumped the guardrail and fell 30 feet...
-
For each of the following companies, identify whether they are a manufacturing, merchandis ing, or service firm. Exxon Mobil Co. Southwest Airlines Costco Walmart Hershey Co. Boston Consulting Group
-
Match each term to the appropriate description: a. A sportswear manufacturer takes steps to improve water efficiency by 15% per unit in ap- parel materials dyeing and finishing and to reduce waste...
-
Visit the website of at least two organizations from Exhibit 14-1, or another organization that provides a professional certification, and learn the minimum education requirement to take the exam....
Study smarter with the SolutionInn App