Desert Company reported the following account balances at the end of the 1st quarter: Money Market...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Desert Company reported the following account balances at the end of the 1st quarter: Money Market Fund Goodwill PPE (net) 5-year Bonds Payable AFS Securities Unearned Revenue* Retained Earnings $8,485 $130,000 Inventory $605,553 $103,374 $17,406 $33,092 $548,367 Accounts Receivable (net) $62,000 Short-Term Notes Payable $82,235 $46,000 *$20,000 of the Unearned Revenue is expected to be earned this year. What would Desert report for Noncurrent Liabilities on its quarterly balance sheet? Desert Company reported the following account balances at the end of the 1st quarter: Money Market Fund Goodwill PPE (net) 5-year Bonds Payable AFS Securities Unearned Revenue* Retained Earnings $8,485 $130,000 Inventory $605,553 $103,374 $17,406 $33,092 $548,367 Accounts Receivable (net) $62,000 Short-Term Notes Payable $82,235 $46,000 *$20,000 of the Unearned Revenue is expected to be earned this year. What would Desert report for Noncurrent Liabilities on its quarterly balance sheet?
Expert Answer:
Answer rating: 100% (QA)
Desert would report for Noncurrent Liabilities on its quarterly balance sheet the follo... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
The Janjua Company had the following account balances at 1/1/18: Common Stock $65,000 Treasury Stock (at cost) 13,400 Paid-in-Capital in Excess of Par 82,000 Investments in AFS Debt Securities 42,000...
-
On June 30, 2018, Streeter Company reported the following account balances: On June 30, 2018, Princeton Company paid $310,800 cash for all assets and liabilities of Streeter, which will cease to...
-
On June 30, 2013, Sampras Company reported the following account balances: On June 30, 2013, Pelham paid $300,000 cash for all assets and liabilities of Sampras, which will cease to exist as a...
-
Ghana Water Company Limited (GWCL) Profile Ghana Water Company Limited (GWCL) is a utility company, fully owned by the State. The company is responsible for potable water supply to all urban...
-
Felix G. Rohatyn, a well-known financier, published a letter on the editorial page of the New York Times on July 1, 1990. He wrote: I was startled and dismayed by [an earlier Times editorial]...
-
Karen Samuels (Social Security number 123-45-6789) makes the following purchases and sales of stock: Assuming that Karen is unable to identify the particular lots that are sold with the original...
-
Prepare an income statement from relevant financial information and interpret the information that it contains.
-
In its annual report, WRS Athletic Supply, Inc. includes the following five- year financial summary. Requirements 1. Analyze the companys financial summary for the fiscal years 20142018 to decide...
-
8. Sheffield Manufacturing is considering three capital investment proposals. At this time, the company has funds available to pursue only one of the three investments. View the capital investment...
-
Surface defects have been counted on 25 rectangular steel plates, and the data are shown in Table 6E.9. Set up a control chart for nonconformities using these data. Does the process producing the...
-
post a tax planning initiative you would present to your corporate tax client To reduce the corporations overall state tax burden assuming they are operating in more than one state currently Be...
-
How do the three roles help communication and cooperation among the auditor, the auditee, and executive management during the follow-up process?
-
Discuss the general conditions under which a common-source amplifier would be used.
-
How do the three ideal roles help to assure that the follow-up process is carried out?
-
Outline the five control objectives.
-
What are the changes in dc and ac characteristics of a common-source amplifier when a source resistor and a source bypass capacitor are incorporated in the design?
-
Current ratio= current assets/ current liabilities Year 2020 25,418,057 current assets current liabilities 11,294,181 Current ratio 2.2505 Cash ratio= cash/ current liabilities Year 2020 Cash...
-
The sales department of P. Gillen Manufacturing Company has forecast sales in March to be 20,000 units. Additional information follows: Finished goods inventory, March 1 . . . . . . . . . . . . . . ....
-
Explain each of the following terms: (a) Authorized shares, (b) Issued shares, and (c) Outstanding shares.
-
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset...
-
Ospry Company has working capital in the amount of $1,240,000. For each of the following transactions, determine whether working capital will increase, decrease, or remain the same. a. Paid accounts...
-
Form small groups for this exercise on claim and adjustment letters. Have each member of your group study the following two letters. Meet and discuss your reactions to the two letters. How...
-
You work in the customer relations department of a company that makes plumbing supplies. The head of product development has just handed you the draft of installation instructions for a sliding tub...
-
Study the excerpt from the Micron data flyer (2010, p. 9). Describe the designers use of alignment as a design principle. How effective is it? How would you modify it? Present your analysis and...
Study smarter with the SolutionInn App