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Smith Corporation Listed below is information from the financial records of Smith Corporation at December 31, 2016: Retained earnings $37,000 Notes payable-Duc July 1, 2019 $12,000 Accumulated depreciation 13,000 Interest payable 1,000 Income taxes payable 24,000 Office supplies 2,000 Buildings 48,000 Accounts payable 46,000 Cash 11,000 Inventory 33.000 Accounts receivable 35,000 Land 50,000 Capital stock 60,000 Prepaid rent 1. Read the information about Smith Corporation. Required: Calculate Smith's current ratio at December 31, 2016. What does this ratio tell you about the "composition" of the current assets? ANSWER: 4,000 2. Read the information below about Smith Corporation Required: Calculate the amount of working capital at December 31, 2016 for Smith Corp. What can you learn from the current ratio that you cannot learn from the amount of working capital? ANSWER: Fasoli, Inc. The following balance sheet items from Easoli. Inc. are listed for December 31, 2016: Accounts payable $ 32,650 Interest payable 2,200 Accounts receivable 26,500 Land 250,000 Accumulated depreciation-buildings 40,000 Marketable securities 15,000 Merchandise inventory 112,900 Accumulated depreciation-equipment 12,500 Notes payable, due April 15, 2017 6,500 Office supplies 200 Notes payable, due December 31, 2020 251,630 Paid-in capital in excess of par value 75,000 MacBook Pro Fasoli, Inc. The following balance sheet items from Easoli. Inc. are listed for December 31, 2016: Accounts payable Interest payable Accounts receivable Land Accumulated depreciation-buildings Marketable securities Merchandise inventory Accumulated depreciation-equipment Notes payable, due April 15, 2017 Office supplies Notes payable, due December 31, 2020 Paid-in capital in excess of par value Buildings Patents Capital stock, S1 par value $ 32,650 2,200 26,500 250,000 40,000 15,000 112,900 12,500 6,500 200 251,630 75,000 150,000 45,000 200,000 Name: Midterm Exam Prepaid rent Cash Retained earnings Equipment Salaries payable Income taxes payable 3,800 60,990 113,510 84,500 7,400 7,500 3. Read the information about Fasoli, Inc. Required: Present the Current Assets section (including the total) of a classified balance sheet. 4. Debit entries are used to a. increase asset accounts. b. decrease expense accounts. c. increase liability accounts. d. increase revenue accounts. ANSWER: 5. Credit entries are used to a. increase asset accounts. b. increase liability accounts. c. decrease revenue accounts. d. decrease liability accounts. ANSWER: 6. Which of the following statements is true? a. If a debit entry is made to an account in the general journal, the same account will receive a credit entry when the amount is posted to the general ledger. b. If all transactions are correctly posted to the general ledger, the sum of the accounts with debit balances should be equal to the sum of the accounts with credit balances e. Posting occurs when numbers in the general ledger accounts are transferred to the general journal. d. If the sum of the debit balances equals the sum of the credit balances then there were no mistakes made in the posting process. ANSWER: MidTerm Exam Name: 7. On January 1, 2016, ABC, Inc. purchased a copier for $9,000 cash and decided to depreciate it over 5 years. What amounts associated with the copier will appear on ABC's financial statements for the year ending December 31, 2016? Income Statement Statement of Cash Flows a. ($1,800) ($9,000) b. ($1,800) $ 0 c. ($9,000) $ 0 d. None of these chpices. ANSWER: 8. Remaz Corp. purchased equipment at a cost of $220,000 in January, 2015. As of January 1, 2016, depreciation of $160,000 had been recorded on this asset. Depreciation expense for 2014 is $50,000. After the adjustments are recorded and posted at December 31, 2016, what are the balances for the Equipment and Accumulated Depreciation? Equipment Accumulated Depreciation a. $210,000 0 $220,000 b. $220,000 c. $160,000 d. $120,000 $ 50,000 $210,000 ANSWER: 9. Carpenter Transport Company purchased a truck at a cost of $60,000 on January 1, 2012. The truck has an estimated useful life of 9 years and a $15,000 residual value. A. How much depreciation expense should be reported for the year 2016? B. What is the total amount of accumulated depreciation at December 31, 2016? C. Show how the truck and the related accumulated depreciation would appear on Carpenter's December 31, 2016, balance sheet immediately after the adjustments are recorded and posted. D. Is the amount on the balance sheet what the truck could probably be sold for on December 31, 2016? What principle governs? E. How much depreciation expense should be reported for the year 2017