The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an
Question:
Required:
Prepare a classified balance sheet in proper form. Make any necessary corrections.
Transcribed Image Text:
Mikeska Company Balance Sheet as of December 31, 2017 ($ in thousands) Assets Fixed assets-tangible Land Buildings and equipment Less: Reserve for depreciation $500 200 (50) S 650 20 Factory supplies Current assets Inventory Accounts receivable Cash 163 102 68 Fixed assets-intangibles Patents Goodwill 51 49 100 Deferred charges Discount on bonds payable Returnable containers 12 32 Total assets $1,147 Liabilities Current liabilities 140 Accounts payable Allowance for doubtful accounts Wages payable 195 $ 342 Long-term liabilities Bonds payable Reserve for continge ncies 400 50 450 Equity Capital stock, $10 par, 5,000 shares issued and outstanding Capital surplus Earned surplus Dividends paid 50 75 270 (40) 355 $1,147 Total liabilities
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
1 This classification assumes this amount has been properly accrued If instead the item is interpret...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Question Posted:
Students also viewed these Cost Accounting questions
-
The bookkeeper for Geronimo Company has prepared the following balance sheet as of July 31, 2014. The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and...
-
The following balance sheet is submitted to you for inspection and review. Appalachian Freight Company Balance Sheet December 31, 2013 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
The following balance sheet information represents actual data for 2011 and forecasted data for 2012: The actual income statement for 2011 is as follows: Sales . . . . . . . . . . . . . . . . . . . ....
-
1. The two taxes paid on most purchases are the amount of each tax is % and and the % respectively. 2. Use the "10% + 5%" method of estimating total cost. Estimated Rounded Cost Item Cost 10% 5%...
-
What roles do cross-functional teams and supply chain management play in target costing?
-
What would discovering huge new supplies of oil and natural gas do to the short-run and long-run aggregate supply curves?
-
(a) A brick slides more easily on ice than on wood. For which combination (brick on ice or brick on wood) is \(\mu_{s}\) larger? (b) For rubber on dry asphalt, \(\mu_{s}\) is about 1 . Ignoring any...
-
Boone Oil Company transports crude oil to its refinery where it is processed into main products gasoline, kerosene, and diesel fuel, and by-product base oil. The base oil is sold at the split-off...
-
a) Investment in real estate is one of the booming business in Kenya today and most of companies and wealthy individuals have been venturing into the business. Understanding on the rights of real...
-
Doner Company Inc. established a foreign subsidiary on January 1, Year 1. The subsidiarys financial statements in foreign currency (FC) for the year ended December 31, Year 1, appear as follows:...
-
Holmes Company reported the following balance sheets at December 31, 2017 and 2018: Its income statement for 2018 was as follows: ($ in millions)...
-
The preliminary draft of the balance sheet at the end of the current fiscal year for Eagle Industries follows. The statement will be incorporated into the annual report to stockholders and will...
-
Determine if B is the inverse matrix of A by evaluating AB and BA. A [1 L01 2 1 2 10-1 B = -1 0 2 2 -1 -1 -1 -1
-
Atty. Jose, a lawyer with a small office in front of the City Hall of Manila, manages to get an average of P100,000 a month in Notarization from his stall from walk-ins. He also manages to facilitate...
-
The following information is provided for Magico Ltd in respect of the year ended 31 December 2021: Revenue Cost of sales Gross profit Distribution costs Administrative expenses Magico Ltd Statement...
-
What are some ways outsourcing has positively or negatively impacted your specific organization or industry as a whole? Are there alternatives to outsourcing operations that mirror similar...
-
Jane, a single individual, died in 2024 with a net taxable estate of $16,000,000. She used half of her unified credit to make taxable gifts during her lifetime. What is her estate tax liability?
-
A particle on a wave starts with a displacement of 3 cm above equilibrium. As the wave moves left at 2 m/s, the particle reaches a maximum displacement of 6 cm below the equilibrium in 0.2 s. (a)...
-
Why do you see lightning before you hear the thunder? A familiar rule of thumb is to start counting slowly, once per second, when you see the lightning; when you hear the thunder, divide the number...
-
The landing gear of an aircraft with: mass of 2000 kg the spring-mass-damper system Consider that the runway surface is y(t) = 0.2 cos 157.08t stiffness of the spring is 5 x 105 N/m. What is the...
-
On January 1, 20X1, Delta Inc. acquired 80% of Sigma Companys outstanding stock for $80,000 cash. Following are the balance sheets for Delta and Sigma immediately before the acquisition, as well as...
-
On April 1, 20X1, Dart Company paid $620,000 for all issued and outstanding common stock of Wall Corporation in a transaction properly accounted for under the acquisition method. Walls recorded...
-
Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 20X1: On January 2, 20X1, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprites common...
-
Write a program that accepts a phone number of the form +1(xxx)-XXX-XXXX where x is a digit, and displays the sum of all digits in the phone number. Example (user's input in red, output in blue)...
-
4. (25 points) The reverse of a directed graph G is another directed graph GR with the same vertex set with the property that if (u, v) is an edge in G then (v, u) is an edge in GR. Consider the...
-
2. (25 points) The Fibonacci numbers Fo, F1,..., are defined by Fo 0, F11, Fn = Fn-1 + Fn-2 Use induction to prove that: (a) Use induction to prove that Fn 20.5n for n 6 (b) Use induction to prove...
Study smarter with the SolutionInn App