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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 03-03 ALMWAY CORPORATION Balance Sheet At December 31, 2011 Assets

Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net of allowance for uncollectible accounts of $8,000 Inventories Prepaid insurance Total current assets Investments: Marketable securities Land held for sale Bond sinking fund Total investments Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation Net property, plant, and equipment Intangibles: Patents Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Note payable Current maturities of long-term debt Total current liabilities Long-term liabilities: Notes payable Bonds payable Total long-term liabilities Shareholders' equity: Common stock, no par value; 500,000 shares authorized; 100,000 shares issued and outstanding Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 75,000 20,000 30,000 10,000 135,000 $ 30,000 80,000 60,000 200,000 9,000 379,000

30,000 25,000 15,000 70,000

65,000 420,000 110,000 595,000 (160,000) 435,000

10,000 894,000
Correct!

90,000 240,000 330,000

300,000 129,000 $ 429,000 894,000


Correct!

Given Data P03-03: ALMWAY CORPORATION Post-Closing Trial Balance December 31, 2011 Account Title Cash Investments Accounts receivable Inventories Prepaid insurance Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds payable Common stock Retained earnings Totals Additional Information: Common stock investment Intention to hold (years) Land cost Cash set aside to pay bonds payable Cash set aside in 3-month treasury bill Note due in six months Note due in six years Note due in five annual installments Installments amounts beginning 2/15/2012 Accounts Receivable balance Allowance for uncollectible accounts Shares of common stock Shares of common stock authorized Debits 45,000 110,000 60,000 200,000 9,000 90,000 420,000 110,000 60,000 10,000 75,000 130,000 20,000 240,000 300,000 129,000 1,054,000 Credits

100,000

1,054,000

$ $ $ $ $ $ $ $ $ $

30,000 3 25,000 15,000 23,000 30,000 50,000 50,000 10,000 60,000 8,000 100,000 500,000

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 03-04 WIESMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2011 Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net of allowance for uncollectible accounts of $16,000 Inventories Prepaid expenses Total current assets Property, plant, and equipment: Machinery and equipment Less: Accumulated depreciation Net property, plant, and equipment Other assets: Prepaid expenses Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Unearned revenues Taxes payable Note payable Current maturities of long-term debt Total current liabilities Long-term liabilities: Notes payable Shareholders' equity: Common stock, no par value; 800,000 shares authorized; 400,000 shares issued and outstanding Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 60,000 20,000 80,000 30,000 40,000 20,000 250,000 $ 95,000 110,000 144,000 285,000 88,000 722,000

320,000 (110,000) 210,000

60,000 992,000
Correct!

140,000

400,000 202,000 $ 602,000 992,000


Correct!

Given Data P03-04: WIESMULLER PUBLISHING COMPANY Post-Closing Trial Balance December 31, 2009 Account Title Cash Accounts receivable Inventories Prepaid expenses Machinery and equipment Accumulated depreciation - equipment Investments Accounts payable Interest payable Unearned revenue Taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Additional Information: Prepaid 2 yr lease paid on 12/31/2011 Treasury bills purchased 11/30/2011 Treasury bill maturity Investments intended for sale next year Prepaid subscriptions of 1 year or less Note due in six months Note due in six years Note due in three annual installments Installments amount Shares of common stock Shares of common stock authorized Debits 65,000 160,000 285,000 148,000 320,000 140,000 60,000 20,000 80,000 30,000 200,000 16,000 400,000 202,000 1,118,000 Credits

110,000

1,118,000

$ $ $ $ $ $ $ $

120,000 30,000 1/30/2010 110,000 80,000 40,000 100,000 60,000 20,000 400,000 800,000

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 03-05 EXCELL COMPANY Balance Sheet At June 30, 2009 Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net of allowance for uncollectible accounts of $15,000 Interest receivable Prepaid expenses Total current assets Investments: Note receivable Land held for sale Property, plant, and equipment: Land Buildings Equipment Less: Accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued expenses Note payable Current maturities of long-term debt Total current liabilities Long-term liabilities: Note payable Mortgage payable Total long-term liabilities Shareholders' equity: Common stock, no par value; 500,000 shares authorized; 200,000 shares issued and outstanding Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 173,000 45,000 50,000 10,000 278,000 $ 101,000 47,000 210,000 5,000 32,000 395,000

65,000 25,000

90,000

50,000 320,000 265,000 635,000 (280,000) $ 355,000 840,000


Correct!

50,000 240,000 290,000

100,000 172,000 $ 272,000 840,000


Correct!

Given Data P03-05: EXCELL COMPANY Post-Closing Trial Balance June 30, 2011 Account Title Cash Short-term investments Accounts receivable Prepaid expenses Land Buildings Accumulated depreciation - buildings Equipment Accumulated depreciation - equipment Accounts payable Accrued expenses Notes payable Mortgage payable Common stock Retained earnings Totals Debits 83,000 65,000 280,000 32,000 75,000 320,000 265,000 120,000 173,000 45,000 100,000 250,000 100,000 172,000 1,120,000 Credits

160,000

1,120,000

Additional Information: U.S. treasury bill purchased in May Accounts receivable: Amounts owed by customers Allowance for uncollectible accounts-trade customers Nontrade note receivable (due in 3 years) Interest receivable on note (due in 4 months) Total Note payable due on 9/30/2011 Note payable due on 11/30/2012 Mortgage payable semiannually (excluding interest) Shares of common stock Shares of common stock issued and outstanding Land account with office building (cost) Cost of land

$ $

18,000 225,000 (15,000) 65,000 5,000 280,000 50,000 50,000 5,000 500,000 200,000 50,000 25,000

$ $ $ $

$ $

Student Name: Instructor Class: McGraw-Hill/Irwin Problem 03-10 MELODY LANE MUSIC COMPANY Balance Sheet At December 31, 2009 Assets Current assets: Cash Inventories Prepaid rent Total current assets Property, plant and equipment: Equipment and furniture Less: Accumulated depreciation Net property, plant, and equipment Total assets $ 167,000 100,000 3,000 270,000

40,000 (4,000) $ 36,000 306,000


Correct!

Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Loan payable Total current liabilities Shareholders' equity: Common stock, no par value, 100,000 shares authorized 20,000 shares issued and outstanding Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 21,000 9,000 100,000 130,000

100,000 76,000 $ 176,000 306,000


Correct!

Given Data P03-10: MELODY LANE MUSIC COMPANY Cash receipts: From customers From issue of common stock From bank loan Cash disbursements: Purchase of inventory Rent Salaries Utilities Insurance Purchase of equipment and furniture Interest rate of bank loan Furniture and equipment: Useful life (years) Depreciation per year Inventories on hand at end of year Amounts owed 12/31/2011: To suppliers of inventory To the utility company Building rent per month Months of rent paid in advance Net income for year Shares of common stock Shares of common stock issued and outstanding

360,000 100,000 100,000

300,000 15,000 30,000 5,000 3,000 40,000 12% 10 4,000 100,000 20,000 1,000 1,000 4 76,000 100,000 20,000

$ $ $ $ $ $