ACCOUNTING

P 3-1 Balance sheet preparation

Presented below is a list of balance sheet accounts in alphabetical order.

Accounts payable
Inventories
Accounts receivable
Land (in use)
Accumulated depreciation—buildings
Long-term investments
Accumulated depreciation—equipment
Notes payable (due in 6 months)
Allowance for uncollectible accounts
Notes receivable (due in 2 years)
Bond sinking fund
Patent
Bonds payable (due in 10 years)
Preferred stock
Buildings
Prepaid expenses
Cash
Rent payable (current)
Common stock
Retained earnings
Copyright
Short-term investments
Equipment
Taxes payable
Interest receivable (due in three months)
Wages payable

Required:

Prepare a classified balance sheet ignoring monetary amounts.

P 3-2 Balance sheet preparation; missing elements

The data listed below are taken from a balance sheet of Trident Corporation. Some amounts, indicated by question marks, have been intentionally omitted.

 

Required:

1. Determine the missing amounts.
2. Prepare Trident’s classified balance sheet.

 

P 3-3 Balance sheet preparation

 

p. 155

The following is a December 31, 2011, post-closing trial balance for Almway Corporation.

 

Additional information:

1. The investment account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The balance of these investments are intended to be sold in the coming year.
2. The land account includes land which cost $25,000 that the company has not used and is currently listed for sale.
3. The cash account includes $15,000 set aside in a fund to pay bonds payable that mature in 2014 and $23,000 set aside in a three-month Treasury bill.
4. The notes payable account consists of the following:

a. a $30,000 note due in six months.
b. a $50,000 note due in six years.
c. a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2012.
5. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
6. The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized.

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