$ B E Balance Sheet Preparation Festiva Holiday Decorations' accountants are attempting to prepare the company's classified balance sheet for the year ended December 31, 20XX. The accountants have already compiled all of the account balances into a trial balance to assist with the preperation of this document and want you to use the document to prepare the firm's classified balance sheet. Because these accountants are super cool they have already prepared the company's income statement and statement of retained earnings and handed you a modified trial balance that contains just the amounts that need to be listed on the balance sheet. Festiva Holiday Decorations' balance sheet accounts were 2 as such at the end of the period: 3 Account Debit Credit 4 Cash $ 800,000 5 Accounts Receivable 400,000 6 Allowance for Bad Debt 9,000 7 Supplies 20,000 8 Notes Receivable, Short term 50,000 9 Raw Materials Inventory 75,000 10 Work in Process Inventory 85,000 11 Finished Goodis Inventory 140,000 12 Common Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Accumulated Depreciation Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation-Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Pavable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 Info Classified BS E A B D E 23 Salaries and Wages Pavable 15,000 24 Interest Payable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 27 Bonds Payable 600,000 28 Premium on Bonds Payable 150,000 29 Mortgages Payable 600,000 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $ 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock. Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these shares 40 is $20 per share. e) The company's held-to-maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long-term plant assets using the straight-line method of depreciation. These assets have 42 varying useful lives. Info Classified BS Type here to search O D6 for D E A B 28 Premium on Bonds Payable. 150,000 29 Mortgages Pavable 600,000 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these shares 40 is $20 per share. e) The company's held-to-maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long-term plant assets using the straight-line method of depreciation. These assets have 42 varying useful lives. 8) Festiva's outstanding bonds are 10-year secured senior notes which pay 4% interest annually. The will not mature 43 for another 7 years. h) At the time of the balance sheet's preparation, Festiva Holiday Decorations' board of directors has authorized the issuance of 500,000 shares of $1.50 par common stock. The company has issued 200,000 of these shares and 44 190,000 of them are currently outstanding Info Classified BS Type here to search BI 11 A 1 0 Festiva Holiday Decorations Classified balance sheet For the Year Ended December 20X AS Lio Currentibus + 5 CA fi Cach 7 Less Acto Receivable Total Ourens Len Term Debt fond Patie 32 13 calcun 54 Lon Term Investments 15 70 2 10 79. Property. Plant quent 20 21 le Totalter Bell Tocal tables Stockholders' Equity Cantal stock Adele Total din Capital Yet to the holders TRY A to Norcontinent Total sectory 10 Tots Sticker City 12 Feels Info Classifieds Stockholders' Equity A Total Long Termine Pomy. Plent Equipment Liding Capital Stock Additional Paid in Capital tout To Pai in Catal Totalt & foment Total Equity Attributable to festiva Stacholders Totality Art-butable to Nocowoli Total Stockholm Total Art fotoliabiles & Mohawty Notes to the Classified Balance Sheet 7 Classifieds 36 B Balance Sheet Preparation Festiva Holiday Decorations' accountants are attempting to prepare the company's classified balance sheet for the year ended December 31, 20XX. The accountants have already compiled all of the account balances into a trial balance to assist with the preperation of this document and want you to use the document to prepare the firm's classified balance sheet. Because these accountants are super cool they have already prepared the company's income statement and statement of retained earnings and handed you a modified trial balance that contains just the amounts that need to be listed on the balance sheet. Festiva Holiday Decorations' balance sheet accounts were e as such at the end of the period: 3 Account Debit Credit 4 Cash S 800,000 5 Accounts Receivable 400,000 5 Allowance for Bad Debt S 9,000 7 Supplies 20,000 3 Notes Receivable, Short-term 50,000 9 Raw Materials Inventory 75,000 10 Work-in-Process Inventory 85,000 Finished Goods Inventory 140,000 12 Cominon Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Acanalated Depreciation-Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Pavable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long term 700,000 Info Classified BS Type here to search B D 9 Raw Materials Inventory 75,000 10 Work-in-Process Inventory 85,000 11 Finished Goods Inventory 140,000 12 Common Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Accumulated Depreciation Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation-Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Payable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 27 Bonds Payable 600,000 28 Premium on Bonds Payable 150,000 29 Mortgages Payable 600,000 30 Common Stock 300,000 31 PIC Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 S 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial st the notes to the balance sheet. They have also included guidelines about their preferred formatting for 36 sheet. ari raniaiais.ccoonnuthaalaatainnalathai ninaliantarilirae Info Classified BS Type here to search o Db JU A B E 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $ 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock. Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these 40 shares is $20 per share. e) The company's held to maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long term plant assets using the straight line method of depreciation. These assets have 42 varying useful lives. e) Festiva's outstanding bonds are 10 year secured senior notes which pay 4% interest annually. The will not 43 mature for another 7 years. h) At the time of the balance sheet's preparation, Festiva Holiday Decorations' board of directors has authorized the issuance of 500,000 shares of $1.50 par common stock. The company has issued 200,000 of these shares and 44 190,000 of them are currently outstanding. 45 Info Classified us D Festiva Holiday Decorations Classified Balance Sheet For the Year Ended December 31, 20KX As Trabilities Current Liabilities C 10 Total Current Limited Kort Term Debt 12 Totalment es Terment Bonds Payable Adil 15 16 Total Long Term D Total Stockholfensywily Capital Stock in Property.com 20 Additional Pain Capital Total Paldin Capital 2. A Total Equity Attribute to Festival Shareholders Fotel Abitable to controlling Total Stockholder Equity Totes Soldest Notes to the chance that Classified us Classified Balance Sheet For the Year Ended December 31, 20XX Assets Liabilities Current Liabilities Current Assets Cash Le Accounts ficelle Total Current tables Long Term Debt Total Current Long term restments Blonds Payable Add Total Long Term Debt Totaltabits Total Long Term vestments - Property. Plant Quiment Stockholders' City Capital Stock 1 Les Coment Auditional Pald-in Capital 1 Total Paldin Capital Total Property, plant, & quiment Intarsible Assis Total Equity Attributable to festiva Shareholders Total fruity Attributable to content Total Stockholders' mity 30 Totable Assets 32 Total Assets 3) Total Libes & Stockholders' Equity Notes to the Classified Balance Sheet Pasified as O II Type here to search E $ B E Balance Sheet Preparation Festiva Holiday Decorations' accountants are attempting to prepare the company's classified balance sheet for the year ended December 31, 20XX. The accountants have already compiled all of the account balances into a trial balance to assist with the preperation of this document and want you to use the document to prepare the firm's classified balance sheet. Because these accountants are super cool they have already prepared the company's income statement and statement of retained earnings and handed you a modified trial balance that contains just the amounts that need to be listed on the balance sheet. Festiva Holiday Decorations' balance sheet accounts were 2 as such at the end of the period: 3 Account Debit Credit 4 Cash $ 800,000 5 Accounts Receivable 400,000 6 Allowance for Bad Debt 9,000 7 Supplies 20,000 8 Notes Receivable, Short term 50,000 9 Raw Materials Inventory 75,000 10 Work in Process Inventory 85,000 11 Finished Goodis Inventory 140,000 12 Common Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Accumulated Depreciation Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation-Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Pavable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 Info Classified BS E A B D E 23 Salaries and Wages Pavable 15,000 24 Interest Payable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 27 Bonds Payable 600,000 28 Premium on Bonds Payable 150,000 29 Mortgages Payable 600,000 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $ 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock. Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these shares 40 is $20 per share. e) The company's held-to-maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long-term plant assets using the straight-line method of depreciation. These assets have 42 varying useful lives. Info Classified BS Type here to search O D6 for D E A B 28 Premium on Bonds Payable. 150,000 29 Mortgages Pavable 600,000 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these shares 40 is $20 per share. e) The company's held-to-maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long-term plant assets using the straight-line method of depreciation. These assets have 42 varying useful lives. 8) Festiva's outstanding bonds are 10-year secured senior notes which pay 4% interest annually. The will not mature 43 for another 7 years. h) At the time of the balance sheet's preparation, Festiva Holiday Decorations' board of directors has authorized the issuance of 500,000 shares of $1.50 par common stock. The company has issued 200,000 of these shares and 44 190,000 of them are currently outstanding Info Classified BS Type here to search BI 11 A 1 0 Festiva Holiday Decorations Classified balance sheet For the Year Ended December 20X AS Lio Currentibus + 5 CA fi Cach 7 Less Acto Receivable Total Ourens Len Term Debt fond Patie 32 13 calcun 54 Lon Term Investments 15 70 2 10 79. Property. Plant quent 20 21 le Totalter Bell Tocal tables Stockholders' Equity Cantal stock Adele Total din Capital Yet to the holders TRY A to Norcontinent Total sectory 10 Tots Sticker City 12 Feels Info Classifieds Stockholders' Equity A Total Long Termine Pomy. Plent Equipment Liding Capital Stock Additional Paid in Capital tout To Pai in Catal Totalt & foment Total Equity Attributable to festiva Stacholders Totality Art-butable to Nocowoli Total Stockholm Total Art fotoliabiles & Mohawty Notes to the Classified Balance Sheet 7 Classifieds 36 B Balance Sheet Preparation Festiva Holiday Decorations' accountants are attempting to prepare the company's classified balance sheet for the year ended December 31, 20XX. The accountants have already compiled all of the account balances into a trial balance to assist with the preperation of this document and want you to use the document to prepare the firm's classified balance sheet. Because these accountants are super cool they have already prepared the company's income statement and statement of retained earnings and handed you a modified trial balance that contains just the amounts that need to be listed on the balance sheet. Festiva Holiday Decorations' balance sheet accounts were e as such at the end of the period: 3 Account Debit Credit 4 Cash S 800,000 5 Accounts Receivable 400,000 5 Allowance for Bad Debt S 9,000 7 Supplies 20,000 3 Notes Receivable, Short-term 50,000 9 Raw Materials Inventory 75,000 10 Work-in-Process Inventory 85,000 Finished Goods Inventory 140,000 12 Cominon Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Acanalated Depreciation-Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Pavable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long term 700,000 Info Classified BS Type here to search B D 9 Raw Materials Inventory 75,000 10 Work-in-Process Inventory 85,000 11 Finished Goods Inventory 140,000 12 Common Stock Investments 350,000 13 HTM Debt Investments 250,000 14 Buildings 1,000,000 15 Accumulated Depreciation Buildings 180,000 16 Equipment 750,000 17 Accumulated Depreciation-Equipment 170,000 18 Land 650,000 19 Patents 65,000 20 Copyrights 45,000 21 Goodwill 179,000 22 Accounts Payable 290,000 23 Salaries and Wages Payable 15,000 24 Interest Payable 15,000 25 Utilities Payable 5,000 26 Notes Payable, Long-term 700,000 27 Bonds Payable 600,000 28 Premium on Bonds Payable 150,000 29 Mortgages Payable 600,000 30 Common Stock 300,000 31 PIC Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 S 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial st the notes to the balance sheet. They have also included guidelines about their preferred formatting for 36 sheet. ari raniaiais.ccoonnuthaalaatainnalathai ninaliantarilirae Info Classified BS Type here to search o Db JU A B E 30 Common Stock 300,000 31 PIC-Common 700,000 32 Retained Earnings 1,050,000 33 Treasury Stock 130,000 34 Equity Attributable to Noncontrolling Interest 205,000 35 Total $ 4,989,000 $ 4,989,000 Festiva's accounting staff also wants to disclose the information below to users of the firm's financial statements in the notes to the balance sheet. They have also included guidelines about their preferred formatting for the balance 36 sheet. a) Festiva is restricting $150,000 worth of cash for the renovation of their primary production facility. The company's accountants want you to disclose this restricted cash as a separate line item on the balance sheet. This 37 renovation is not expected to begin during the upcoming fiscal year. b) The company estimates bad debt using the percent-of-receivables method and assumes that 2.25% of all 38 receivables will ultimately be uncollectible. c) Festiva Holiday Decorations wants to disclose the total value of inventory as a single line item on the balance sheet and then disclose the portions of this inventory balance which can be attributed to raw materials, WIP, and 39 finished goods within the financial statement's notes. d) Festiva has a common stock investments in 50,000 shares of Addams Incorporated's $1 par common stock. Festiva has no plans to sell this investment within the upcoming fiscal year. The current market price of these 40 shares is $20 per share. e) The company's held to maturity debt investment is in five-year bonds issued by Vorhees Tech which pay 3.75% 41 interest annually. These bonds will not mature in the next year. f) Festiva depreciates all long term plant assets using the straight line method of depreciation. These assets have 42 varying useful lives. e) Festiva's outstanding bonds are 10 year secured senior notes which pay 4% interest annually. The will not 43 mature for another 7 years. h) At the time of the balance sheet's preparation, Festiva Holiday Decorations' board of directors has authorized the issuance of 500,000 shares of $1.50 par common stock. The company has issued 200,000 of these shares and 44 190,000 of them are currently outstanding. 45 Info Classified us D Festiva Holiday Decorations Classified Balance Sheet For the Year Ended December 31, 20KX As Trabilities Current Liabilities C 10 Total Current Limited Kort Term Debt 12 Totalment es Terment Bonds Payable Adil 15 16 Total Long Term D Total Stockholfensywily Capital Stock in Property.com 20 Additional Pain Capital Total Paldin Capital 2. A Total Equity Attribute to Festival Shareholders Fotel Abitable to controlling Total Stockholder Equity Totes Soldest Notes to the chance that Classified us Classified Balance Sheet For the Year Ended December 31, 20XX Assets Liabilities Current Liabilities Current Assets Cash Le Accounts ficelle Total Current tables Long Term Debt Total Current Long term restments Blonds Payable Add Total Long Term Debt Totaltabits Total Long Term vestments - Property. Plant Quiment Stockholders' City Capital Stock 1 Les Coment Auditional Pald-in Capital 1 Total Paldin Capital Total Property, plant, & quiment Intarsible Assis Total Equity Attributable to festiva Shareholders Total fruity Attributable to content Total Stockholders' mity 30 Totable Assets 32 Total Assets 3) Total Libes & Stockholders' Equity Notes to the Classified Balance Sheet Pasified as O II Type here to search E
