BALACE SHEET PROBLEM: Woodrow Company has completed the accounting cycle for the second year of its operations ended Dec. 31, Y24. Below find balances for all of its balance sheet accounts in an alphabetical order. All accounts have usual normal balances in USD.

Complete the classified balance sheet at the end of the reporting year and determine the following:

Accounts Payable	2,700
Accounts Receivable (Net of Allowance for Doubtful Accounts of $300)	6,700
Accumulated Depreciation - Equipment	9,000
Cash	500
Common Stock	500
Equipment at cost	18,000
Goodwill	2,000
Inventory	3,000
Land	8,000
LT Bonds Payable	14,000
Premium on LT Bonds Payable	500
Paid In Capital in Excess of Par	4,500
Retained Earnings	7,000
Taxes Payable	1,000
Treasury Stock	1,000

Q41. What is the dollar amount of the current assets?

A. $ 10,200 B. $ 10,500 C. 11,500 D. $12,500

Q42. What is the dollar amount of the total assets?

A. $ 27,200 B. $ 29,200 C. $30,200 D. $47,200

Q43. What is the dollar amount of the current liabilities?

A. $ 3,700 B. $ 4,200 C. $5,700 D. $6,200

Q44. What is the dollar amount of the total liabilities?

A. $ 17,700 B. $ 18,200 C. $20,200 D. $21,200

Q45. What is the dollar amount of the total stockholders equity?

A. $ 5,000 B. $ 11,000 C. $12,000 D. $13,000

Q46. A special repair to a machine will extend the life of the machine an additional four years beyond the original estimated life of 6 years. The $50,000 cost of this repair is:

A. a revenue expenditure. C. a capital expenditure.

B. an ordinary repair and maintenance expenditure D. either (A) or (B).

Q47. Which of the following assets are not depreciated?

A. Building C. Office Equipment

B. Land D. Delivery Vans

Q48. Issuance of bonds provides cash inflow from a financing activity.

A. True B. False

Q49. If the market interest rate for a bond is higher than the stated interest rate, the bond will sell at

A. Discount B. Premium C. Par D. Debenture

Q50. Would you like to get a bonus point?

A. YES B. NO