Question
Directions: Use the balance sheet and additional data provided below to fill in the blanks (A -F) below. You must show your work (numbers included
Directions: Use the balance sheet and additional data provided below to fill in the blanks (A -F) below. You must show your work (numbers included in your calculation) in order to receive credit. Finley, Inc. Balance Sheet As of July 31, 2023 Cash 123,000 Accounts Payable 63,000 Accounts Receivable 61,500 Uneared Revenue 17,000 Allowance for doubtful accounts 3,700 Notes Payable 125,000 Trading Securities 130,000 Bonds payable 200,000 Prepaid insurance 10,000 Common Stock 300,000 Property Plant and Equipment 662,000 Paid in Capital in excess of par value 164,000 Accumulated Depreciation 248,000 Retained Earnings 108,400 Equity Securities 200,000 Accumulated Other Comprehensive Income 32,400 Trademarks 60,000 Treasury Stock 15,000 Use the balance sheet above and the following additional information to answer questions A through F: 1. Cash includes $100,000 deposited in a bond sinking fund 2. Trading securities are stated at market value; their cost is $123,000 3. Management intends to hold the Equity Investments long-term 4. The note payable matures in 90 days, however, management has executed a contractual agreement to refinance and convert the debt to long-term. 5. The Bond Payable will be paid off in installments. $50,000 of the $200,000 bond is due to mature next year.
(A) Total Current Assets equal: work: (B ) Total Long-term Investments equal: work: (C) Total Property, Plant & Equipment equal: work: (D) Total Assets equals: work: (E) Total Current Liabilities equal: work: (F) Total Long-term Liaibilities equal: work: (G) Total Stockholders' Equity equal: work:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started