Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Communication Audits For Organisations

Authors: Owen D.W. Hargie, Dennis Tourish

1st Edition

0415186420, 978-0415186421

More Books

Students also viewed these Accounting questions