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Greetings Fellow Tutor! I have attached three different images for an accounting exercise that I am working on. I could generally use assistance in the
Greetings Fellow Tutor!
I have attached three different images for an accounting exercise that I am working on. I could generally use assistance in the THIRD image (blank accounts & amounts). I have also provided the list of accounts to use in the SECOND image. This is for INTERMIEDIATE ACCOUNTING (ACCTG100-A). I kindly thank you for the time and effort to help me finish the exercise!
Presented below are selected accounts of Kingbird Company at December 31, 2025. Inventory (Ainished goods) 561,700 Cost of Goods Sold %$2,163.500 Unearned Service Revenue 97.700 Motes Receivable 39,400 Equipment 241,200 Accounts Receivable 166,450 Inventory (work in process) 40,600 Inventory (raw materials) 186,370 Cash 38,400 Supplies Expense 57,670 Debt Investments (trading) 35,300 Allowance for Doubtful Accounts 12,180 Customer Advances 36,400 Licenses 18,280 Restricted Cash for Plant Expansion 59,900 Additional Paid-in Capital B46,960 Treasury Stock 20,540 The following additional information is available. 1. Inventaories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $52,220. 3. The short-term investments have a fair value of 31,4480, 4, The notes receivable are due April 30, 2027, with interest receivable every April 30, The notes bear interest at 43, (Hint: Accrue interest due on December 31, 2025)) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $45,800 are pledged as collateral on a bank loan. &, Licenses are recorded net of accumulated amortization of $13,110. 7. Treasury stock is recorded at cost. Prepare the current assets section of Kingbird Company's December 31, 2025, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) KINGBIRD COMPANY Balance Sheet (Partial) For the Year Ended December 31, 2025 v Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant, and Equipment Stockholders' Equity $ Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant, and Equipment Total Stockholders' Equity 69Step by Step Solution
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