Question
In its annual report to stockholders, Hakobe Inc. presetns a condensed balance sheet with detailed data provided in supplementary schedules. 1. From the adjusted trial
In its annual report to stockholders, Hakobe Inc. presetns a condensed balance sheet with detailed data provided in supplementary schedules.
1. From the adjusted trial balance of Hakobe, prepare the following sections of the balance sheet, properly classifying all accounts as to balance sheet catergories
a. Current Assets - Inventory = $59,300
b. Property, plant, and equipment
c. Intangible assets
d. Total assests
e. Current liabilities
f. Noncurrent liabilities
g. Owners equity
h. Total liabilities and owners equity
2. Compute the current ratio and debt ratio for Hakobe
Hakobe Inc Adjusted Trial Balance December 31, 2015 Debit Credit 15,000 22,000 2,100 79,500 $ 4,600 59,300 8,200 57,600 11,000 950 Accrued interest on notes payable Land .. .. 103,000 192,000 Accumulated depreciation-buildings 21,000 37,000 5,900 85,000 82,110 Franchises 65,000 125,000 7,500 2,500 Accrued interest on bonds payable . .. . . .. 12,500 72,000 4,320 Capital stock, par value $1; 10,000 shares authorized; 5,000 123,700 251,340 16,000 $757410
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