Question
Listed below are year-end account balances (in thousands of $) of 31.12.21 from XYZ Corporation's records. XYZ Company Adjusted trial balance 31 December 2021 debt
Listed below are year-end account balances (in thousands of $) of 31.12.21 from XYZ Corporation's records.
XYZ Company | |||
Adjusted trial balance | |||
31 December 2021 | |||
debt | Credit | ||
Accounts receivable | 700 | ||
Bina | 480 | ||
Equipment | 375 | ||
in advance | 125 | ||
Inventory | 90 | ||
Kara | 300 | ||
notes receivable | 530 | ||
Investments | 330 | ||
Prepaid rent (for the next 2 years) | 50 | ||
Supply | 20 | ||
So | 50 | ||
Prepaid Insurance (for the next 3 years) | 90 | ||
Accounts payable | 620 | ||
Accumulated depreciation - Equipment | 225 | ||
Accumulated depreciation - Buildings | 180 | ||
Total equity | 1110 | ||
Debt payable | 50 | ||
Income tax payable | 80 | ||
Allowance for suspicious accounts | 55 | ||
Notes payable | 600 | ||
Interest payable | 60 | ||
deferred income | 160 | ||
TOTALS | 3.140 | 3.140 |
Additional information and requirements:
Additional Information: |
1. Land includes $125,000 of land held for a potential factory site and $175,000 of land for existing factory site. |
2. The maturity of notes receivable is 2023. The $530 balance includes $30 accrued interest. The next interest payment will be made in July 2022. |
3. Investments include $70,000 treasury bills purchased in November 2021 and due in January 2022; $100 of commercial securities expected to be sold within the next year. The balance represents securities that are expected to be held for more than one year. |
4. As of 12/31/21, Shareholder equity has issued common stock with a nominal value of $1.00, 300,000 authorized shares and 150,000 shares at an average price of $4.50. The remaining balance in equity is retained earnings. |
5. Note payable represents a 12% promissory note with interest paid annually on February 28. The promissory note expires in installments of $100 as of 28/2/22. |
6. Deferred income will be recognized equally over the next 24 months. |
1.) Prepare a classified balance sheet for XYZ Corporation as of December 31, 2021. Complete the balance sheet questions.
- Net accounts receivable ________________________
- Total current assets ________________________
- Total investments (long term) ________________________
- Net Buildings ________________________
- Toplam PP&E, net ________________________
- Total intangible assets ________________________
- Total other assets ________________________
- Total Assets ________________________
- Total current responsibilities ________________________
- Total Long-Term Liabilities ________________________
- Stock ___________
2.) Calculate the below ratios:
find ratio = | |
Debt to equity ratio = | |
Acid test (quick) rate = | |
working capital = |
Step by Step Solution
3.54 Rating (151 Votes )
There are 3 Steps involved in it
Step: 1
To prepare the classified balance sheet for XYZ Corporation as of December 31 2021 lets organize the ...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