Please answer questions on document.

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6) QUESTIONS:

The following is a December 31, 2016, post-closing trial balance for Excell

Account Title	Debits	Credits
Cash	$83,000
Accounts Receivable (net of Allowance)	$280,000
Prepaid Expenses	$32,000
Investments	$65,000
Land	$175,000
Buildings (net)	$160,000
Equipment (net)	$145,000
Accounts payable	$73,000
Accrued expenses payable	$45,000
Unearned Revenue	$150,000
Notes payable	$300,000
Common Stock	$200,000
Retained Earnings	$172,000
TOTALS	$940,000	$940,000

Additional Information:

1. The cash account includes $22,000 set aside in a legally restricted fund to pay bonds payable that mature in 2024, a $15,000 cash surrender value of a life insurance policy on the company's CEO, and $2,000 in petty cash.

2. The accounts receivable balance consists of the following:

a. Amounts owed by customers with debit balances $ 227,600

b. Customer accounts with credit balances 10,500

c. Allowance for uncollectible accounts - trade customers (9,400)

d. Non-trade note receivable due in three equal payments on June 25 over the next 3 years 64,500

e. Interest receivable on note due in nine months 7,800

Total $ 280,000 3. The prepaid expenses includes $18,000 that will be consumed during 2017 and $14,000 that will be consumed during 2018. 4. The investments account is classified as Available for Sale Securities and includes an investment of $25,000 in bonds that mature July 1, 2017. Of the remaining investments balance, management intends to hold for at least the next three years. All investments in the portfolio have already been marked-to-market and are reported at Fair Value.5. The land account includes land which cost $75,000 that the company purchased for speculative purposes and is currently held for sale. The remaining $100,000 is the cost of land on which the company's office building resides. The equipment account includes idle machinery with a book value of $45,000.

6. The unearned revenue represents customer prepayments for magazine subscriptions. Subscriptions are for five years and will be earned evenly over each of the years beginning January 1, 2017.

7. The notes payable account consists of the following:

a. a $50,000 note due in six months.

b. a $100,000 bond due in eight years.

c. a $150,000 note due in six annual installments of $25,000 each, with the next installment due Nov. 1, 2017.

*Interest on all notes has been properly accrued and is included in accrued expenses.

Required: After all corrections have been made, determine the correct amount of Current Assets:

QUESTION 2

Using the information in #1 above, determine Total Long-Term Investments (after all corrections and adjustments have been made):

QUESTION 3

Using the information from #1 above, determine Total PP&E (net) after all

adjustments and corrections have been made:

QUESTION 4

Using the information in #1 above, determine the Total Other Assets after all corrections have been made:

QUESTION 5

Using the information presented in #1 above, determine Total Current Liabilities after all corrections have been made:

QUESTION 6

Using the information in #1 above, determine Total Long-Term Liabilities after all corrections have been made:

QUESTION 7

Using the letters below, classify the following accounts according to the preferred and ordinary balance sheet presentation by matching the letter to the description. The company's year-end is December 31, 2015. (You can use a

Assets	Liabilities	Equity
A. Current Assets	F. Current Liabilities	H. Equity
B. Long-Term Investments	G. Long-Term Liabilities	I. Items not reported on BA
C. Plant Property & Equipment (PP&E)
D. Intangibles
E. Other Assets

If the account is a contra account, be sure to but brackets around the letter. For instance, if the account is a contra intangible, then you would answer:

1. _____ Bond Sinking Fund. The Bond matures on November 30^th 2019

2._____Trading Securities

3. _____ The long-term portion of an insurance policy paid for in advance providing three years of coverage.

4. _____ Tradename

5. _____ Surrender value of Life Insurance policy on key executives.

6.______Accrued Expenses Payable

7._____ Goodwill generated internally.

8. ______ Discount on Bonds Payable due in 7 years.

9. ______ Non-controlling interest

10. _______ Other Comprehensive Income

11. ______Allowance for Doubtful Accounts

12. ______The undistributed portion of a company's earnings.

QUESTION 8

Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income.

Account	Change during year
Cash	$81,000
Accounts payable	34,000
Accounts receivable (net)	30,000
Accrued Expenses	27,000
Accumulated OCI	-19,000
Additional paid-in capital	16,000
Bonds payable	-20,000
Common stock	72,000
Held-to-Maturity Bonds	-15,000
Inventory	42,000
Long Term Prepaids	21,000
Non controlling Interest	-2,000
Plant Assets (net)	-25,000
Unearned Revenues	-13,000

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (6) QUESTIONS: The following is a December 31, 2016, post-closing trial balance for Excell Account Title Cash Accounts Receivable (net of Allowance) Prepaid Expenses Investments Land Buildings (net) Equipment (net) Accounts payable Accrued expenses payable Unearned Revenue Notes payable Common Stock Retained Earnings TOTALS Debits Credits $83,000 $280,000 $32,000 $65,000 $175,000 $160,000 $145,000 $940,000 $73,000 $45,000 $150,000 $300,000 $200,000 $172,000 $940,000 Additional Information: 1. The cash account includes $22,000 set aside in a legally restricted fund to pay bonds payable that mature in 2024, a $15,000 cash surrender value of a life insurance policy on the company's CEO, and $2,000 in petty cash. 2. The accounts receivable balance consists of the following: a. Amounts owed by customers with debit balances $ 227,600 b. Customer accounts with credit balances 10,500 c. Allowance for uncollectible accounts - trade customers (9,400) d. Non-trade note receivable due in three equal payments on June 25 over the next 3 years 64,500 e. Interest receivable on note due in nine months 7,800 Total $ 280,000 3. The prepaid expenses includes $18,000 that will be consumed during 2017 and $14,000 that will be consumed during 2018. 4. The investments account is classified as Available for Sale Securities and includes an investment of $25,000 in bonds that mature July 1, 2017. Of the remaining investments balance, management intends to hold for at least the next three years. All investments in the portfolio have already been marked-to-market and are reported at Fair Value.5. The land account includes land which cost $75,000 that the company purchased for speculative purposes and is currently held for sale. The remaining $100,000 is the cost of land on which the company's office building resides. The equipment account includes idle machinery with a book value of $45,000. 6. The unearned revenue represents customer prepayments for magazine subscriptions. Subscriptions are for five years and will be earned evenly over each of the years beginning January 1, 2017. 7. The notes payable account consists of the following: a. a $50,000 note due in six months. b. a $100,000 bond due in eight years. c. a $150,000 note due in six annual installments of $25,000 each, with the next installment due Nov. 1, 2017. *Interest on all notes has been properly accrued and is included in accrued expenses. Required: After all corrections have been made, determine the correct amount of Current Assets: QUESTION 2 Using the information in #1 above, determine Total Long-Term Investments (after all corrections and adjustments have been made): QUESTION 3 Using the information from #1 above, determine Total PP&E (net) after all adjustments and corrections have been made: QUESTION 4 Using the information in #1 above, determine the Total Other Assets after all corrections have been made: QUESTION 5 Using the information presented in #1 above, determine Total Current Liabilities after all corrections have been made: QUESTION 6 Using the information in #1 above, determine Total Long-Term Liabilities after all corrections have been made: QUESTION 7 Using the letters below, classify the following accounts according to the preferred and ordinary balance sheet presentation by matching the letter to the description. The company's year-end is December 31, 2015. (You can use a Assets A. Current Assets B. Long-Term Investments C. Plant Property & Equipment (PP&E) D. Intangibles E. Other Assets Liabilities F. Current Liabilities G. Long-Term Liabilities H. Equity I. Items not reported on BA If the account is a contra account, be sure to but brackets around the letter. For instance, if the account is a contra intangible, then you would answer: 1. _____ Bond Sinking Fund. The Bond matures on November 30th 2019 2._____Trading Securities 3. _____ The long-term portion of an insurance policy paid for in advance providing three years of coverage. 4. _____ Tradename 5. _____ Surrender value of Life Insurance policy on key executives. 6.______Accrued Expenses Payable 7._____ Goodwill generated internally. 8. ______ Discount on Bonds Payable due in 7 years. 9. ______ Non-controlling interest 10. _______ Other Comprehensive Income 11. ______Allowance for Doubtful Accounts 12. ______The undistributed portion of a company's earnings. QUESTION 8 Presented below are changes in the account balances of Al-Othman Company during the year, except for Retained Earnings. The only entries in Retained Earnings were for net income and dividends. Al-Othman declared dividends of $8,250 and paid dividends of $11,000 during the year. Calculate Net Income. Account Cash Accounts payable Accounts receivable (net) Accrued Expenses Accumulated OCI Additional paid-in capital Bonds payable Common stock Held-to-Maturity Bonds Inventory Long Term Prepaids Non controlling Interest Plant Assets (net) Unearned Revenues Change during year $81,000 34,000 30,000 27,000 -19,000 16,000 -20,000 72,000 -15,000 42,000 21,000 -2,000 -25,000 -13,000