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Exercise 5-5 Monty Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. MONTY COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading)-at cost (fair value $126,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 296,500 Additional paid-in capital Retained earnings $236,500 346,500 407,500 146,500 576,500 166,500 181,500 86,500 96,500 18,500 141,500 131,500 88,500 55,500 59,500 506,500 296,500 166,500 ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $166,500 and for the equipment, $111,500. The allowance for doubtful accounts has a balance of $23,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) MONTY COMPANY Balance Sheet Assets $ $ : $ : : $ Liabilities and Stockholders' Equity $ $ $ : $ Exercise 5-12 Presented below is the trial balance of Blue Corporation at December 31, 2017. Debit Cash $ 200,710 Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold $ 8,101,330 154,330 4,800,000 Debt Investments (longterm) 302,710 Equity Investments (longterm) 280,710 Notes Payable (short-term) 91,330 Accounts Payable Selling Expenses 456,330 2,001,330 Investment Revenue Land Buildings 66,670 261,330 1,043,710 Dividends Payable 139,710 Accrued Liabilities Accounts Receivable 97,330 436,330 Accumulated DepreciationBuildings 152,000 Allowance for Doubtful Accounts 26,330 Administrative Expenses 903,670 Interest Expense 214,670 Inventory 600,710 Gain (extraordinary) Notes Payable (long-term) Credit 83,670 903,710 Equipment 601,330 Bonds Payable 1,003,710 Accumulated DepreciationEquipment Franchises 60,000 160,000 Common Stock ($5 par) 1,001,330 Treasury Stock 192,330 Patents 195,000 Retained Earnings 81,710 Paid-in Capital in Excess of Par 83,710 Totals $12,348,870 $12,348,870 Prepare a balance sheet at December 31, 2017, for Blue Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) BLUE CORPORATION Balance Sheet Assets $ $ : $ : : $ Liabilities and Stockholders' Equity $ $ $ : $ Exercise 5-14 The comparative balance sheets of Monty Inc. at the beginning and the end of the year 2017 are as follows. MONTY INC. BALANCE SHEETS Jan. 1, 2017 Dec. 31, 2017 Assets Cash Accounts receivable Equipment Less: Accumulated DepreciationEquipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total $ 46,400 94,730 42,730 Inc./Dec. $ 14,400 $32,000 Inc. 90,330 4,400 Inc. 24,330 18,400 Inc. 20,730 11,000 $163,130 $118,060 $ 23,730 101,400 38,000 $ 17,330 82,330 18,400 $163,130 $118,060 9,730 Inc. 6,400 Inc. 19,070 Inc. 19,600 Inc. Net income of $47,730 was reported, and dividends of $28,130 were paid in 2017. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) MONTY INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Exercise 5-17 Vaughn Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $236,770 $82,000) Land Buildings Equipment 31,770 121,770 91,770 Current liabilities Bonds payable Common stock Retained $151,770 101,770 181,770 45,770 earnings Accum. depr.buildings Accum. depr.equipment Patents Total (31,770 ) Total $481,080 (11,000 ) 41,770 $481,080 The following information is available for 2017. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Net income was $55,870. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770. Depreciation expense was $5,770 on the building and $10,770 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770. An addition to the building was completed at a cost of $28,770. A long-term investment (Equity) in stock was purchased for $16,000. Bonds payable of $51,770 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) VAUGHN CORPORATION Statement of Cash Flows $ Adjustments to reconcile net income to $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a balance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.) VAUGHN CORPORATION Balance Sheet Assets $ $ $ : : $ Liabilities and Stockholders' Equity $ $ : $