Question
Presented below is a partial trial balance for the Princess Corporation at December 31, 2019. Account Title Debits Credits Cash & Equivalents 30,000 Cash restricted
Presented below is a partial trial balance for the Princess Corporation at December 31, 2019.
Account Title
Debits
Credits
Cash & Equivalents
30,000
Cash restricted for the repayment of bonds payable
100,000
Accounts Receivable
195,000
Allowance for Doubtful Accounts
24,000
Notes Receivable (due November 1, 2020)
120,000
Interest Receivable (on notes receivable)
4,000
Raw Materials Inventory
36,000
Work in Process Inventory
38,000
Finished Goods Inventory
98,000
Marketable Securities
48,000
Prepaid Insurance (expires by June 30, 2020)
60,000
Land
100,000
Buildings
1,500,000
Equipment
400,000
Accumulated Depreciation - Buildings
740,000
Accumulated Depreciation - Equipment
230,000
Patents (net of amortization)
120,000
Unearned Revenue
48,000
Bonds Payable (mature on September 30, 2023)
500,000
Interest Payable (on bonds)
7,000
Accounts Payable
240,000
Salaries Payable
6,000
Additional information:
a) Interest receivable on the notes is due every six months.
b) Interest payable on bonds is due every March 31st and September 30th.
c) Management does not intend to sell any of its marketable securities in the next year.
d) Unearned revenue will be earned equally over the next eighteen months.
_____ 13. Princess's total current assets on its December 31, 2019 balance sheet are?
A) $537,000
B) $557,000
C) $585,000
D) $461,000
_____ 14. Princess's total assets on its December 31, 2019 balance sheet are?
A) $1,807,000
B) $1,755,000
C) $1,735,000
D) $1,855,000
_____ 15. Princess's total current liabilities on its December 31, 2019 balance sheet are?
A) $325,000
B) $801,000
C) $285,000
D) $301,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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