PROBLEM 10.8A Financial Statement Presentation of Liabilities

As of December 31 of the current year, Petersen Corporation has prepared the following information regarding its liabilities and other obligations: Instructions Prepare a listing of the Petersen Corporation's current and long-term liabilities as they should be presented in the company's December 31 balance sheet. Briefly explain why you have excluded any of the listed items in your listing of current and long-term liabilities. (See attached for the financial statement data and full question at the end of the word document.) Thank you!

\fChapt 9 & 10 Assignment LO9-2, LO9-3, LO9-5 During the current year, Rothchild, Inc., purchased two assets that are described as follows: PROBLEM 9.8A Depreciation and Disposal of Plant and Intangible Assets Page 423 Rothchild depreciates heavy equipment by the declining-balance method at 150 percent of the straight-line rate. It amortizes intangible assets by the straight-line method. At the end of two years, because of changes in Rothchild's core business, it sold the patent to a competitor for $30,000. Instructions 1 Compute the amount of depreciation expense on the heavy equipment for each of the first three years of the asset's life. 2 Compute the amount of amortization on the patent for each of the two years it was owned by Rothchild. 3 Prepare the plant and intangible assets section of Rothchild's balance sheet at the end of the first and second years. Also, calculate the amount of the gain or loss on the patent that would be included in the second year's income statement. LO10-4 Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is EXERCISE 10.6 payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). Use of an Amortization 1. Prepare a partial amortization table showing (1) the original balance of Table this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. (Round to the nearest dollar.) 2. Prepare the journal entry to record the second monthly payment. 3. Will monthly interest increase, decrease, or stay the same over the life of the loan? Explain your answer, including why in this case the amount of principal included in the first two payments is the same. LO10-1, LO105, LO10-6, As of December 31 of the current year, Petersen Corporation has prepared the LO10-8, LO10- following information regarding its liabilities and other obligations: 10 PROBLEM 10.8A Financial Statement Presentation of Liabilities Instructions 1. Prepare a listing of the Petersen Corporation's current and long-term liabilities as they should be presented in the company's December 31 balance sheet. 2. Briefly explain why you have excluded any of the listed items in your listing of current and long-term liabilities. This discussion part is to be answer briefly Stockholder Equity How do you judge a business's well-being from examining its capital structure? Does it make a difference who you are (investor, lender, government, labor union, etc..)? Show us part of a balance sheet that represents stockholders' equity section of a company of your choice. Did you notice any notes attached to the financial statements relating to Stockholders' equity section? Please share with us your findings and provide your resources as well