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Student Name:
Class:
30,000$
80,000
30,000$
65,000
420,000
Correct!
75,000$
20,000
90,000$
Interest payable
Long-term liabilities:
Notes payable
Accounts payable
Liabilities and Shareholders' Equity
Buildings
Current liabilities:
Land
Investments:
Marketable securities
Property, plant, and equipment:
Assets
Problem 03-03
McGraw-Hill/Irwin
Instructor
At December 31, 2016
Balance Sheet
ALMWAY CORPORATION
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net of allowance for
Debits Credits
45,000
110,000
10,000
75,000
130,000
30,000$
3
25,000$
15,000$
Common stock investment
Intention to hold (years)
Land cost
Cash set aside to pay bonds payable
Additional Information:
Account Title
Investments
Cash
Patents (net of amortization)
Accounts payable
Notes payable
December 31, 2016
Post-Closing Trial Balance
ALMWAY CORPORATION
Given Data P03-03:
Student Name:
Class:
Assets
95,000$
110,000
320,000$
(110,000)
Liabilities and Shareholders' Equity
60,000$
20,000
80,000
Machinery and equipment
Less: Accumulated depreciation
Accounts payable
Interest payable
Unearned revenues
Current liabilities:
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net of allowance for
Property, plant, and equipment:
McGraw-Hill/Irwin
Instructor
Problem 03-04
At December 31, 2016
Balance Sheet
WIESMULLER PUBLISHING COMPANY
Account Title Debits Credits
65,000
160,000
285,000
60,000
20,000
80,000
Additional Information:
120,000$
30,000$
1/30/2017
110,000$
Treasury bill maturity
Investments intended for sale next year
Treasury bills purchased 11/30/2016
Accounts payable
Interest payable
Unearned revenue
Prepaid 2 year lease paid on 12/31/2016
Given Data P03-04:
December 31, 2016
Post-Closing Trial Balance
WIESMULLER PUBLISHING COMPANY
Cash
Accounts receivable
Inventories
Student Name:
Class:
101,000$
47,000
65,000$
25,000 90,000
173,000$
45,000
50,000$
240,000
Long-term liabilities:
Note payable
Mortgage payable
Current liabilities:
Liabilities and Shareholders' Equity
Accounts payable
Accrued expenses
Investments:
Note receivable
Land held for sale
Property, plant, and equipment:
Assets
Problem 03-05
McGraw-Hill/Irwin
Instructor
At June 30, 2016
Balance Sheet
EXCELL COMPANY
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net of allowance for
Account Title Debits Credits
83,000
265,000
120,000
173,000
45,000
18,000$
225,000$
(15,000)
65,000
Additional Information:
U.S. treasury bill purchased in May
Accounts receivable:
Amounts owed by customers
Allowance for uncollectible accounts-trade customers
Nontrade note receivable (due in 3 years)
Equipment
Accumulated depreciation - equipment
Accounts payable
Accrued expenses
Cash
EXCELL COMPANY
Post-Closing Trial Balance
June 30, 2016
Given Data P03-05:
Student Name:
Class:
Assets
167,000$
100,000
Liabilities and Shareholders' Equity
21,000$
9,000
Current liabilities:
Accounts payable
Interest payable
Problem 03-10
McGraw-Hill/Irwin
Instructor
At December 31, 2016
Balance Sheet
MELODY LANE MUSIC COMPANY
Current assets:
Cash
Inventories
360,000$
100,000
100,000
12%
10
4,000$
-$
100,000$
Interest rate on one-year bank loan dated March 31, 2016
Furniture and equipment purchased January 3, 2016:
Useful life (years)
Salvage value
Depreciation per year
Inventories on hand at end of year
Amounts owed 12/31/2016:
Given Data P03-10:
Cash receipts:
From customers
From issue of common stock
From bank loan
MELODY LANE MUSIC COMPANY
