Student Name:
Class:
Land held for sale
Bond sinking fund
Total investments
Equipment
Less: Accumulated depreciation
Intangible assets:
Patents
30,000$
80,000
30,000$
65,000
420,000
Note payable
Current maturities of long-term debt
Total current liabilities
authorized; 100,000 shares issued and outstanding
Total shareholders’ equity
Common stock, no par value; 500,000 shares
Bonds payable
Total long-term liabilities
Shareholders’ equity:
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
Inventories
Prepaid insurance
Total current assets
uncollectible accounts of $8,000
Debits Credits
Interest payable
Bonds payable
Common stock
Retained earnings
45,000
110,000
10,000
75,000
130,000
Allowance for uncollectible accounts
Shares of no par common stock
Shares of common stock authorized
Cash set aside in 3-month treasury bill
Note due in six months
Note due in six years
Note due in five annual installments
Installments amounts beginning 2/15/2017
Accounts Receivable balance (net)
30,000$
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
Given Data P03-03:
Accounts receivable
Inventories
Prepaid insurance
Buildings
Accumulated depreciation – buildings
Equipment
Accumulated depreciation – equipment
Student Name:
Class:
Assets
Other assets:
Prepaid expenses
Net property, plant, and equipment
95,000$
110,000
320,000$
(110,000)
Liabilities and Shareholders’ Equity
Common stock, no par value; 800,000 shares
Total shareholders’ equity
Retained earnings
Total current liabilities
Long-term liabilities:
Notes payable
Shareholders’ equity:
Taxes payable
Note payable
Current maturities of long-term debt
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
uncollectible accounts of $16,000
Inventories
Prepaid expenses
Total current assets
Account Title Debits Credits
Taxes payable
Notes payable
Allowance for uncollectible accounts
Common stock
Retained earnings
65,000
160,000
285,000
60,000
20,000
80,000
Additional Information:
Installments amount
Shares of no par common stock
Shares of common stock authorized
Prepaid subscriptions of 1 year or less
Note due in six years
Note due in three annual installments
120,000$
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:
Cash
Accounts receivable
Inventories
Investments
Prepaid expenses
Machinery and equipment
Accumulated depreciation – equipment
Student Name:
Class:
Less: Accumulated depreciation
Net property, plant, and equipment
Equipment
Land
Buildings
101,000$
47,000
65,000$
25,000 90,000
Total long-term liabilities
Shareholders’ equity:
Common stock, no par value; 500,000 shares
authorized; 200,000 shares issued and outstanding
Retained earnings
Total shareholders’ equity
Note payable
Current maturities of long-term debt
Total current liabilities
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
Interest receivable
Prepaid expenses
Total current assets
uncollectible accounts of $15,000
Account Title Debits Credits
Common stock
Retained earnings
Mortgage payable
Notes payable
83,000
265,000
120,000
173,000
45,000
Cost of land under office building
Cost of land held for investment
Note payable due on 9/30/2016
Note payable due on 11/30/2017
Mortgage payable semiannually (excluding interest)
Shares of no par common stock authorized
Shares of common stock issued and outstanding
18,000$
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
Given Data P03-05:
Short-term investments
Accounts receivable
Prepaid expenses
Buildings
Accumulated depreciation – buildings
Student Name:
Class:
Assets
167,000$
100,000
Liabilities and Shareholders’ Equity
Shareholders’ equity:
Common stock, no par, 100,000 shares authorized
Retained earnings
Total shareholders’ equity
Total current liabilities
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
Property, plant and equipment:
Equipment and furniture
Less: Accumulated depreciation
Net property, plant, and equipment
Total current assets
Prepaid rent
Months of rent paid in advance
Net income for year
Shares of no par common stock authorized
Building rent per month
To suppliers of inventory
To the utility company
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
Insurance
Purchase of equipment and furniture
Utilities
Cash disbursements:
Purchase of inventory
Rent
Salaries