The accountant at ABC Corp. gives you the following information on December 31, 2017. Currently, cash is recorded at $ 100,000. The following…

The accountant at ABC Corp. gives you the following information on December 31, 2017.

1. Currently, cash is recorded at $ 100,000. The following additional information is available:

  • A separate restricted cash account of $ 5,000 is available. This is not included in the cash balance above.
  • Petty cash (included in the cash balance) is $ 1,000
  • Bond sinking fund of $ 10,000 and cash surrender value of life insurance $ 8,000 are included in the cash balance above

2. Accounts receivable (net) is $ 45,000 and inventory is $ 40,000

  • Allowance for doubtful accounts is $ 10,000
  • Goods on consignment of $ 8,000 have been excluded frominventory,but recorded as a receivable
  • Unearned revenue of $ 4,000 is included in net accounts receivable

3. Investments are $ 200,000. Out of this, $ 80,000 is trading investments and $ 110,000 are available for sale investments., and patents of $ 10,000

4. Land was $ 40,000; Land held for future use $ 20,000; Buildings (net) $ 80,000; Accumulated depreciation on buildings $ 10,000

5. Liabilities are as follows:

  • Accounts payable $ 4,000
  • Salaries payable $ 3,000
  • Notes payable (short term) $ 15,000
  • Notes payable (long term) $ 45,000
  • Bonds payable $ 100,000. These bonds pay interest of 10% at the end of each year; they mature ininstallmentsof $ 10,000 every year, starting December 31, 2018

6. Stockholders’ equity is $ 150,000. Of this, $ 50,000 is retained earnings, the rest are common stock. Common stock has a par value of $2, authorized 100,000 shares, issued and outstanding 25,000 shares at an average price of $ 4.

How would you report the following items on a classified balance sheet, based on the information above?

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more