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ACC 421 Week 3 WileyPlus Assignment - Exercises




ACC421 Week 3 E5-5 E5-12 E5-15 E24-2 E24-4;E5-5 (Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion.;BRUNO COMPANY;BALANCE SHEET;DECEMBER 31, 2010;Current assets;Cash $260,000;Accounts receivable (net) 340,000;Inventories at lower of average cost or market 401,000;Trading securities?at cost (fair value $120,000) 140,000;Property, plant, and equipment;Building (net) 570,000;Office equipment (net) 160,000;Land held for future use 175,000;Intangible assets;Goodwill 80,000;and so on...;Instructions;Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.;E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010.;Debits Credits;Cash $ 197,000;Sales $ 7,900,000;Trading Securities (at cost, $145,000) 153,000;Cost of Goods Sold 4,800,000;Long-term Investments in Bonds 299,000;Long-term Investments in Stocks 277,000;Short-term Notes Payable 90,000;Accounts Payable 455,000;Selling Expenses 2,000,000;Investment Revenue 63,000;Land 260,000;Buildings 1,040,000;and so on....;Instructions;Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes.;E5-15 (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31.;2010 2009;Cash $157,000 $ 78,000;Accounts receivable 180,000 185,000;Investments 52,000 74,000;Equipment 298,000 240,000;Less: Accumulated depreciation (106,000) (89,000);Current liabilities 134,000 151,000;Capital stock 160,000 160,000;Retained earnings 287,000 177,000;Additional information;Investments were sold at a loss (not extraordinary) of $7,000, no equipment was sold, cash dividends paid were $50,000, and net income was $160,000.;Instructions;(a) Prepare a statement of cash flows for 2010 for Sondergaard Corporation.;(b) Determine Sondergaard Corporation's free cash flow.;E24-2 (Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose.;1. _________ Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end.;2. _________ Introduction of a new product line.;3. _________ Loss of assembly plant due to fire.;4. _________ Sale of a significant portion of the company's assets.;and so on....;E24-4 (Ratio Computation and Analysis, Liquidity) As loan analyst for Madison Bank, you have been presented the following information.;Plunkett Co. Herring Co.;Assets;Cash $ 120,000 $ 320,000;Receivables 220,000 302,000;Inventories 570,000 518,000;Total current assets 910,000 1,140,000;Other assets 500,000 612,000


Paper#81029 | Written in 18-Jul-2015

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