The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation….

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The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

   Account TitleDebitsCredits  Cash51,000     Accounts receivable45,000     Inventories86,000     Prepaid rent27,000     Marketable securities (short term)21,000     Machinery200,000     Accumulated depreciation—machinery  22,000   Patent (net of amortization)90,000     Accounts payable  13,500   Wages payable  9,500   Taxes payable  43,000   Bonds payable (due in 10 years)  250,000   Common stock  140,000   Retained earnings  42,000         Totals520,000 520,000   

 Required:

Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

 

Cone Corporation is in the process of preparing its December 31, 2016, balance sheet. There are some questions as to the proper classification of the following items:

  a.

$67,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2020. b.

Prepaid rent of $41,000, covering the period January 1, 2017, through December 31, 2018. c.

Note payable of $234,000. The note is payable in annual installments of $37,000 each, with the first installment payable on March 1, 2017. d.

Accrued interest payable of $29,000 related to the note payable. e.

Investment in marketable securities of other corporations, $114,000. Cone intends to sell one-half of the securities in 2017.

 Required:

Prepare a partial classified balance sheet to show how each of the above items should be reported. 

 

The current asset section of Guardian Consultant’s balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2016 balance sheet reported the following: cash, $1,360,000; prepaid expenses, $420,000; noncurrent assets, $3,000,000; and shareholders’ equity, $3,100,000. The current ratio at the end of the year was 2.8 and the debt to equity ratio was 2.0.

 Required:Determine the following 2016 amounts and ratios: (Round your “The acid-test ratio” answer to 1 decimal place.)

The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.   Account TitleDebitsCredits  Cash 103,000      Short-term investments 218,000      Accounts receivable 159,000      Long-term investments 53,000      Inventories 233,000      Loans to employees 58,000      Prepaid expenses (for 2017) 34,000      Land 298,000      Building 1,730,000      Machinery and equipment 655,000      Patent 170,000      Franchise 58,000      Note receivable 340,000      Interest receivable 30,000      Accumulated depreciation—building    638,000   Accumulated depreciation—equipment    228,000   Accounts payable    207,000   Dividends payable (payable on 1/16/17)    28,000   Interest payable    34,000   Taxes payable    58,000   Deferred revenue    78,000   Notes payable    336,000   Allowance for uncollectible accounts    26,000   Common stock    2,072,000   Retained earnings    434,000          Totals 4,139,000  4,139,000  

    Additional information:1. 

The common stock represents 1.5 million shares of no par stock authorized, 680,000 shares issued and outstanding.2. The loans to employees are due on June 30, 2017.3. 

The note receivable is due in installments of $68,000, payable on each September 30. Interest is payable annually.4. 

Short-term investments consist of marketable equity securities that the company plans to sell in 2017 and $68,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2017. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.5. 

Deferred revenue represents customer payments for extended service contracts. Seventy five percent of these contracts expire in 2017, the remainder in 2018.6. 

Notes payable consists of two notes, one for $118,000 due on January 15, 2018, and another for $218,000 due on June 30, 2019.  Required:

Prepare a classified balance sheet for Vosburgh at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

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