P3-2 Prepare a classified balance sheet ignoring monetary accounts the data list
ID: 2425459 • Letter: P
Question
P3-2
Prepare a classified balance sheet ignoring monetary accounts
the data listed below are taken from a balance sheet of trident corporation at december 31 2016 some amounts, indicated by question marka have been intentionally omitted. ($in000s)
cash and cash equivalents 239,186
short term investments 353,700
Accounts recievable (net of allowance) 504,944
Inventories ?
Prepaid expenses (current) 83,259
total current assets 1,594,927
long term recievables 110,800
property and equipment (net) ?
total assets ?
notes payable and short term debt 31,116
accounts payable ?
accrued liabilites 421,772
other current liabilites 181,604
total current liabilites 693,564
long term debt and deffered taxes ?
total liabilites 956,140
Shareholders equity 1,370,627
Required
1. Dertermine the missing accounts
2. Prepare tridents classified balance sheet.
TIP: you may find this easier to do if you lay it out in complete balance sheet form (as in instr. 2)
Explanation / Answer
Liabilities Amount ($ in 000) Assets Amount ($ in 000) Shareholder Equity 1,370,627 Property and Equipment 621,040 Long Term Liabilities Investment Long term debt and deferred tax 80,972 Long Term Receivables 110,800 Current Liabilities Notes payable and short term debt 31,116 Current Assets Accounts Payable 240,676 Inventories 413,838 Accrued Liabilities 421,772 693,564 Short tem Investment 353,700 Accounts Receivable 504,944 Other Current Liabilities 181,604 Cash and Cash Equivalent 239,186 Prepaid Expenses 83,259 1,594,927 2,326,767 2,326,767
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