A partial list of accounts for Johnson and Clark, in alphabetical order, is pres
ID: 461993 • Letter: A
Question
A partial list of accounts for Johnson and Clark, in alphabetical order, is presented below:
Accounts Payable
Accounts Receivable
Accrued Salaries Payable
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Additional Paid-In Capital—Common Stock
Allowance for Doubtful Accounts
Bank Loan (long-term)
Bonds Payable
Buildings
Cash in Bank
Commission Expense
Common Stock
Current Portion of Long-Term Debt
Equipment
FICA Taxes Payable
Franchise
Goodwill
Interest Income
Interest Receivable
Inventory—Ending Balance
Land
Land Held for Future Plant Site
Loss on Sale of Equipment
Marketable Securities
Minority Interest
Notes Payable (long-term)
Obligations on Long-Term Loans
Patent
Preferred Stock
Premium on Bonds Payable
Prepaid Expenses
Purchases
Retained Earnings
Sales
Sales Salaries Expense
Treasury Stock
Unearned Rent Revenue
Required:
Prepare a balance sheet in good format, without monetary amounts, for December 31, 2010. Use the format Current Assets; Property, Plant, and Equipment; Investments; Intangibles; Current Liabilities; Long-Term Liabilities; and Stockholders' Equity. Do not use the accounts not found on the balance sheet.
Explanation / Answer
Johnson and Clark
Balance Sheet
December 31, 2010
Assets
Current Assets:
Cash in Bank
Marketable Securities
Accounts Receivable
Less: Allowance for Doubtful Accounts
Interest Receivable
Inventory (ending balance)
Prepaid Expenses
Total Current Assets
Property, Plant, and Equipment:
Land
Buildings
Less: Accumulated Depreciation—Buildings
Equipment
Less: Accumulated Depreciation—Equipment
Investments:
Land Held for Future Plant Site
Intangibles:
Franchise
Patent
Goodwill
Total Assets
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable
Accrued Salaries Payable
FICA Taxes Payable
Unearned Rent Revenue
Current Portion of Long-Term Debt
Total Current Liabilities
Long-Term Liabilities:
Bonds Payable
Plus: Premium on Bonds Payable
Notes Payable—Long-Term
Bank Loan—Long-Term
Obligations on Long-Term Loans
Minority Interest
Stockholders' Equity:
Preferred Stock
Common Stock
Additional Paid-In Capital—Common Stock
Retained Earnings
Less: Treasury Stock
Total Liabilities and Stockholders' Equity
Johnson and Clark
Balance Sheet
December 31, 2010
Assets
Current Assets:
Cash in Bank
Marketable Securities
Accounts Receivable
Less: Allowance for Doubtful Accounts
Interest Receivable
Inventory (ending balance)
Prepaid Expenses
Total Current Assets
Property, Plant, and Equipment:
Land
Buildings
Less: Accumulated Depreciation—Buildings
Equipment
Less: Accumulated Depreciation—Equipment
Investments:
Land Held for Future Plant Site
Intangibles:
Franchise
Patent
Goodwill
Total Assets
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable
Accrued Salaries Payable
FICA Taxes Payable
Unearned Rent Revenue
Current Portion of Long-Term Debt
Total Current Liabilities
Long-Term Liabilities:
Bonds Payable
Plus: Premium on Bonds Payable
Notes Payable—Long-Term
Bank Loan—Long-Term
Obligations on Long-Term Loans
Minority Interest
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.