Prepare a classified balance sheet in report form

Assignment Help Financial Accounting
Reference no: EM13531009

The following information was obtained from the accounts of Airlines International dated December 31, 2000. It is presented in alphabetical order.

Accounts payable

$ 77,916

Accounts receivable

67,551

Accrued expenses

23,952

Accumulated depreciation

220,541

Allowance for doubtful accounts

248

Capital in excess of par

72,913

Cash

28,837

Common stock (par $.50, authorized 20,000

shares, issued 14,304 shares)

7,152

Current installments of long-term debt

36,875

Deferred income tax liability (long term)

42,070

Inventory

16,643

Investments and special funds

11,901

Long-term debt, less current portion

393,808

Marketable securities

10,042

Other assets

727

Prepaid expenses

3,963

Property, plant, and equipment at cost

809,980

Retained earnings

67,361

Unearned transportation revenue (airline


tickets expiring within one year)

6,808

Required: Prepare a classified balance sheet in report form.

 

Reference no: EM13531009

Questions Cloud

Calculate the net present value on project : Calculate the net present value on this project, and discuss whether it should be accepted and calculate the internal rate of return on this project, and discuss whether it should be accepted.
What is its approximate internal rate of return : The machine will cost $170,000, has an estimated useful life of 7 years, a salvage value of zero, and will increase net annual cash flows by $33,740. What is its approximate internal rate of return?
Determine the net present value - gamma company : Gamma Company accumulates the following data concerning a proposed capital investment: cash cost $225,000, net annual cash flow $34,000, present value factor of cash inflows for 10 years 6.71 (rounded). Determine the net present value, and indicat..
Classifications of current assets : Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
Prepare a classified balance sheet in report form : The information was obtained from the accounts of Airlines International dated December 31, 2000. It is presented in alphabetical order
Compute the most profitable combination of products : Compute the most profitable combination of products to be produced next year and prepare an income statement using the contribution margin format for the product volume computed
Prepare a monthly schedule of expected cash payments : Prepare a monthly schedule of expected cash payments for direct materials for the first quarter of 2011.
Compute the cost of goods sold : Compute the cost of goods sold for the year ended December 31, 2001, and the ending inventory under the cost assumptions
University are complaining of a serious housing crunch : Students at a major university are complaining of a serious housing crunch

Reviews

Write a Review

Financial Accounting Questions & Answers

  Complete the journal entries the company would record

A company sold $18,000 of goods on credit on May 1. At the time of the sale, the company recorded a debit to Accounts Receivable and a credit to Sales Revenue for $18,000. Terms were 2/10, n/30.

  Identify revenues and expenses

What journal entry did Spencer and Marks record during the ar ended March 29, 2008, to identify revenues and expenses and What journal entry did Spencer and Marks make to identify sales returns and bad debts expense

  What is the hospitals net income

The audiology department at Randall Clinic offers many services to the clinic"s patients. The three most common, along with cost and utilization data, are as follows.

  What is the measured gdp

expenditure on goods and services produced by the private sector. If we imported $3 billion more than we exported, what is the measured GDP?

  Explain why bank of america in financial services industry

Explain why Bank of America, in the financial services industry, has a relatively low rate of operating leverage, while a manufacturing firm like Honda has a much higher degree.

  Prepare the journal entry to record the issuance

Show how the bonds would be reported on the balance sheet at the date of issuance.

  Illustrate what amount of loss does cardinal recognize

The land had a basis to Cardinal Company of $1,000,000. Illustrate what amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives? The distribution was non pro rata to Robin, a related person.

  Describe whether key elements of each of those seven parts

describe whether key elements of each of those seven parts are present in the audit report based on International Standards on Auditing for Les Meridian's financial statements.

  Question win co produces a single product its standard

question win co. produces a single product. its standard selling price is 30.00 per unit. the variable costs are 16.00

  Determine the net increase in contribution margin

Determine how many bottles of Blanc de Blanc would not be produced if A VS uses some of its generic white grapes to produce the Riesling wme.

  Calculate the total bond interest expense over the bonds

Calculate the total bond interest expense over the bonds’ life. Prepare a straight-line amortization table like Exhibit 10.11 for the bonds’ life.

  Discuss other two types of misstatements

When testing the occurrence objective for sales, the auditor is concerned with the possibility of three types of misstatements. One type is sales being included in the journal for which no shipment was made. Discuss other two types of misstatement..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd