ACC 421 Week 4 LT Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch. 24

Apr 19th, 2015
Studypool Tutor
Price: $5 USD

Tutor description

ACC 421 Week 4 LT Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch. 24

Word Count: 1292
Showing Page: 1/10
P53 (Balance Sheet Adjustment and Preparation) The adjusted trial balance of Side Kicks Companyand other related information for the year 2007 are presented on the next page.SIDE KICKS COMPANYADJUSTED TRIAL BALANCEDECEMBER 31, 2007Debits$ 41,000163,500CashAccounts ReceivableAllowance for Doubtful AccountsPrepaid InsuranceInventoryLong-term InvestmentsLandConstruction Work in ProgressPatentsEquipmentAccumulated Depreciation of EquipmentUnamortized Discount on Bonds PayableAccounts PayableAccrued ExpensesNotes PayableBonds PayableCommon StockPremium on Common StockRetained EarningsCredits$ 8,7005,900308,500339,00085,000124,00036,000400,000140,00020,000$1,522,900148,00049,20094,000400,000500,00045,000138,000$1,522,900Additional information:1. The LIFO method of inventory value is used.2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.3. The amount of the Construction Work in Progress account represents the costs expended to dateon a building in the process of construction. (The company rents factory space at the presenttime.) The land on which the building is being constructed cost $85,000, as shown in the trialbalance.4. The patents were purchased by the company at a cost of $40,000 and are being amortized on astraight-line basis.5. Of the unamortized discount on bonds payable, $2,000 will be amortized in 2008.6. The notes payable represent bank loans that are se

Review from student

Studypool Student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors