Acct Excel

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stice19_student_03-30.xlsx
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03-30

03-30 Name:
Enter the appropriate amounts/formulas in the blue-shaded cells in columns G, J and L.
The word “Wrong” will appear to the left of an incorrect entry.
Hint: It is strategic to work some answers out of order.
CLARK AND COMPANY INC.
Consolidated Balance Sheet
December 31, 2015
Assets
Current assets:
Cash $ 24,250
Investment securities (a)
Accounts and notes receivable (b)
Allowance for doubtful accounts and notes receivable 7,851 121,664
Inventories 197,682
Other current assets 14,227
Total current assets (c)
Noncurrent assets:
Property, plant, and equipment $ 694,604
Less: Accumulated depreciation (d) $398,832
Other noncurrent assets 13,217
Total noncurrent assets 412,049
Total assets $ 792,514
Liabilities and Owners' Equity
Current liabilities:
Accounts payable (e)
Payable to banks 34,236
Income taxes payable 9,211
Current installments of long-term debt 6,341
Accrued expenses 7,100
Total current liabilities (f)
Noncurrent liabilities:
Long-term debt (g)
Deferred income tax liability 41,218
Minority interest in subsidiaries 4,201
Total noncurrent liabilities 205,410
Total liabilities $ 350,782
Contributed capital:
Preferred stock, No par value, (authorized 1,618
shares; issued 1,115 shares) $12,392
Common stock, $1 par value per share
(authorized 60,000 shares; issued 21,842 shares) (h)
Additional paid-in capital - common stock (i) (j)
Total contributed capital (k)
Retained earnings 390,625
Total contributed capital and retained earnings (l)
Less Treasury stock, at cost (1,229 shares) 27,038
Total owners' equity (m)
Total liabilities and owners' equity (n)

Solution

03-30 Name: Solution
Enter the appropriate amounts/formulas in the blue-shaded cells in columns G, J and L.
The word “Wrong” will appear to the left of an incorrect answer.
Hint: It is strategic to work some answers out of order.
CLARK AND COMPANY INC.
Consolidated Balance Sheet
December 31, 2015
Assets
Current assets:
Cash $ 24,250
Investment securities 22,642 (a)
Accounts and notes receivable $ 129,515 (b)
Allowance for doubtful accounts and notes receivable 7,851 121,664
Inventories 197,682
Other current assets 14,227
Total current assets $ 380,465 (c)
Noncurrent assets:
Property, plant, and equipment $ 694,604
Less: Accumulated depreciation 295,772 (d) $ 398,832
Other noncurrent assets 13,217
Total noncurrent assets 412,049
Total assets $ 792,514
Liabilities and Owners' Equity
Current liabilities:
Accounts payable $ 88,484 (e)
Payable to banks 34,236
Income taxes payable 9,211
Current installments of long-term debt 6,341
Accrued expenses 7,100
Total current liabilities $ 145,372 (f)
Noncurrent liabilities:
Long-term debt $ 159,991 (g)
Deferred income tax liability 41,218
Minority interest in subsidiaries 4,201
Total noncurrent liabilities 205,410
Total liabilities $ 350,782
Contributed capital:
Preferred stock, No par value, (authorized 1,618
shares; issued 1,115 shares) $ 12,392
Common stock, $1 par value per share
(authorized 60,000 shares; issued 21,842 shares) $ 21,842 (h)
Additional paid-in capital - common stock 43,911 (i) 65,753 (j)
Total contributed capital $ 78,145 (k)
Retained earnings 390,625
Total contributed capital and retained earnings $ 468,770 (l)
Less: Treasury stock, at cost (1,229 shares) 27,038
Total owners' equity 441,732 (m)
Total liabilities and owners' equity $ 792,514 (n)