Acct Excel

profilegymjunky
stice19_student_03-31.xlsx
Home>Business & Finance homework help>Accounting homework help>Acct Excel

03-31

03-31 Name:
Select the appropriate account titles from the drop-down lists given in the blue-shaded cells of columns D and E.
Enter the appropriate amounts/formulas in the blue-shaded cells in columns H, K, and M.
The word “Wrong” will appear to the left of an incorrect entry.
Hint: Be sure to list assets and liabilities in the order of liquidity.
1. (a) Current assets:
Accounts receivable
Accrued interest on notes receivable
Allowance for doubtful accounts
Buildings
Less: Cash
Contributed capital
Equipment
Franchises
Total current assets Inventory
Investment securities (trading)
Land
(b) Property, plant, and equipment: Accumulated Book Notes receivable
Cost Depreciation Value Notes payable – trade creditors
Patents
Prepaid expenses
Total property, plant, and equipment
Accounts payable
Accrued interest on bonds payable
(c) Intangible assets: Accrued interest on notes payable
Accrued interest on mortgage payable
Additional paid-in capital
Total intangible assets Bonds payable, 8% – issue 1
Bonds payable, 12% – issue 2
Discount on bonds payable – issue 2
(d) Total assets Mortgage payable
Current assets Notes payable – trade creditors
Property, plant, and equipment Premium on bonds payable – issue 1
Intangible assets Retained earnings
Total assets Treasury stock – at cost
(e) Current liabilities:
Current assets
Total assets
Total current liabilities Total liabilities
Current liabilities
Noncurrent liabilities
(f) Nonurrent liabilities:
Plus:
Less:
Total noncurrent liabilities
(g) Owners' equity:
Contributed capital:
Capital stock, par value $1, 10,000 shares
authorized, 5,000 shares issued
Less:
Total owners' equity
(h) Total liabilities and owners' equity:
Current liabilities
Noncurrent liabilities
Owners' equity
Total liabilities and owners' equity
2. (a) Current ratio:
= =
(b) Debt ratio:
= =

Solution

03-31 Name: Solution
Select the appropriate account title from the drop-down menu given in the blue-shaded cells of columns D and E.
Enter the appropriate amounts/formulas in the blue-shaded cells in columns H, K, and M.
The word “Wrong” will appear to the left of an incorrect answer.
Hint: Be sure to list assets and liabilities in the order of liquidity.
1. (a) Current assets:
Cash $ 43,700 Accounts receivable
Investment securities (trading) 15,000 Accrued interest on notes receivable
Notes receivable 22,000 Allowance for doubtful accounts
Accounts receivable $ 79,500 Buildings
Less: Allowance for doubtful accounts 4,600 74,900 Cash
Accrued interest on notes receivable 2,100 Contributed capital
Inventory 59,300 Equipment
Prepaid expenses 8,200 Franchises
Total current assets $ 225,200 Inventory
Investment securities (trading)
Land
(b) Property, plant, and equipment: Accumulated Book Notes receivable
Cost Depreciation Value Notes payable – trade creditors
Land $ 103,000 $ 103,000 Patents
Buildings 192,000 $ 21,000 171,000 Prepaid expenses
Equipment 37,000 5,900 31,100
Total property, plant, and equipment $ 332,000 $ 26,900 $ 305,100
Accounts payable
Accrued interest on bonds payable
(c) Intangible assets: Accrued interest on notes payable
Patents $ 85,000 Accrued interest on mortgage payable
Franchises 82,110 Additional paid-in capital
Total intangible assets $ 167,110 Bonds payable, 8% – issue 1
Bonds payable, 12% – issue 2
Discount on bonds payable – issue 2
(d) Total assets Mortgage payable
Current assets $ 225,200 Notes payable – trade creditors
Property, plant, and equipment 305,100 Premium on bonds payable – issue 1
Intangible assets 167,110 Retained earnings
Total assets $ 697,410 Treasury stock – at cost
(e) Current liabilities:
Accounts payable $ 57,600
Notes payable – trade creditors 11,000
Accrued interest on notes payable 950
Accrued interest on bonds payable 7,500 Current assets
Accrued interest on mortgage payable 4,320 Total assets
Total current liabilities $ 81,370 Total liabilities
Current liabilities
Noncurrent liabilities
(f) Nonurrent liabilities:
Bonds payable, 8% – issue 1 $ 65,000
Plus: Premium on bonds payable – issue 1 2,500 $ 67,500
Bonds payable, 12% – issue 2 $ 125,000
Less: Discount on bonds payable – issue 2 12,500 112,500
Mortgage payable 72,000
Total noncurrent liabilities $ 252,000
(g) Owners' equity:
Contributed capital:
Capital stock, par value $1, 10,000 shares
authorized, 5,000 shares issued $ 5,000
Additional paid-in capital 123,700 $ 128,700
Retained earnings 251,340 $ 380,040
Less: Treasury stock – at cost 16,000
Total owners' equity $ 396,040
(h) Total liabilities and owners' equity:
Current liabilities $ 81,370
Noncurrent liabilities 252,000
Owners' equity 364,040
Total liabilities and owners' equity $ 697,410
2. (a) Current ratio:
Current assets = $ 225,200 = 2.77
Current liabilities $ 81,370
(b) Debt ratio:
Total liabilities = $ 333,370 = 0.48
Total assets $ 697,410