Acct Excel

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stice19_student_03-39.xlsx
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03-39

03-39 Name:
Enter the appropriate amounts/formulas in the blue-shaded cells, or select from the drop-down lists.
The word "Wrong" will appear to the left of incorrect entries.
Hint: Be sure to list assets and liabilities in the order of liquidity.
1. PENNINGTON INVESTMENT CORPORATION
Balance Sheet
January 31, 2015
Assets
Current assets:
Accounts payable
Accounts receivable
Accumulated depreciation - buildings
Accumulated depreciation - machinery & equipment
Additional paid-in capital - common stock
Allowance for doubtful notes and accounts receivable
Less: Buildings
Cash fund for stock redemption
Cash in banks
Cash on hand
Prepaid expenses: Claim for income tax refund
Common stock, $1 par, 55,000 shares
Employees' income taxes payable
Long-term investments: Income taxes payable
Interest payable
Interest receivable
Property, plant, and equipment: Inventory
Investment securities (trading)
Investments in undeveloped properties
Less: Land
Machinery and equipment
Less: Miscellaneous supplies inventory
Total assets Notes payable (current)
Notes payable (due in 2016)
Liabilities Notes receivable (current)
Current liabilities: Preferred stock, $5 par, 57,000 shares
Prepaid insurance
Retained earnings
Salaries and wages payable
Noncurrent liabilities:
Owners' Equity
Contributed capital:
Retained earnings
Total owners' equity
Total liabilities and owners' equity
2. Current ratio:
Current assets
= = Current liabilities
Sales
Total assets
Total liabilities
Debt ratio:
= =
Asset turnover:
= =

Mark Sears: Enter answer as a formula.
Mark Sears: Enter answer as a formula.
Mark Sears: Enter answer as a formula.

Solution

03-39 Name: Solution
Enter the appropriate amounts/formulas in the blue-shaded cells or select from the drop-down list.
The word "Wrong" will appear to the left of incorrect answers.
Hint: Be sure to list assets and liabilities in the order of liquidity.
1. PENNINGTON INVESTMENT CORPORATION
Balance Sheet
January 31, 2015
Assets
Current assets:
Cash on hand $ 96,250 Accounts payable
Cash in banks 8,320 Accounts receivable
Investment securities (trading) 83,750 Accumulated depreciation - buildings
Notes receivable (current) $ 32,960 Accumulated depreciation - machinery & equipment
Accounts receivable 158,200 Additional paid-in capital - common stock
$ 191,160 Allowance for doubtful notes and accounts receivable
Less: Allowance for doubtful notes and accounts receivable 24,700 166,460 Buildings
Interest receivable 2,700 Cash fund for stock redemption
Claim for income tax refund 4,000 Cash in banks
Inventory 201,500 Cash on hand
Prepaid expenses: Claim for income tax refund
Prepaid insurance $ 3,900 Common stock, $1 par, 55,000 shares
Miscellaneous supplies inventory 4,200 8,100 $ 571,080 Employees' income taxes payable
Long-term investments: Income taxes payable
Cash fund for stock redemption $ 17,500 Interest payable
Investments in undeveloped properties 193,500 211,000 Interest receivable
Property, plant, and equipment: Inventory
Land $ 213,000 Investment securities (trading)
Buildings $ 320,000 Investments in undeveloped properties
Less: Accumulated depreciation - buildings 139,500 180,500 Land
Machinery and equipment $ 165,500 Machinery and equipment
Less: Accumulated depreciation - machinery & equipment 116,300 49,200 442,700 Miscellaneous supplies inventory
Total assets $1,224,780 Notes payable (current)
Notes payable (due in 2016)
Liabilities Notes receivable (current)
Current liabilities: Preferred stock, $5 par, 57,000 shares
Notes payable (current) $ 68,320 Prepaid insurance
Accounts payable 92,400 Retained earnings
Salaries and wages payable 15,700 Salaries and wages payable
Income taxes payable 18,000
Interest payable 5,790
Employees' income taxes payable 4,360 $ 204,570
Noncurrent liabilities:
Notes payable (due in 2016) 63,800
Total liabilities $ 268,370
Owners' Equity
Contributed capital:
Preferred stock, $5 par, 57,000 shares $ 285,000
Common stock, $1 par, 55,000 shares 55,000
Additional paid-in capital - common stock 605,000 $ 945,000
Retained earnings 11,410
Total owners' equity 956,410
Total liabilities and owners' equity $1,224,780
2. Current ratio:
Current assets
Current assets = $571,080 = 2.79 Current liabilities
Current liabilities $204,570 Sales
Total assets
Total liabilities
Debt ratio:
Total liabilities = $268,370 = 0.219
Total assets $1,224,780
Asset turnover:
Sales = $7,000,000 = 5.72
Total assets $1,224,780