Financial Accounting Preparing Balance Sheet Questions Homework Help
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Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,620; Inventories $293,520; Allowance for Doubtful Accounts $9,270; Patents $73,940; Prepaid Insurance $9,710; Accounts Payable $78,930; Cash $34,760. Prepare the current assets section of the balance sheet listing the accounts in proper sequence.
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $20,500; Goodwill $54,940; Franchise Fees Receivable $2,200; Franchises $46,280; Patents $32,380; Trademarks $13,490. Prepare the intangible assets section of the balance sheet.(List amounts from largest to smallest, e.g. 10, 5, 3, 2.)
Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $121,510; Common Stock $708,320; Bonds Payable $104,690; Additional Paid-in Capital $202,370; Goodwill $60,810; Accumulated Other Comprehensive Loss $151,950. Prepare the stockholders’ equity section of the balance sheet.(List entries in order of stock preferred status. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)
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Guillen, Inc. began work on a $7,081,900 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were construction in process $1,748,100; accounts receivable $255,100; and billings on construction in process $1,119,000. Indicate how these accounts would be reported in Guillen’s December 31, 2012, balance sheet.
Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $950, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $550, and the fair value of the repossessed merchandise is $299. Prepare Lazaro’s entry to record the repossession.(List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
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