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aniked [119]
2 years ago
6

The following items were taken from the financial statements of Pina Colada Company. (All amounts are in thousands.)Long-term de

bt $1,000 Accumulated depreciation—equipment $5,100 Prepaid insurance 750 Accounts payable 1,400 Equipment 11,800 Notes payable (due after 2020) 500 Stock investments (long-term) 300 Common stock 10,750 Debt investments (short-term) 3,500 Retained earnings 3,100 Notes payable (due in 2020) 400 Accounts receivable 2,200 Cash 2,200 Inventory 1,500 Prepare a classified balance sheet in good form as of December 31,2019.
Business
1 answer:
Sindrei [870]2 years ago
4 0

Answer:

2019 Balance Sheet

$2,200,000 Cash

$2,200,000 Accounts Receivable

$750,000 Prepaid Insurance

$3,500,000 Debt Investment

$1,500,000 Inventory

$10,150,000  TOTAL CURRENT ASSETS  

$11,800,000 Equipment

-$5,100,000 Accum Depreciation

$300,000 Stock Investment

$7,000,000  TOTAL NONCURRENT ASSETS  

$17,150,000  TOTAL ASSETS  

$1,400,000  Accounts Payable  

$400,000  Notes Payable  

$1,800,000  TOTAL CURRENT LIABILITIES  

$500,000  Notes Payable  

$1,000,000  Long Term Debt  

$1,500,000  TOTAL NONCURRENT LIABILITIES  

$3,300,000  TOTAL LIABILITIES  

$10,750,000  Common Stock  

$3,100,000  Retained Earnings  

$13,850,000  TOTAL EQUITY  

$17,150,000  TOTAL EQUITY + LIABILITIES  

Explanation:

Account of Current Assets , the criteria is to have a liquidity speed less of one year

Cash

Accounts Receivable

Prepaid Insurance

Debt Investment

Inventory

Account of Non Current Assets , the criteria is to have a liquidity speed more than one year and are known as fixed assets

Equipment

Accum Depreciation

Stock Investment

Account of Current Liabilities , the criteria is to have a liquidity speed less of one year

Accounts Payable  

Notes Payable Short Term  

Account of Non Current Liabilities, the criteria is to have a liquidity speed more than one year and are known as long term financing

Notes Payable Long Term  

Long Term Debt  

Account of Total Equity

Common Stock  

Retained Earnings  

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E21A­1. (Lessee Entries; Finance Lease with No Residual Value) (LO 1, 4) DU Journeys enters into an agreement with Traveler Inc.
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Date            Account Title and Explanation    Debit($)     Credit($)

31/12/2016  Right of Use asset                          15,000

                   Lease Liability                                                    15,000

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(to record interest expense and lease payment)

31/12/2017  Amortization Expense                     5,000

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(to record amortization expense for right of use asset)

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(to record interest expense and lease payment)

31/12/2018 Amortization Expense                      5,000

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(to record amortization expense for right of use asset)

Date: 31/12/2016

Annual Payment: -

Interest Expense: -

Reduction of Lease Liability: -

Lease Liability: $15,000

Depreciation Expense: -

Date: 31/12/2017

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Interest Expense: $1,200

Reduction of Lease Liability: 4352.82

Lease Liability: 10647.18

Depreciation Expense: $5,000

Date: 31/12/2018

Annual Payment: $5,830.46

Interest Expense: 851.7744

Reduction of Lease Liability: 4978.6856

Lease Liability: -44331.5056

Depreciation Expense: $5,000

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Annual Payment: $6,121.98

Interest Expense: -3546.520448

Reduction of Lease Liability: - 44331.5056

Lease Liability: 0

Depreciation Expense: $5,000

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