5 exercises due tomorrow evening

E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk Companys balance sheet.
(a)Current assets. (b) Investments. (c) Property plant and equipment. (d) Intangible assets. (e)Other assets.
Instructions
(f)Current liabilities. (g) Noncurrent liabilities. (h) Capital stock. (i)Additional paid-in capital. (j)Retained earnings.
Indicate by letter where each of the following items would be classified.
1.Preferred stock. 2.Goodwill. 3.Salaries and wages payable. 4.Accounts payable. 5. Buildings. 6.Equity investments (trading). 7.Current maturity of long-term debt. 8.Premium on bonds payable. 9.Allowance for doubtful accounts.
10.Accounts receivable.
11.Cash surrender value of life insurance. 12.Notes payable (due next year). 13.Supplies. 14.Common stock.
15. Land. 16.Bond sinking fund. 17.Inventory. 18.Prepaid insurance. 19.Bonds payable. 20.Income taxes payable.
-4 (Preparation of a Classified Balance Sheet) Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1.Common Stock. 2.Discount on Bonds Payable. 3.Treasury Stock (at cost). 4.Notes Payable (short-term). 5.Raw Materials. 6.Preferred Stock Investments (long-term). 7.Unearned Rent Revenue. 8.Work in Process. 9.Copyrights.
10.Buildings. 11.Notes Receivable (short-term). 12.Cash. 13.Salaries and Wages Payable.
Instructions
14.Accumulated DepreciationBuildings. 15.Restricted Cash for Plant Expansion. 16.Land Held for Future Plant Site. 17.Allowance for Doubtful Accounts.
18.Retained Earnings. 19.Paid-in Capital in Excess of ParCommon Stock. 20.Unearned Subscriptions Revenue. 21.ReceivablesOfficers (due in one year). 22.Inventory (finished goods). 23.Accounts Receivable. 24.Bonds Payable (due in 4 years). 25.Noncontrolling Interest.
E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at
December 31 2014.
Totals
Instructions
197000
153000 4800000 299000 277000
2000000
435000
900000 211000 597000
600000
160000
191000 195000
$12315000
Cash Sales Revenue Debt Investments (trading) (at cost $145000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land 260000 Buildings 1040000 Dividends Payable Accrued Liabilities Accounts Receivable Accumulated DepreciationBuildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated DepreciationEquipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par
Prepare a balance sheet at December 31 2014 for Scott Butler Corporation. (Ignore income taxes.)
E5-13 (Statement of Cash FlowsClassifications) The major classifications of activities reported in the statement of cash flows are operating investing and financing. Classify each of the transactions listed below as:
1.Operating activityadd to net income. 2.Operating activitydeduct from net income. 3.Investing activity. 4.Financing activity. 5.Reported as significant noncash activity.
The transactions are as follows.
(a)Issuance of common stock. (b) Purchase of land and building. (c)Redemption of bonds. (d) Sale of equipment. (e)Depreciation of machinery. (f)Amortization of patent. (g)Issuance of bonds for plant assets.
(h)Payment of cash dividends. (i)Exchange of furniture for office equipment. (j)Purchase of treasury stock. (k)Loss on sale of equipment. (l)Increase in accounts receivable during the year. (m)Decrease in accounts payable during the year.
P5-2(Balance Sheet Preparation) for the current year 2014.
Goodwill Payroll taxes payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term)
Instructions
Presented below are a number of balance sheet items for Montoya Inc.
$
125000 177591 300000
15000 360000 480000 445700 265000 490000
$
Accumulated depreciationequipment Inventory Rent payable (short-term) Income taxes payable
Rent payable (long-term) Common stock $1 par value Preferred stock $10 par value Prepaid expenses
? 97630 1600000
292000 239800 45000 98362 480000 200000 150000 87920 Equipment 1470000 Equity investments (trading)121000 Accumulated depreciationbuildings270200 Buildings 1640000
Prepare a classified balance sheet in good form. Common stock authorized was 400000 shares and pre- ferred stock authorized was 20000 shares. Assume that notes receivable and notes payable are short-term unless stated otherwise. Cost and fair value of equity investments (trading) are the same