Question Details

(Solution Download) E5-7 (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E5-7 (Current Assets Section of

 

the Balance Sheet) Presented below are selected accounts of

 

Yasunari Kawabata Company at December 31, 2014.

Finished Goods$52,000Cost of Goods Sold$2,100,000
Unearned Revenue90,000Notes Receivable40,000
Equipment253,000Accounts Receivable161,000
Work in Process34,000Raw Materials207,000
Cash37,000Supplies Expense60,000
Equity Investments (Short-term)31,000Allowance for Doubtful Accounts12,000
Customer Advances36,000Licenses18,000
Cash Restricted for Plant Expansion50,000Additional Paid-in Capital88,000
Treasury Stock22,000
The following additional information is

 

available:

1. Inventories are valued at

 

lower-of-cost-or-market using LIFO.

2. Equipment is recorded at cost.

 

Accumulated depreciation, computed on a straight-line basis,

 

is

$50,600
3. The short-term investments have a fair

 

value of

$29,000(Assume they are trading securities.)
4. The notes receivables are due April 30,

 

2016, with interest receivable every April 30. The notes

 

bear

interest at6%(Hint: Accrue interest due on December 31,

 

2014.)

5. The allowance for doubtful accounts

 

applies to the accounts receivable. Accounts receivable

 

of

$50,000are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated

 

amortization of

$14,000
7. Treasury stock is recorded at

 

cost.

Instructions:
Prepare the current assets section of

 

Yasunari Kawabata CompanyAc??cs December 31, 2014, balance sheet, with

 

appropriate disclosures.

Current assets
TitleAmount
TitleAmountFormula
TitleAmount
Title
Amount
TitleAmountFormula
TitleAmount
Inventories at lower-of-cost-(determined using

 

LIFO)-or-market

TitleAmount
TitleAmount
TitleAmountFormula
Total current assetsFormula

 

Does this look good below?

 

 

Cash.....................................................................................$

 

130,500*

 

Less: Cash restricted for plant

 

expansion................................(75,000) $ 55,500

 

Trading securities at fair value (cost,

 

$46,500)..........................................43,500

 

Accounts receivable (of which $75,000 is

 

pledged as collateral on a bank

 

loan)...................................241,500

 

Less: Allowance for doubtful

 

accounts....................................(18,000) 223,500

 

Interest receivable [($60,000 X 12%) X 8/12].......................

 

4,800

 

Inventories at lower of cost (determined

 

using LIFO) or market

 

Finished

 

goods................................................................

 

78,000

 

Work-in-process.............................................................

 

51,000

 

Raw

 

materials..................................................................

 

310,500 439,500

 

_______________________________________________________________________________________

 

Total current

 

assets....................................................

 

$766,800

 

Solution details:
STATUS
Answered
QUALITY
 Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147654147.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Get this solution for only: $
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

Support Online

Need Help Ordering? Chat via Whatsapp

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now