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-   -   Account balances and supplemental information for the Big Horn (https://www.askmehelpdesk.com/showthread.php?t=672063)

  • Jun 17, 2012, 05:57 PM
    osuherm
    account balances and supplemental information for the Big Horn
    Account balances and supplemental information for the Bighorn Corporation as of December 31, 2012, are given below:
    Accounts Payable... $ 75,900
    Accounts Receivable... 141,600
    Accumulated Depreciation--Equipment... 84,000
    Bonds Payable... 300,000
    Cash... 243,900
    Common Stock... 1,560,000
    Deferred Income Tax Liability (noncurrent)... 6,900
    Dividends Payable... 45,000
    Equipment... 840,000
    Income Taxes Payable... 91,500
    Inventory... 395,100
    Investment in Land... 510,000
    Investment in Stock of Subsidiary... 492,000
    Note Payable... 120,000
    Notes Receivable... 150,000
    Prepaid Insurance... 7,200
    Retained Earnings... 453,600
    Salaries and Wages Payable... 42,900
    (a) $300,000 of 12% bonds were sold on November 1, 2012, at par.
    (b) 40,000 shares of $30 par value common stock were sold for $1,560,000.
    (c) All the equipment was purchased on January 2, 2011. The depreciation rate is 10 percent per year.
    (d) 5 percent of accounts receivable are expected to be uncollectible.
    (e) A two-year insurance policy was purchased on May 1, 2012, for $7,200.
    (f) Accrued interest on $150,000 of short-term notes receivable from customers was $5,100 at December 31, 2012.
    (g) $120,000 was borrowed from the bank on a 5-year, 10% note payable dated July 1, 2012. The loan is to be repaid in 10 semiannual payments of $12,000 plus interest, with the first payment due January 1, 2013.
    Prepare a properly classified balance sheet in report form for Bighorn Corporation as of December 31, 2012
  • Jun 17, 2012, 05:58 PM
    paraclete
    Very interesting what would you like me to do about it?

    You are the one who must make the adjustments and draft the accounts, we can advise you if you have questions

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