50.1K

Verified Solution

Link Copied!

QUESTION 1

1. Stine Corp.'s trial balance reflected the following account balances at December 31, 2014:

   Accounts receivable (net) $19,000

   Trading securities 6,000

   Accumulated depreciation on equipment and furniture 15,000

   Cash 16,000

   Inventory 30,000

   Equipment 25,000

   Patent 4,000

   Prepaid expenses 2,000

   Land held for future business site 18,000

   In Stine's December 31, 2014 balance sheet, the current assets total is [A] (please enter your answer as a whole number without any dollar sign, thousand separator, or decimal points.

2.5 points

QUESTION 2

1. The Bolera Company had the following cash transactions during 2020. The Bolera Company uses the direct method of presenting the Statement of Cash Flows. Fill in thefollowing table by classifying the transactions of the Bolera Company as cash flows from operating activities, investing activities or financing activities (use capitalized O, I, and F as your answer) and identifying the cash flow as an inflow or outflow (use "Inflow" and "Outflow" as your answer).

   Activity Inflow/Outflow

   Bolera paid off a loan to the bank

   Bolera received repayment of a loan it lent to another company

   Bolera received dividends from investment in WalMart

   Bolera paid salaries to employees

   Bolera issued new stock to raise fund

5 points

QUESTION 3

1. Typical balance sheet classifications are as follows.

   a. Current Assets b. Long-term Investments c. Property Plant & Equipment d. Intangible Assets

   e. Other Assets f. Current Liabilities g. Long-Term Liabilities h. Capital Stock

   i. Additional Paid-In Capital j. Retained Earnings k. Notes to Financial Statements

   Indicate by use of the above letters how each of the following items would be classified on a balance sheet prepared at December 31, 2014. If a contra account, or any amount that is negative or opposite the normal balance, put parentheses around the letter selected. A letter may be used more than once or not at all.

   1. Accrued salaries and wages 2. Rent revenues for 3 months collected in advance

   3. Land used as plant site 4. Equity securities classified as trading

   5. Cash 6. Accrued interest payable due in 30 days

   7. Common stock at par value 8. Details of restrictions by bond payables

   9. Depreciation methods 10. Allowance for doubtful accounts

   11. Accumulated deficit 12. Goodwill

   13. 90 day notes payable 14. Investment in bonds of Gap. Inc, due 2022

   15. Prepaid expense 16. Current maturity of bonds payable

   17. Copyright 18. Accumulated depreciationequipment

Answer & Explanation Solved by verified expert

See Answer