Exercise Total current assets Current liabilities = $44, , ,000 (accrued interest) = $60,000

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1 EXERCISES Exercise Total current assets Current liabilities = $44, , ,000 (accrued interest) = $60,000 Since the current ratio is 1.5:1, Current assets = 1.5 $60,000 = $90, Short-term investments $90,000 5,000 20,000 60,000 = $5, Retained earnings Current assets + Noncurrent assets = Current liabilities + Long-term liabilities + Paid-in capital + Retained earnings (RE) $90, ,000 = $60, ,000 (note payable) + 100,000 + RE RE = $20,000 Exercise c Equipment 10. a Inventories 2. f Accounts payable 11. d Patent 3. -a Allowance for uncollectible accounts 12. c Land, in use 4. b Land, held for investment 13. f Accrued liabilities 5. g Note payable, due in 5 years 14. a Prepaid rent 6. f Deferred rent revenue 15. h Common stock 7. f Note payable, due in 6 months 16. c Building, in use 8. i Income less dividends, accumulated 17. a Cash 9. b Investment in XYZ Corp., long-term 18. f Taxes payable

2 Exercise 3 5 VALLEY PUMP CORPORATION Balance Sheet At December 31, 2016 Assets Current assets: Cash... $ 25,000 Marketable securities... 22,000 Accounts receivable, net of allowance for uncollectible accounts of $5, ,000 Inventories... 81,000 Prepaid expenses... 32,000 Total current assets ,000 Investments: Marketable securities... $22,000 Land... 20,000 Total investments... 42,000 Property, plant, and equipment: Land ,000 Buildings ,000 Equipment... 75, ,000 Less: Accumulated depreciation... (125,000) Net property, plant, and equipment ,000 Intangible assets: Copyright... 12,000 Total assets... $615,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable... $ 65,000 Interest payable... 10,000 Deferred revenues... 20,000 Note payable ,000 Current maturities of long-term debt... 50,000 Total current liabilities ,000 Long-term liabilities: Note payable ,000 Shareholders equity: Common stock... $200,000 Retained earnings... 70,000 Total shareholders equity ,000 Total liabilities and shareholders equity... $615,000

3 Exercise 3 15 List A List B d 1. Balance sheet a. Will be satisfied through the use of current assets. h 2. Liquidity b. Items expected to be converted to cash or consumed within one year or the operating cycle, whichever is longer. b 3. Current assets c. The statements are presented fairly in conformity with GAAP. j 4. Operating cycle d. An organized array of assets, liabilities, and equity. a 5. Current liabilities e. Important to a user in comparing financial information across companies. k 6. Cash equivalent f. Scope limitation or a departure from GAAP. m 7. Intangible asset g. Recorded when an expense is incurred but not yet paid. l 8. Working capital h. Relates to the amount of time before an asset is converted to cash or a liability is paid. g 9. Accrued liabilities i. Occurs after the fiscal year-end but before the statements are issued. e 10. Summary of significant accounting policies i 11. Subsequent events c 12. Unqualified opinion f 13. Qualified opinion j. Cash to cash. k. One-month U.S. treasury bill. l. Current assets minus current liabilities. m. Lacks physical substance.

4 Exercise 3 18 a. Acid-test ratio = Quick assets Current liabilities = 1.20 Quick assets = Current assets Inventories Quick assets = Current assets $840,000 Current assets Current liabilities = 2.25 Current assets $840,000 Current liabilities = 1.20 $840,000 Current liabilities = 1.05 Current liabilities = $800,000 Current assets $800,000 = 2.25 Current assets = $1,800,000 b. Debt to equity ratio = Total liabilities Shareholders equity = 1.8 Total liabilities + Shareholders' equity = Total assets Total liabilities + Shareholders' equity = $2,800,000 Let x equal shareholders' equity 1.8 x + x = $2,800,000 x = $1,000,000 = Shareholders' equity c. Noncurrent assets = Total assets Current assets Noncurrent assets = $2,800,000 1,800,000 = $1,000,000 d. Long-term liabilities = Total assets Current liabilities Shareholders' equity Long-term liabilities = $2,800, ,000 1,000,000 = $1,000,000

5 Problem 3 2 Requirement 1 Inventories: Current assets Cash and cash equivalents Short-term investments Accounts receivable Prepaid expenses = Inventories $1,594, , , ,944 83,259 = $413,838 Total assets: Total liabilities + Shareholders equity = Total assets $956, ,370,627 = $2,326,767 Property and equipment (net): Total assets Current assets Long-term receivables = Property and equipment $2,326,767 1,594, ,800 = $621,040 Accounts payable: Total current liabilities Notes payable and short-term debt Accrued liabilities Other current liabilities = Accounts payable $693,564 31, , ,604 = $59,072 Long-term debt and deferred taxes: Total liabilities Current liabilities = Long-term debt and deferred taxes $956, ,564 = $262,576

6 Problem 3 2 (concluded) Requirement 2 TRIDENT CORPORATION Balance Sheet At December 31, 2016 Assets ($ in thousands) Current assets: Cash and cash equivalents... $ 239,186 Short-term investments ,700 Accounts receivable, net of allowance for uncollectible accounts ,944 Inventories ,838 Prepaid expenses... 83,259 Total current assets... 1,594,927 Investments: Long-term receivables ,800 Property and equipment (net) ,040 Total assets... $2,326,767 Liabilities and Shareholders' Equity Current liabilities: Notes payable and short-term debt... $ 31,116 Accounts payable... 59,072 Accrued liabilities ,772 Other current liabilities ,604 Total current liabilities ,564 Long-term debt and deferred taxes ,576 Shareholders equity... 1,370,627 Total liabilities and shareholders equity $2,326,767

7 Problem 3 5 EXCELL COMPANY Balance Sheet At June 30, 2016 Assets Current assets: Cash and cash equivalents (1)... $101,000 Short-term investments... 47,000 Accounts receivable, net of allowance for uncollectible accounts of $15, ,000 Interest receivable... 5,000 Prepaid expenses... 32,000 Total current assets ,000 Investments: Note receivable... $ 65,000 Land held for sale... 25,000 90,000 Property, plant, and equipment: Land... 50,000 Buildings ,000 Equipment , ,000 Less: Accumulated depreciation... (280,000) Net property, plant, and equipment ,000 Total assets... $840,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable... $173,000 Accrued expenses... 45,000 Note payable... 50,000 Current maturities of long-term debt... 10,000 Total current liabilities ,000 Long-term liabilities: Note payable... $ 50,000 Mortgage payable ,000 Total long-term liabilities ,000 Shareholders equity: Common stock, no par value; 500,000 shares authorized; 200,000 shares issued and outstanding ,000 Retained earnings ,000 Total shareholders equity ,000 Total liabilities and shareholders equity... $840,000 (1) Includes $18,000 in U.S. treasury bills.

8 Problem 3 7 HUBBARD CORPORATION Balance Sheet At December 31, 2016 Assets Current assets: Cash... $ 60,000 Marketable securities... 20,000 Accounts receivable (net) ,000 Inventories ,000 Total current assets ,000 Investments: Marketable securities... $ 40,000 Land held for sale... 50,000 Total investments... 90,000 Property, plant, and equipment: Land (1) ,000 Buildings ,000 Machinery ,000 1,160,000 Less: Accumulated depreciation... (255,000) Net property, plant, and equipment ,000 Intangible assets: Patent ,000 Total assets... $1,455,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable... $ 215,000 Current maturities of long-term debt... 25,000 Total current liabilities ,000 Long-term liabilities: Notes payable ,000 Shareholders equity: Common stock, no par value; 100,000 shares authorized; 100,000 shares issued and outstanding... $ 430,000 Retained earnings (2) ,000 Total shareholders equity ,000 Total liabilities and shareholders equity... $1,455,000 (1) $250,000 $50,000 in land held for sale $70,000 increase in land. (2) $380,000 $70,000 increase in land.

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