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ACCT/382 ACCT382 ACCT 382 Week 3 Chapter 3 Homework

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ACCT 382 Week 3 Chapter 3 Homework There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 1 The following December 31, 2013, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents $ 5,000 Accounts receivable (net) 20,000 Inventories 60,000 Property, plant, and equipment (net) 120,000 Accounts payable 44,000 Wages payable 15,000 Paid-in-capital 100,000 The only asset not listed is short-term investments. The only liabilities not listed are a $30,000 note payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1. Question 2 The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments and funds g. Long-term liabilities c. Property, plant, and equipment. h. Paid-in-capital d. Intangible assets i. Retained earnings e. Other assets Question 3 The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash 40,000 Accounts receivable 34,000 Inventories 75,000 Prepaid rent 16,000 Marketable securities (short term) 10,000 Machinery 145,000 Accumulated depreciation—machinery 11,000 Patent (net of amortization) 83,000 Accounts payable 8,000 Wages payable 4,000 Taxes payable 32,000 Bonds payable (due in 10 years) 200,000 Common stock 100,000 Retained earnings 48,000

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