Reference no: EM132404501
Question
a) The December 31, 2017, adjusted trial balance of Odom Company includes the following accounts:
Supplies$ 2,900 Land$ 85,000 Notes payable (due March 1, 2019)28,000 Buildings 125,000 Accumulated depreciation—equipment 25,800 Patents 12,300 Equipment 43,000 Goodwill 5,520 Accumulated depreciation—building 37,400 Merchandise inventory 14,000 Notes receivable (due April 1, 2018)7,800
Determine which accounts are non-current assets and prepare the non-current assets section of the balance sheet as at December 31, 2017.
b)The following items were taken from the financial statements of J. Parra Company on December 31, 2017. (All amounts are in thousands.)
Long-term debt$ 1,000 Accumulated depreciation—equipment $ 5,655 Prepaid insurance 880 Accounts payable 1,444Equipment11,500 Notes payable (due after 2018)400 Long-term investments 264 J. Parra, capital 12,955 Short-term investments 3,690 Accounts receivable1,696 Notes payable (due in 2018) 500 Merchandise inventory 1,256 Cash2,668
Instructions Prepare a classified balance sheet in good form as at December 31, 2017.
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