He accounts receivable account includes 20000 due in three

Reference no: EM13483954

1) You are reviewing the December 31, 2013, financial statements of Ellie's Antiques. Ellie's management is considering an initial public offering of their shares. The following items come to your attention:

a. Included in long-term investments are 10-year U.S. Treasury bonds that mature March 31, 2014. The bonds were purchased November 20, 2013.

b. The property, plant, and equipment account is stated at cost, except that it includes a parcel of land purchased for investment purposes at a cost of $40,000. Because of rising land prices, the value of the land has been written up to $60,000. The company has an independent appraisal that attests to this amount.

c. The accounts receivable account includes $20,000 due in three years from officers and employees and a two-year, 8% note for $25,000 due from a customer. The loan enabled the customer to buy equipment needed to process materials purchased from Ellie's Antiques.

Required:

Determine the proper balance sheet presentation and amounts for the above items.

Reference no: EM13483954

Questions Cloud

On the basis of the schedule above prepare the journal : the following amortization and interest schedule reflects the issuance of 11-year bonds by capulet corporation on

On february 2 the corporation purchased goods from martin : described below are certain transactions of edwardson corporation. the company uses the periodic inventory system.1. on

You are reviewing the december 31 2013 financial statements : 1. briefly explain the purpose of the disclosure note on significant accounting policies. provide two examples of what

Calculate the balance in the goods in process inventory : arnold co. hues a job order cost accounting system. four jobs were started during the current year. the following is a

He accounts receivable account includes 20000 due in three : 1 you are reviewing the december 31 2013 financial statements of ellies antiques. ellies management is considering an

Briefly explain the purpose of the disclosure note on : 1. briefly explain the purpose of the disclosure note on significant accounting policies. provide two examples of what

How much would charles need to invest today to have the : comprehensive the following are three independent situations1. k. herrmann has decided to set up a scholarship fund for

Latitude amp attitude airline provides air transportation : latitude amp attitude airline provides air transportation services between new york city and george town grand cayman.

Over the past few decades the cost structure of : over the past few decades the cost structure of manufacturing companies has shifted. in the early 1900s direct material

User Account

All Pages