Reference no: EM131756648
Question: Presented below are selected accounts of Flounder Company at December 31, 2017.
| Inventory (finished goods) |
|
$ 52,400 |
|
Cost of Goods Sold |
|
$2,128,300 |
| Unearned Service Revenue |
|
98,100 |
|
Notes Receivable |
|
41,200 |
| Equipment |
|
262,900 |
|
Accounts Receivable |
|
162,410 |
| Inventory (work in process) |
|
35,700 |
|
Inventory (raw materials) |
|
181,040 |
| Cash (not including restricted cash) |
|
37,700 |
|
Supplies Expense |
|
65,400 |
| Equity Investments (short-term) |
|
36,000 |
|
Allowance for Doubtful Accounts |
|
11,090 |
| Customer Advances |
|
52,100 |
|
Licenses |
|
19,330 |
| Restricted Cash for Plant Expansion |
|
51,600 |
|
Additional Paid-in Capital |
|
93,920 |
|
|
|
|
Treasury Stock |
|
23,910 |
The following additional information is available.
1. Inventories are valued at lower-of-cost-or-market using LIFO.
2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $48,003.
3. The short-term investments have a fair value of $29,840. (Assume they are trading securities.)
4. The notes receivable are due April 30, 2019, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2014.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $54,700 are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated amortization of $13,670.
7. Treasury stock is recorded at cost.
Prepare the current assets section of Flounder Company's December 31, 2017, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.)
|
Discuss demand under the two allocation schemes
: Explain the difference in demand under the two allocation schemes,
|
|
Kodak managers analyzed the value system
: If Kodak managers analyzed the value system, it would help them ascertain the following:
|
|
What is the briefcase direct material price variance
: Last year, Caan Enterprises budgeted for production and sales of 28,000 leather briefcases. What is the briefcase's direct material price variance
|
|
Will the trade policies of president elect trump
: Will the trade policies of President Elect Trump lead to additional "gains from trade" or will these policies lead to a reduction in "gains from trade"?
|
|
Prepare the current assets section of flounder company
: Prepare the current assets section of Flounder Company's December 31, 2017, balance sheet, with appropriate disclosures.
|
|
Discuss what tax result from the following transactions
: Corp MH owns 80 shares of Corp X, and NJH, an individual, owns the other 20 shares. HJH'S total basis in her shares is $20
|
|
Prepare the stockholders equity section of the balance sheet
: Common stock, $2.50 par value, 1.8 million shares authorized, 1.2 million shares issued, Prepare the stockholders' equity section of the balance sheeet
|
|
Rising public debt bad for an economy
: What is the public debt going to be at the end of fiscal year 2019. Finally, why is rising public debt bad for an economy, from an economics perspective?
|
|
What is the equivalent annual annuity
: what is the Equivalent Annual Annuity (EAA) for the two projects? Based on the EAA, which project is better
|