Ac 5230 Problem Set 1 – Five Problems

AC 5230 Problem Set 1 – Five Problems
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Instructions:
Create a single Excel document with one worksheet/tab for each problem. Each problem is worth 20 points.
Problem 1
The following accounts appeared on the trial balance of Gaudette Company at December 31, 2008. All accounts have normal balances.
Notes Payable $64,000 Accounts Receivable $172,800
Accumulated Depreciation – Bldg. $261,000 Prepaid Expenses $18,750
Supplies on Hand $12,600 Customers’ Deposits $1,250
Accrued Salaries and Wages $11,400 Common Stock*** $375,000
*Investments in Debt Securities $93,800
Cash $56,750 Inventories (average cost) $526,750
Bonds Payable Due 1/1/12 $400,000 Land at Cost $155,000
Allowance for Doubtful Accts. $2,600 Trading Securities**** $24,400
Franchise $64,300 Accrued Interest on Notes Payable $650
Notes Receivable $46,000 Buildings at Cost $642,000
Income Taxes Payable $52,000 Accounts Payable $136,650
Preferred Stock** $250,000 Additional Paid-in Capital $54,600
Appropriated Retained Earnings $98,000
Unappropriated Retained Earnings ???
*The company intends to hold the securities until maturity, which is in ten years.
**8% cumulative; $10 par value; 25,000 shares authorized and outstanding.
***$1 par value; 400,000 shares authorized; 375,000 shares issued and outstanding.
****The company intends to sell the trading securities in the next year.
Directions(20 Points): Prepare a classified balance sheet for Gaudette Company on December 31, 2008 on a separate Excel spreadsheet as directed on the Problem Set 1 directions.

Problem 2

The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2008.
Perry Company
Balance Sheet
as of December 31, 2008
Cash $ 80,000 Accounts payable $ 75,000
Accounts receivable (net) 52,200 Long-term liabilities 100,000
Inventories 57,000 Stockholders’ equity 218,500
Investments 76,300
Equipment...