Other 2. The current asset section of Seifert & Seifert, CPA’s balance sheet consists of cash,accounts receivable, investments, and prepaid expenses. The 2011 balance sheetreported the following: cash, $110,000; investments, $22,000; prepaid expenses,$18,000; noncurrent assets, $422,000; and shareholders’ equity, $350,000. The currentratio at the end of the year was 1.6 and the debt to equity […]
Other 3. Canton Corporation reported the following items in its adjusted trial balance for theyear ended December 31, 2011: Income from continuing operations before income taxes $110,000)Extraordinary gain on property condemnsation 28,000)Extraordinary loss on natural disaster (50,000) Canton is subject to a 30% tax rate.Required: Prepare the December 31, 2011, income statement for Canton Corporation,starting […]
Other 4. In 2011, KP Building Inc. began work on a four-year construction project (called “CincyOne”). The contract price is $300 million. KP uses the percentage-of-completionmethod of accounting. At the end of 2011, the following financial statement informationindicates the results to date for Cincy One: INCOME STATEMENTGross Profit (before-taxes) recognized in 2011 $22 millionBALANCE SHEETAccounts […]
Other Discussion Questions: 1. What is meant by the periodic repetition of properties of elements? 2. Mendeleev’s table of elements built upon the work of previous scientists. a) What information was available to Mendeleev when he constructed a periodic table? b) Mendeleev used the formulae of chlorides and hydrides to help him group the elements. […]