ACC 561 Week 1 Discussion Question 2

 This file of ACC 421 Week 5 Summary includes:


 1. What are three important points you learned from the readings and assignments this week?1. What are three important points you learned from the readings and assignments this week?

 2. What questions do you have after reading the materials and preparing the assignments?

Business - Accounting
 ACC421 Week 3 E5-5 E5-12 E5-15 E24-2 E24-4

 E5-5 (Preparation of a Corrected Balance Sheet) Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented on the next page in order to obtain additional funds for expansion.

 BRUNO COMPANY
 BALANCE SHEET
 DECEMBER 31, 2010
 Current assets
 Cash $260,000
 Accounts receivable (net) 340,000
 Inventories at lower of average cost or market 401,000
 Trading securities—at cost (fair value $120,000) 140,000
 Property, plant, and equipment
 Building (net) 570,000
 Office equipment (net) 160,000
 Land held for future use 175,000
 Intangible assets
 Goodwill 80,000

 and so on ...

 Instructions
 Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.

 E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010.

 Debits Credits
 Cash $ 197,000
 Sales $ 7,900,000
 Trading Securities (at cost, $145,000) 153,000
 Cost of Goods Sold 4,800,000
 Long-term Investments in Bonds 299,000
 Long-term Investments in Stocks 277,000
 Short-term Notes Payable 90,000
 Accounts Payable 455,000
 Selling Expenses 2,000,000
 Investment Revenue 63,000
 Land 260,000
 Buildings 1,040,000
 and so on ....

 Instructions
 Prepare a balance sheet at December 31, 2010, for Vivaldi Corporation. Ignore income taxes.

 E5-15 (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31.

 2010 2009
 Cash $157,000 $ 78,000
 Accounts receivable 180,000 185,000
 Investments 52,000 74,000
 Equipment 298,000 240,000
 Less: Accumulated depreciation (106,000) (89,000)
 Current liabilities 134,000 151,000
 Capital stock 160,000 160,000
 Retained earnings 287,000 177,000

 Additional information:

 Investments were sold at a loss (not extraordinary) of $7,000; no equipment was sold; cash dividends paid were $50,000; and net income was $160,000.

 Instructions
 (a) Prepare a statement of cash flows for 2010 for Sondergaard Corporation.

 (b) Determine Sondergaard Corporation's free cash flow.

 E24-2 (Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose.

 1. _________ Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end.

 2. _________ Introduction of a new product line.

 3. _________ Loss of assembly plant due to fire.

 4. _________ Sale of a significant portion of the company's assets.

 and so on ....

 E24-4 (

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