Question
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
1. Common Stock
14. Accumulated Depreciation-Buildings.
2. Discount on Bonds Payable.
15. Cash Restricted for Plant Expansion.
3. Treasury Stock (at cost).
16. Land Held for Future Plant Site.
4. Notes Payable (short-term).
17. Allowance for Doubtful Accounts.
5. Raw Materials
18. Retained Earnings.
6. Preferred Stock (Equity) Investments (long-term).
19. Paid-in Capital in Excess of Par-Common Stock.
7. Unearned Rent Revenue.
20. Unearned Subscriptions Revenue.
8. Work in Process.
21. Receivables-Officers (due in one year).
9. Copyrights.
22. Inventory (finished goods).
10. Buildings.
23. Accounts Receivable.
11. Notes Receivable (short-term).
24. Bonds Payable (due in 4 years).
12. Cash.
25. Noncontrolling Interest.
13. Salaries and Wages Payable. Liabilities and Stockholders' Equity Current Liabilities Salaries and Wages Payable $XXX Unearned Subscriptions Revenue Unearned Rent Revenue Unearned Service Revenue Total Current Liabilities $XXX Long-term Debt Bonds Payable $XXX Less ? Discount on Bonds Payable Total Long-term Liabilities Total Long-term Liabilities Long-term Investments
Explanation / Answer
Liabilities and Stock holders equity Current Liabilities: Salaries and wages payable $XXX Note payable $XXX Unearned Subscription Revenue $XXX Unearned Rent Revenue $XXX Total Current Liabilities $XXX Long Term Debt Bonds payable,due in four years $XXX Less Discount on bonds payable (XXX) $XXX Total Liabilities $XXX Stock Holder's Equity Capital Stock Common Stock $XXX Additional Paid In capital: Paid-in Capital in Excess of Par-Common Stock $XXX Total Paid in Capital $XXX Retained Earnings $XXX Total Paid in Capital In retained Earnings $XXX Less: Treasury Stock (at cost) (XXX) $XXX Non controlling Interest $XXX Total Stock holders equity $XXX Total liabilities and stockholders equity $XXX