Graded Accounting Problems, Volume 2

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Page 10 - ... estimate that a further outlay of $20,000 will be required to complete the work and realize the contract price of $40,000, and their offer to take over the materials on hand for $1,500, as part of said cost, is accepted by the receiver. Of the securities acquired $5,000 is pledged to secure $11,000 due creditors, and $10,000 is pledged to secure $9,000 due creditors. The company owes for taxes on real estate $100 and for salaries and wages of employees $1,200, which sums do not appear on the...
Page 32 - Accounts receivable 50,000.00 Cash 7,000.00 Materials and merchandise 53,000.00 Accounts payable 35,000.00 Bills payable 48,000.00 Bills receivable 5,000.00 On June 30, 1908, the business is incorporated as the X Company, on the following plan: 1.
Page 10 - ... on unsecured account has failed and disappeared. It is estimated that the amount realized on land and buildings will be sufficient to satisfy the mortgage only, and that plant and equipment will realize only 6% of the book value.
Page 2 - January 1, 1918, and appointed a trustee to realize and liquidate for the benefit of their creditors. The books showed the following assets and liabilities: Assets Land and Buildings...
Page 50 - On January 1 the Fairview Real Estate Association was incorporated, the capital subscribed and paid in being $30,000.00, divided into 30 shares.
Page 4 - ... to rely for funds. The rest of his business estate was tied up in the following chattels which he had acquired in an effort to keep pace with a business growth that had outrun his capital : machinery and tools $31,497; raw materials $18,838; partly made goods $31,562, and finished wares $7,587. It was also necessary in order to continue operations to have immediate cash for pay rolls and incidental expenses. A meeting of his principal creditors was called and as it appeared that the business...
Page 4 - ... accounts receivable outstanding $3,382, and accounts payable $89. Prepare with due regard to the grouping, order, and arrangement of the items, as best calculated clearly to display the facts, (a) realization and liquidation account, (6) trustee's cash account, (c) balance sheet of business as restored to Peter Post.
Page 50 - ... and incorporates on the same day the Fairview Club with 30 proprietary members (being the stockholders of the real estate association) and 30 associate members, who have no proprietary interest but enjoy all the privileges without incurring all the liabilities.
Page 20 - Machinery Repairs Productive Labor (Factory) Labor (Warehouse) Office Furniture Reserve for Bad and Doubtful Accounts Reserve for Depreciation Insurance (Merchandise) Bad and Doubtful Accounts. Travelers' Expenses and Salaries Management Salary, Factory Management Salary, Office Discounts allowed Interest Payable Depreciation Sundry Factory Expenses Sundry Office Expenses Postage Subscriptions and Donations Discounts Received Rents (Receivable) Insurance unexpired, Plant Insurance unexpired, Merchandise...
Page 35 - The vendors donate to the treasury of the company $150,000 of preferred stock and $150,000 of common stock to provide for working capital. The company sells $100,000 of its preferred stock in the treasury for 80% cash, giving a bonus to the purchaser of 20% in common stock. For the purpose of raising additional funds for improvements and additions to plants, the company mortgages its real estate and buildings, as security for an issue of bonds amounting to $250,000. These bonds the company sells...

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