Integrating Case 4-15

Integrating Case 4-15 Balance Sheet and Income Statement Chapters 3 and 4 Requirement There are several deficiencies in the financial statements brisk by the controller for rice Corporation. The plus partition of the commensurateness sheet can be broken in down into triplet categories. This corporations assets can be allocated as electric accepted assets, investments, and billet, plant, and equipment. The $78,000 in marketable securities should be divided between incumbent and non- catamenia assets. Short-term investments would make out a poise of $57,000. Investments ( long) will show a balance of $21,000. The miscellaneous expense that is describe on the income statement should be separately reported, as users should be do aware of events reported in the income statement that are non likely to occur over again in the foreseeable forthcoming (Spiceland, Sepe, & Nelson, 2011, p. 180). This situation would move on a lower floor income from continuing operation s and should be considered a loss. Similar to the assets section, the liabilities section should be divided into modern and long-term liabilities. Classifying the liabilities in this flair will help to house the bank with additional teaching to determine the liquidity of Rice Corporation (Spiceland, et al., 2011, p. 115).

The first billet collectable ($80,000) is entirely classify as a period liability. It would be listed under the flow liability section as a note payable. The stand by note payable ($120,000) should be divided between current liabilities ($60,000) and long-term debt ($60,000). The current portion should read current maturities of long-term debt (Spiceland, et al. , 2011, p. 120). Shareholders equity would b! e listed below long-term liabilities. The line item for allowance for forged accounts should be grouped with accounts receivable. This figure should be deducted from the accounts receivable. The result is a $437,000 balance for accounts receivable, net. In the same way, the superior cost of property and...If you want to get a full-of-the-moon essay, order it on our website: OrderEssay.net

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