E5-7 (Current Effects Minority of the Neutralize Sheet) Presented under are clarified accounts of Yasunari Kawabata Company at December 31, 2014.
Cost of Goods Sold
Work in Process
Equity Investments (Short-term)
Allowance for Questionable Accounts
Cash Restricted for Plant Expansion
Additional Paid-in Capital
The aftercited subjoined advice is available:
1. Inventories are estimated at lower-of-cost-or-market using LIFO.
2. Equipment is narrative at consume. Accumulated depreciation, computed on a straight-line basis, is $50,600
3. The short-term investments feel a reasonable estimate of $29,000 (Assume they are trading securities.)
4. The notes receivables are due April 30, 2016, after a while share receivable every April 30. The notes permit share at 6%(Hint: Accrue share due on December 31, 2014.)
5. The allowance for questionable accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as parallel on a bank mortgage.
6. Licenses are narrative net of accumulated amortization of $14,000
7. Treasury fund is narrative at consume.
Prepare the floating effects minority of Yasunari Kawabata Company’s December 31, 2014, neutralize prevarication, after a while mismisappropriate disclosures.
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