Question
7. Using the following data, prepare a classified balance sheet for Blanchard Company as of December 31, 20x5. Cash $ 200 Accumulated Depreciation Building $
7. Using the following data, prepare a classified balance sheet for Blanchard Company as of December 31, 20x5.
Cash | $ 200 |
| Accumulated Depreciation Building |
$ 1,000 |
Investments in Short-Term Government Securities | 400 |
| Franchise | 1,800 |
Accounts Receivable | 800 |
| Accounts Payable | 1,600 |
Inventory | 3,000 |
| Revenues Received in Advance | 400 |
Prepaid Rent | 100 |
| Notes Payable (in two years) | 4,000 |
Investment in Land Held for future use | 2,700 |
| Common Stock | 12,000 |
Land | 2,000 |
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Building | 8,000 |
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ANS:
Blanchard Company | ||||||
Balance Sheet | ||||||
December 31, 20x5 | ||||||
Assets | ||||||
Current assets |
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| Cash |
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| Investments in short-term government securities |
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| Accounts receivable |
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| Inventory |
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| Prepaid rent |
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| Total current assets |
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Investments |
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| Land held for future use |
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Property, plant, and equipment |
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| Land |
| $ |
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| Building | $ |
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| Less accumulated depreciation |
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| Total property, plant, and equipment |
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Intangible assets |
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| Franchise |
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Total assets |
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Liabilities | ||||||
Current liabilities |
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| Accounts payable | $ |
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| Revenues received in advance |
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| Total current liabilities |
| $ |
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Long-term liabilities |
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| Notes payable (in two years) |
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Total liabilities |
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| $ | |||
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Stockholders' Equity | ||||||
Common stock |
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Total liabilities and stockholders' equity |
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| $ | |||
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