Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer please it has enough info to answer Presented below is the balance sheet of Sandhill Corporation for the current year, 2025 . The following

answer please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
it has enough info to answer
Presented below is the balance sheet of Sandhill Corporation for the current year, 2025 . The following information is presented. 1. The current assets section includes cash $151,290, accounts receivable $171,290 less $11,290 for allowance for doubtful accounts, inventories $181,290, and unearned rent revenue $6,290. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,290; investments in common stock, short-term $81,290 and long-term $271,290; and bond sinking fund $247,420. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,041,290 less accumulated depreciation $361,290, equipment $451,290 less accumulated depreciation $181,290, land $501,290, and land held for future use $270,000. 4. Intangible assets include a franchise $166,290, goodwill $101,290, and discount on bonds payable $37,420. 5. Current liabilities include accounts payable $141,290, notes payable-short-term $81,290 and long-term $121,290, and 1. The current assets section includes cash $151,290, accounts receivable $171,290 less $11,290 for allowance for doubtful accounts, inventories $181,290, and unearned rent revenue $6,290. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $41,290; investments in common stock, short-term $81,290 and long-term $271,290; and bond sinking fund $247,420. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,041,290 less accumulated depreciation $361,290, equipment $451,290 less accumulated depreciation $181,290, land $501,290, and land held for future use $270,000. 4. Intangible assets include a franchise $166,290, goodwill $101,290, and discount on bonds payable $37,420. 5. Current liabilities include accounts payable $141,290, notes payable-short-term $81,290 and long-term $121,290, and income taxes payable $37,420, 6. Long-term liabilities are composed solely of 7% bonds payable due 2033 . 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $420,000; and common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $351,290. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and above, (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Buildings, and Bondis Payable Less 4: Discount on Bonds Payable Total Labilities Stockholders' Equity Capital Stock Paid-in Capital Comman Stock Preferred Stoch Paid-in Capital in Excess of Par-Common Stock Retained Earnings Total Stockholders' Equity \( \$ \longdiv { 1 0 0 1 2 9 0 } \) Total Liabilities and Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Software Quality Assurance Internal Audit And IT Audit Integrated Testing Security And Audit

Authors: Abu Sayed Mahfuz

1st Edition

0367567970, 978-0367567972

More Books

Students also viewed these Accounting questions

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago