Question
Below is account and item information related to Mega Milk Co., a business of dairy sales, at December 31, 20X1. Assume the company's operating cycle
Below is account and item information related to Mega Milk Co., a business of dairy sales, at December 31, 20X1. Assume the company's operating cycle is one year. Make a classified balance sheet according to GAAP (using the appropriate format and terminology). To save time, prepare the balance sheet in a "condensed" formatexcept for the current assets and stockholders' equity sections that need to be filled out completely.
Accounts payable $21,300
Trademarks $38,000
Inventory $60,300
Total proceeds for common stock $70,000 ($3 par value, 14,000 shares outstanding)
Ore deposit $22,400
Insurance expense $23,800
Cost of goods sold $55,000
Pension fund $32,300
Interest receivable $10,500
Accumulated other comprehensive income $10,700
Pension liability $28,900
Unearned sales revenue $33,400
Retained earnings $68,100 (ending balance)
Bonds payable $94,400 (long-term)
Debt investments $26,100 (held-to-maturity until March 20X2)
Accumulated depreciation $41,300
Premium on bonds payable (long-term) $3,600
Goodwill $82,400
Deferred income tax asset $8,700
Loss on sale of equity investments $4,200
Equipment $66,000
Land $21,100 (held for sale)
Dividends $7,500 (on common stock)
Cash $3,900
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