Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me solve this Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER

can someone help me solve this image text in transcribed
Presented below is the balance sheet of Grouper Corporation for the current year, 2020. GROUPER CORPORATION BALANCE SHEET DECEMBER 31, 2020 Current assets $ 486,810 Current liabilities Investments 641,810 Long-term liabilities Property, plant, and equipment 1.721,810 Stockholders' equity Intangible assets 305,000 $3,155,430 $ 381.810 1,001,810 1,771,810 $3,155,430 The following information is presented, 1. The current assets section includes cash $151,010, accounts receivable $171,810 less $11.010 for allowance for doubtful accounts. Inventories $181,810, and unearned rent revenue $6,810. 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 $41.810, Investments in common stock, short-term $81.810 and long-term $271,810, and bond sinking fund $246,380. The cost and fair value of investments in common stock are the same. 3. Property.plant, and equipment includes buildings $1.041.810 less accumulated depreciation $361.810, equipment $451,810 less accumulated depreciation $181.810, land $501,810, and land held for future use $270,000 4. Intangible assets include a franchise $166,810, goodwill $101.810, and discount on bonds payable $36,380. 5. Current liabilities include accounts payable $141.810, notes payable short-term $81,810 and long-term $121,810, and income taxes payable $36,380 6. Long-term liabilities are composed solely of 7% bonds payable due 2028 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 71,810 shares for $430,860, and common stock, $1.00 par value authorized 400,000 shares, issued 101.810 shares at an average price of $10. In addition, the corporation has retained earnings of $322,850 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, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

10th Edition

0273693107, 978-0273693109

More Books

Students also viewed these Accounting questions

Question

c. Acafeteriawhere healthy, nutritionally balanced foods are served

Answered: 1 week ago