Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Computing Missing Amounts on a Classified Balance Sheet The consolidated balance sheet of Mutron Lock Inc. follows. For each of the missing items a through
Computing Missing Amounts on a Classified Balance Sheet
The consolidated balance sheet of Mutron Lock Inc. follows.
For each of the missing items a through m, determine the balances that appear on the complete balance sheet.
- Do not use negative signs with any of your answers.
Consolidated Balance Sheet | |||||
---|---|---|---|---|---|
As of December 31 | |||||
Assets | Liabilities and Stockholders' Equity | ||||
Current assets | Current liabilities | ||||
Cash and cash equivalents | $18,351 | Accounts payable | $153,857 | ||
Marketable securities | a. | Notes payable | e. | ||
Accounts receivable | $276,628 | Income taxes payable | 11,558 | ||
Allowance for doubtful accounts | b. | 265,358 | Current portion of long-term debt | 8,807 | |
Inventories | 363,155 | Accrued expenses | 10,177 | ||
Prepaid expenses | 16,024 | Total current liabilities | $199,373 | ||
Total current assets | c. | Long-term debt | 219,607 | ||
Property, plant, and equipment | Deferred income taxes | f. | |||
Land | 22,468 | Pension liability | 63,245 | ||
Building | d. | Total liabilities | g. | ||
Equipment and machinery | 351,841 | Stockholders' equity | |||
Less: Accumulated depreciation | 186,615 | Preferred stock, no par value (authorized 18,000 shares, issued 4,320 shares) | h. | ||
Total property, plant, and equipment | 469,901 | Common stock, $5 par value (authorized 720,000 shares, issued 36,000 shares) | i. | ||
Investments | 26,771 | Additional paid-in capital | 132,705 | ||
Other assets | 14,267 | Total contributed capital | j. | ||
Total assets | $1,191,193 | Retained earnings | |||
Appropriated | 45,000 | ||||
Unappropriated | k. | 326,648 | |||
Total retained earnings and contributed capital | l. | ||||
Less treasury stock (6,158 shares) | 39,256 | ||||
Total stockholders' equity | 625,802 | ||||
Total liabilities and stockholders' equity | m. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started