Corrections to Balance Sheet

Minett Boatbuilders Company prepared the following balance sheet:

Minett Boatbuilders Company

Balance Sheet for Year Ended December $31,2019$

Working capital $ $22,800$ Noncurrent liabilities $ $62,000$

Other assets $152,000$ Shareholders' equity $112,800$

Total $$174,800$ Total $$174,800$

Your analysis of these accounts reveals the following information:

$1.$ Working capital consists of:

Land $ $12,000$

Accounts due from customers $18,000$

Accounts due to suppliers $(22,700)$

Inventories, including office supplies of $$3,50035,500$

Income taxes owed $(16,400)$

Wages owed $(3,600)$

Note owed to bank $($due December $31,2021)(17,000)$

Securities held as a short$-$term investment $17,000$

$ $22,800$

$2.$ Other assets include:

Cash $ $12,300$

Prepaid insurance $2,400$

Buildings and equipment $100,000$

Discount on bonds payable $3,000$

Investment in available$-$for$-$sale securities $29,000$

Treasury stock $($at cost$)5,300$

$$152,000$

$3.$ Noncurrent liabilities consist of:

Bonds payable $($due $2026)$ $ $33,000$

Allowance for doubtful accounts $1,400$

Additional paid$-$in capital on preferred stock $2,600$

Common stock, $$5$ par $25,000$

$ $62,000$

$4.$ Shareholders' equity includes:

Accumulated depreciation: Buildings and equipment $ $40,000$

Preferred stock, $$100$ par $12,000$

Additional paid$-$in capital on common stock $15,600$

Retained earnings $40,000$

Accrued pension cost $6,500$

Accumulated other comprehensive loss $(1,300)$

$$112,800$

Required:

Based on your analysis, prepare a properly classified December $31,2019,$ balance sheet for Minett Boatbuilders.

Minett Boatbuilders Company

Balance Sheet

December $31,2019$

Assets

Current Assets

$fill in the blank $2$

fill in the blank $4$

$fill in the blank $6$

fill in the blank $8$ fill in the blank $9$

fill in the blank $11$

Prepaid items:

fill in the blank $13$

fill in the blank $15$

Total current assets $fill in the blank $16$

Long$-$Term Investments

fill in the blank $18$

Property, Plant, and Equipment

$fill in the blank $20$

$fill in the blank $22$

fill in the blank $24$ fill in the blank $25$

Total property, plant, and equipment fill in the blank $26$

Total Assets $fill in the blank $27$

Liabilities

Current Liabilities

$fill in the blank $29$

fill in the blank $31$

fill in the blank $33$

Total current liabilities $fill in the blank $34$

Long$-$Term Liabilities

$fill in the blank $36$

fill in the blank $38$ $fill in the blank $39$

fill in the blank $41$

fill in the blank $43$

Total long$-$term liabilities fill in the blank $44$

Total Liabilities $fill in the blank $45$

Shareholders' Equity

Contributed Capital

$fill in the blank $47$

fill in the blank $49$

fill in the blank $51$

fill in the blank $53$

Total contributed capital $fill in the blank $54$

fill in the blank $56$

fill in the blank $58$

$fill in the blank $60$

fill in the blank $62$

Total Shareholders' Equity $fill in the blank $63$

Total Liabilities and Shareholders' Equity $fill in the blank $64$