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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

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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 $3,500 35,500 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) $112,800Required: 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 Cash 12,300 Investments in marketable securities 17,000 Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid items: Insurance Total current assets Long-Term Investments Investment in available-for-sale securities Property, Plant, and Equipment Land Buildings and equipment Less: Accumulated depreciation Total property, plant, and equipment Total Assets Liabilities Current Liabilities Accounts payable Income taxes payable Wages payable Total current liabilities Long-Term Liabilities Bonds payable (due 2026) $ Less: Discount on bonds payable Notes payable (due 2021) Accrued pension cost Total long-term liabilities Total LiabilitiesShareholders' Equity Contributed Capital Total contributed capital Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity

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