Corrections to Balance Sheet

You may use the attached spread sheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity.

Minett Boatbuilders Company prepared the following balance sheet:

Minett Boatbuilders Company
Balance Sheet for Year Ended December 31, 2016
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, 2018)	(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 stock	29,000
	Treasury stock (at cost)	5,300
		$152,000

3.	Noncurrent liabilities consist of:
	Bonds payable (due 2023)	$ 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
	Unrealized decrease in value of available-for-sale securities	(1,300)
		$112,800

Required:

Based on your analysis, prepare a properly classified December 31, 2016, balance sheet for Minett Boatbuilders.

Minett Boatbuilders Company
Balance Sheet
December 31, 2016
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
Accumulated Other Comprehensive Loss
			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