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Could you please show detailed work on how you came up with the balances recorded to the balance sheet. Presented below is the balance sheet
Could you please show detailed work on how you came up with the balances recorded to the balance sheet.
Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. The captions shown in the summarized statement above include the following: a. Current assets: cash, $151,000; accounts receivable (net), $201,000; inventory, $226,000; and prepaid insurance, $26,000. b. Investments: investment in equity securities, short term, $91,000, and long term, $412,000. c. Property, plant, and equipment: buildings, $1,510,000 less accumulated depreciation, $601,000; equipment, \$510,000 less accumulated depreciation, \$201,000; and land, \$810,000. d. Intangible assets net of amortization: patent, $111,000; and copyright, $91,000. e. Current liabilities: accounts payable, $101,000; notes payable, short term, $151,000, and long term, $91,000; and income taxes payable, $61,000. f. Long-term liabilities: bonds payable due 2026. g. Shareholders' equity: common stock, $1,050,000; retained earnings, $810,000. Six hundred thousand shares of no par common stock are authorized, of which 210,000 shares were issued and are outstandingStep by Step Solution
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