Question
Current assets $489,740 Current liabilities $384,740 investments 644,740 Long-term liabilities 1,004,740 property, plant, and equip 1,724,740 Stockholder's Equity 1,774,740 $3,164,220 $3,164,220 This is balance sheet
Current assets | $489,740 | Current liabilities | $384,740 |
investments | 644,740 | Long-term liabilities | 1,004,740 |
property, plant, and equip | 1,724,740 | Stockholder's Equity | 1,774,740 |
$3,164,220 | $3,164,220 | ||
This is balance sheet info for the current year, 2014.
The following info is presented...
1. The current assets section includes cash $154,740, Accounts receivable $174,740 less $14,740 for allowance for doubtful accounts, inventories $184,740, and unearned rent revenue $9,740. Inventory is stated on the lower-of-FIFO-cost-or-market.
2. The investments section includes the cash surrender value of a life insurance contract $44,740; investments in common stock, short-term(trading) $84,740 and long-term (available for sale) $274,740; and bond sinking fund $240,520. The cost and fair value of investments in common stock are the same.
3. Property, plant, and equipment includes buildings $1,044,740 less accumulated depreciation $364,740; equipment $454,740 less accumulated depreciation $184,740; land $504,740; and land held for future use $270,000
4. Intangible assets include a franchise $169,740; goodwill $104,740; and discount on bonds payable $30,520
5. Current liabilities include accounts payable $144,740; notes payable-short-term $84,740 and long-term $124,740; and income taxes payable $30,520
6. Long-term liabilities are composed solely of 7% bonds payable due 2022
7. Stockholders' eqity has preferred stock, no par value, authorized 200,000 shares, issued 74,740 shares for $448,440; and common stock, $1.00 par value, authorized 400,000 shares, issued 104,740 shares at an avg price of $10. In addition, the corporation has retained earnings of $278,900
Prepare a balance sheet in good form, adjusting the amts in each balance sheet classification as affected by the info given above.
I have part of this figured, I need the blanks filled in.
Assets | ||
---|---|---|
Current assets | ||
Cash | 154740 | |
blank needs filled in | blank needs filled in | |
Accounts Receivable | 174740 | |
Less: Allowance for doubtful accts | 14740 | 160000 |
blank needs filled in | blank needs filled in | |
Total current assets | $blank needs filled in | |
Long term investments | ||
Cash surrender value of life insurance | 44740 | |
blank needs filled in | blank need filled | |
blank | 274740 | |
Bond sinking fund | 240520 | |
Total long term investments | blank needs filled | |
Property, plant, and equip | ||
Land | 504740 | |
buildings | 1044740 | |
less accumulated depreciation | 364740 | 680000 |
equipment | 454740 | |
less accumulated depreciation | 184740 | |
270000 | ||
Total PP&E | 1454740 | |
Intangible assets | ||
Franchises | 169740 | |
goodwill | 104740 | 274480 |
Total assets | blank needs filled | |
Liability and Stockholder's equity: | ||
current liabilities | ||
AP | 144740 | |
Notes payable | blank needs filled | |
blank needs filled | blank needs filled | |
blank needs filled | blank needs filled | |
Total current liabilities | blank needs filled | |
Long-term liabilities | ||
Notes payable | 124740 | |
bonds payable | blank needs filled | |
less discount on bonds payable | blank needs filled | blank needs filled |
total long term liabilities | blank needs filled | |
stockholder's equity | ||
capital stock: | ||
common stock | blank needs filled | |
paid in capital in excess of par-common stock | blank needs filled | |
preferred stock | 448440 | blank needs filled |
Retained earnings | blank needs filled | |
Total Stockholder's equity | blank needs filled | |
Total liabilities and stockholder's equity | blank needs filled | |
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