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Fill in the balance sheet with information provided. The following balance sheet for the Hubbard Corporation was prepared by the company HUBBARD CORPORATION Balance Sheet
Fill in the balance sheet with information provided.
The following balance sheet for the Hubbard Corporation was prepared by the company HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings $ 79,000 Land 307,000 79,600 Accounts receivable (net) 158,000 Inventory 278,000 Machinery 299,000 Patent (net) 119,000 Investment in equity securities 99,900 Total assets $2,107.000 Libilities and Shareholders' Equity Accounts payable $ 234,000 Accumulated depreciation 274,000 Notes payable 530,000 Appreciation of Inventory 99,000 Common stock (authorized and issued 119,000 shares of no par stock) 476,000 Retained earnings 415.000 Total liabilities and shareholders' equity $2,107.000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $69.000 but, due to a significant increase in market value is listed at $158,000. The increase in the land account was credited to retained earnings. 2. The investment in equity Securities account consists of stocks of other corporations and are recorded at cost, $39,000 of which will be sold in the coming year. The remainder will be held indefinitely 3. Notes payable are all long term. However, a $290,000 note requires an installment payment of $72.500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $179.000 3334 Ne propery plant and equipment Intable Libilities and Shareholders' Equity |Croat Tuales Long-tember 0 Tube Shareholders equity Tolles and shader ulyStep by Step Solution
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