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Follow the format of the list of accounts as shown. The last photo includes the lists of available accounts The Wildhorse Company has decided to
Follow the format of the list of accounts as shown. The last photo includes the lists of available accounts
The
Wildhorse Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. $242,500 352,500 413,500 152,500 582,500 172,500 187,500 WILDHORSE COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $132,500) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 302,500 Additional paid-in capital Retained earnings 92,500 102,500 24,500 147,500 137,500 94,500 61,500 65,500 512,500 302,500 172,500 ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $172,500 and for the equipment, $117,500. The allowance for doubtful accounts has a balance of $29,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) WILDHORSE COMPANY Balance Sheet Assets $ Liabilities and Stockholders' Equity $ $ $ Additional Paid-in Capital Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' EquityStep by Step Solution
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