Question
From the adjusted trial balance for Sargent Corporation given below, prepare a classified balance sheet. Sargent Corporation Adjusted Trial Balance For the Year Ended December
From the adjusted trial balance for Sargent Corporation given below, prepare a classified balance sheet.
| Sargent Corporation Adjusted Trial Balance | |
| For the Year Ended December 31, 2019 | |
| 7% bonds payable, due 2027 | 960,000 |
| Accounts payable | 140,000 |
| Buildings | 1,040,000 |
| Cash | 150,000 |
| Equipment | 450,000 |
| Goodwill | 100,000 |
| Income taxes payable | 40,000 |
| Investments in shares (at fair value) | 830,000 |
| Accumulated Depreciation building | 360,000 |
| Accumulated Depreciation equipment | 180,000 |
| Long term Notes payable | 120,000 |
| Notes payable | 80,000 |
| Patents | 165,000 |
| Preference shares, $5 par value; 200,000 shares authorized, 90,000 issued and outstanding |
450,000 |
| Retained earnings | 320,000 |
| Share premiumordinary (100,000 X [$10 $1)] | 900,000 |
| Trading securities (at fair value) | 80,000 |
| Unearned service revenue | 5,000 |
| Accounts receivable | 170,000 |
| Inventory, at lower of cost (determined using FIFO) or NRV |
180,000 |
| Land | 500,000 |
| Allowance for doubtful accounts | 10,000 |
| Ordinary shares, $1 par value; 400,000 shares authorized, 100,000 issued and outstanding |
100,000 |
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