Question
HARDY COMPANY Balance Report for the year ended December 31, 2016 Current Assets: Current Liabilities: Cash $ 58,000 Accounts payable $ 25,000 Accounts receivable Accumulated
HARDY COMPANY
Balance Report for the year ended December 31, 2016
Current Assets: Current Liabilities:
Cash $ 58,000 Accounts payable $ 25,000
Accounts receivable Accumulated depreciation:
123,500 buildings 20,000
Inventory, at higher of cost Wages payable 22,200
or market (cost $29,850) 35,800
Sinking fund for bond Additional paid-in capital
retirement 115,000 on common stock 100,000
Long-Term Investments: Long-Term Liabilities:
Treasury stock (at cost) 55,500 Bonds payable 100,000
Investments in bonds Preferred stock, $50 par
100,000 150,000
Marketable securities, Allowance for doubtful accounts
short term at fair value 25,000 15,000
Trademark 25,000 Premium on preferred stock 45,000
Accumulated depreciation:
Property, Plant, and Equipment: equipment 12,000
Land 75,000 Current taxes payable 10,000
Buildings 100,000 Shareholders Equity:
Equipment 45,000 Common Stock, $1 par 75,000
Intangibles: Unrealized gain on write
Employees 150,000 up of inventory to market
Copyrights 15,000 value 5950
Patents 20,000 Retained earnings 362,650
Total Assets $ 942,800 Total Equities $ 942,800
Required:
Prepare the corrected asset section of a classified balance sheet.
*NOTE: FOR INVENTORY, IT SAYS HIGHER OF COST NOT LOWER OF COST*
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started