Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me make a balance sheet Presented below is the balance sheet for HHD. Inc., at December 31, 2016. the captions shown in the summarized

image text in transcribedHelp me make a balance sheet

Presented below is the balance sheet for HHD. Inc., at December 31, 2016. the captions shown in the summarized statement above include the following: a. Current assets: cash, $163,000; accounts receivable. $213,000; inventories. $238,000; and prepaid insurance. $38,000. b. Investments: investments in common stock, short term. $103,000, and long term, $173,000; and restricted cash, long term, $263,000. c. Property, plant, and equipment: buildings, $1,630,000 less accumulated depreciation, $613,000; equipment, $630,000 less accumulated depreciation, $213,000; and land, $930,000. d. Intangible assets: patent, $123,000; and copyright, $103,000. e. Current liabilities: accounts payable, $113,000; notes payable, short term, $163,000, and long term, $103,000; and taxes payable, $73,000. f. Long-term liabilities: bonds payable due 2021. g. Shareholders' equity: common stock, $1,650,000; retained earnings, $930,000. Five hundred thousand shares of no par common stock are authorized, of which 330,000 shares were issued and are outstanding. Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2016

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison

12th Edition

B002ODFC0E

More Books

Students also viewed these Accounting questions