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I have most of the answers but am having trouble getting the notes payable (long-term) and the retained earnings. If you could please help me
I have most of the answers but am having trouble getting the notes payable (long-term) and the retained earnings. If you could please help me out it would be greatly appreciated and if yoh ciuld show how you got it that would be amazing! Thanks in advanced! The following balance sheet for the Hubbard Corporation was prepared by the company: Additional information: Additional information: 1. The buidings, land, and machinery are all stated at cost except for a parcel of land that the company is hoiding for future sale. The land originaily cost $53,000 but, due to a significant increase in market value, is listed at $126.000. 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, $23,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $130,000 note requires an installment payment of $32,500 due in the coming year 4. Inventory is recorded at current resale value. The onginal cost of the inventory is $163,000 Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indicated by o minus sign.) HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets \begin{tabular}{|l|r|r|} \hline Current assets: & Assets & \\ \hline Cash & & \\ \hline Accounts receivable (net) & & 63,000 \\ \hline Inventory & & 126,000 \\ \hline & & 163,000 \\ \hline & & \\ \hline Total current assets & & \\ \hline Investments: & & \\ \hline Investment in equity securities & & \\ \hline & & \\ \hline & & \\ \hline Total investments & & \\ \hline Property, plant, and equipment & & \\ \hline Buildings & & \\ \hline Land & & \\ \hline Machinery & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline Net property, plant, and equipment & & 1,169,000 \\ \hline Intangible assets: & & \\ \hline Patent (net) & & 103,000 \\ \hline Total assets & Liabilities and Shareholders' Equity & \\ \hline Current liabilities: & & \\ \hline Accounts payable & & \\ \hline Notes payable (current maturities of long-term debt) & & \\ \hline & & \\ \hline Total current liabilities & & \\ \hline Long-term liabilities & & \\ \hline Notes payable (long-term) & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Shareholders' equity: & & \\ \hline Common stock & & \\ \hline Retained earnings & & \\ \hline \end{tabular}
I have most of the answers but am having trouble getting the notes payable (long-term) and the retained earnings. If you could please help me out it would be greatly appreciated and if yoh ciuld show how you got it that would be amazing! Thanks in advanced!
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