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i need help solving this problem please! Presented below is the balance sheet of Sargent Corporation for the current year, 2017. NASH CORPORATION BALANCE SHEET
i need help solving this problem please!
Presented below is the balance sheet of Sargent Corporation for the current year, 2017. NASH CORPORATION BALANCE SHEET DECEMBER 31, 2017 $ 486,130 Current liabilities Current assets Investments Property, plant, and equipment Intangible assets 381,130 1,001,130 1,771,130 $3,153,390 641,130 Long-term liabilities 1,721,130 Stockholders' equity 305,000 $3,153,390 The following information is presented 1. The current assets section includes cash $151,130, accounts receivable $171,130 less $11,130 for allowance for doubtful 2. The investments section includes the cash surrender value of a life insurance contract $41,130; investments in common stock, accounts, inventories $181,130, and unearned rent revenue $6,130. Inventory is stated on the lower-of-FIFO-cost-or-market short-term (trading) $81,130 and long-term (available-for-sale) $271,130; and bond sinking fund $247,740. The cost and fair value of investments in common stock are the same 3. Property, plant, and equipment includes buildings $1,041,130 less accumulated depreciation $361,130, equipment $451,130 less accumulated depreciation $181,130, land $501,130, and land held for future use $270,000 Intangible assets include a franchise $166,130, goodwill $101,130, and discount on bonds payable $37,740 Current liabilities include accounts payable $141,130, notes payable-short-term $81,130 and long-term $121,130, and income taxes payable $37,740 Long-term liabilities are composed solely of 7% bonds payable due 2025. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 71,130 shares for $426,780, and common stock, $1.00 par value, authorized 400,000 shares, issued 101,130 shares at an average price of $10. In addition, the corporation has retained earnings of $333,050 4. 5. 6. 7Step by Step Solution
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