Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marin Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,250 Current liabilities $151,250 Land 32,200 Bonds

image text in transcribedimage text in transcribed

Marin Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,250 Current liabilities $151,250 Land 32,200 Bonds payable 101,250 Buildings 121,250 Common stock 182,200 Equipment 92,200 Retained earnings 46,200 Accum.depr-buildings (31,250) Total $480,900 Accum. depr.-equipment (11,000) Patents 41,250 Total $480,900 The following information is available for 2025. 13 Equipment (cost $21,250 and accumulated depreciation $9,250) was sold for $11,250. Depreciation expense was $5,250 on the building and $10,250 on equipment. 1 Net income was $50,870. 2. 3. 4. Patent amortization was $2,500. 5. 6. 7. A long-term investment in stock was purchased for $16,000. 8. 9. 10. Current assets other than cash increased by $29,000. Current liabilities increased by $14,250. An addition to the building was completed at a cost of $28,250. Bonds payable of $52,200 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Current Assets Property, Plant, and Equipment Land Buildings Less Accumulated Depreciation Buildings Equipment Less : Accumulated Depreciation Equipment Total Property, Plant, and Equipment Marin Corporation Balance Sheet December 31, 2025 Assets

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 An Introduction to Concepts Methods and Uses

Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil

10th Edition

1111822239, 324639767, 9781111822231, 978-0324639766

More Books

Students also viewed these Accounting questions