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need help preparing a balance sheet in good form, The following information is presented. 1. The current assets section includes cash $154,470, accounts receivable $174,470
need help preparing a balance sheet in good form,
The following information is presented. 1. The current assets section includes cash $154,470, accounts receivable $174,470 less $14,470 for allowance for doubtful accounts, inventories $184,470, and unearned rent revenue $9,470. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 2. The investments section includes the cash surrender value of a life insurance contract $44,470; investments in common stock, short-term $84,470 and long-term $274,470; and bond sinking fund $241.060. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,044,470 less accumulated depreciation $364,470, equipment $454,470 less accumulated depreciation $184,470, land $504,470, and land held for future use $270,000. 4. Intangible assets include a franchise $169,470, goodwill $104,470, and discount on bonds payable $31,060. 5. Current liabilities include accounts payable $144,470, notes payable-short-term $84,470 and long-term $124,470, and income taxes payable $31,060. 6. Long-term liabilities are composed solely of 7% bonds payable due 2033. 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $420,000; and common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. in addition, the corporation has retained earnings of $354,470. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information ghven Liabilities and Stockholders' Equity Step by Step Solution
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