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ok, now answer my question Presented below is the balance sheet of Sandhill Corporation for the current year, 2025. The following information is presented. 1.
ok, now answer my question
Presented below is the balance sheet of Sandhill Corporation for the current year, 2025. The following information is presented. 1. The current assets section includes cash $151,290, accounts receivable $171,290 less $11,290 for allowance for doubtful accounts, inventories $181,290, and unearned rent revemue $6,290. 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 $41,290; investments in common stock, short-term $81,290 and long-term $271,290; and bond sinking fund $247,420. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,041,290 less accumulated depreciation $361,290, equipment $451,290 less accumulated depreciation $181,290, land $501,290, and land held for future use $270,000. 4. Intangible assets include a franchise $166,290, goodwill $101,290, and discount on bonds payable $37,420. 5. Current liabilities include accounts payable $141,290, notes payable-short-term $81,290 and long-term $121.290, and 5. Current liabilities include accounts payable $141,290, notes payable-short-term $81,290 and long-term $121,290, and income taxes payable $37,420. 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 $351,290. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. 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.) Accounts Receivable $ 171290 Less \#: Allowancefor Doubtfui Accounts, imentory Total Current Assets Long-term investments Equity Investments Bond Siniang Fund Cash Surrender Value of Life Insurance Land Held for Future Use Property, Plant, and Equipment Land 501290 Buildinis 1041290 Lins heliffor Fiture Use Property, Plant, and Equipment Land Buildin 1041290 Less : : Accumulated Depreciation-Building: 361290 Equipment intangible Assets 181290 Franchises 166290 Goodwi! Total Assets Liabilities and Stockholders' Equity Intangible Assets Franchises Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable focome Tayes Payable Unearned Rent Revenue 5 141290 82290 37420 Total Current Libilities 6290 TotalAssets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Neter Payable income Tayes Payable Unearned forit Revenue Total Current Liabilities Longterm Liabiuties Notes Payable Boocr Parable Liss Dhevunt on Bonds Pyable 5 141290 \( \$ \longdiv { 1 0 0 1 2 9 0 } \) 1085160 'Stockhoiders' Equity Capital Stock Paid-in Capital Camrionstock 100000 Preferred Stock 420090 Paid in Copital in Excess of Par - Common Stock Retaincd Earining Total Stockholders' Equity Totaltiabilities and Stockholders' Equity Step by Step Solution
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