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Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity 616,000 512,000 2,112,000 208,000 $3,448,000 $ 416,000 992,000 2,040,000 $3,448,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $154,000; accounts receivable, $204,000; inventories, $229,000; and prepaid insurance, $29,000. b. Investments: investments in common stock, short term, $94,000, and long term, $164,000; and restricted cash, long term, $254,000. c. Property, plant, and equipment: buildings, $1,540,000 less accumulated depreciation, $604,000; equipment, $540,000 less accumulated depreciation, $204,000; and land, $840,000. d. Intangible assets: patent, $114,000; and copyright, $94,000. e. Current liabilities: accounts payable, $104,000; notes payable, short term, $154,000, and long term, $94,000; and taxes payable, $64,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,200,000; retained earnings, $840,000. Four hundred thousand shares of no par common stock are authorized, of which 240,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) HHD, INC. Balance Sheet At December 31, 2018Step by Step Solution
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