Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with the boxes that are either missing information or are wrong The post-closing trial balance of Windsor Company and other related information for
Please help with the boxes that are either missing information or are wrong
The post-closing trial balance of Windsor Company and other related information for the year 2025 are presented as follows. Total Current Liabilities. Long-term Liabilities Bonds Payable Less : : Total Long-term Liabilities Stockholders' Equity Commonstock Additional Paid-in Capital in Excess or Pan. Common Stock Phtaloed Earnings Total Labilities and Stockholders' Equity Land Construction in Process Equipment 402960 Less : : Accumulated Depreciation-Equipment 240460 87960 Total Property, Plant, and Equipment 126960 402960 \begin{tabular}{|l|l|} \hline 240460 & i \\ \hline \end{tabular} 162500 Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Notes Payable $ 150960 Accrued Liabilities Total Current Liabilities Accrued Liabilities Notes Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings 52,160 96,960 202,960 502,960 45,000 143,460 $1,444,080$1,444,080 1. The LIFO method of inventory value is used. 2. The cost and fair value of the long-term investments that consist of stocks (with ownership less than 20% of total shares) are the same. 3. The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time). The land on which the building is being constructed cost $87.960, as sinown in the trial balance. 4. The patents were purchased by the compary at a cost of $40,000 and are being amortized on a straight-line basis. 5. Of the discount on bonds payable, $2,000 will be amortized in 2026. 6. The notes payable represent bank loans that are secured by long-term investments carried at $122,960. These bank loans are due in 2026 . 7. The bonds payable bear interest at 8% payable every December 31 , and are due January 1,2036. 8. 600.000 shares of common stock of a par value of $1 were authorized, of which 502,960 shares were issued and outstanding. Prepare a balance sheet as of December 31, 2025, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Construction in Process, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started