Question
!!!PLEASE MAKE SURE TO CHECK THE FORMAT IN WHICH I POST UNDERNEATH THE QUESTION AND MAKE SURE THERE'S ENOUGH TO FILL EVERY BOX!!! Presented below
!!!PLEASE MAKE SURE TO CHECK THE FORMAT IN WHICH I POST UNDERNEATH THE QUESTION AND MAKE SURE THERE'S ENOUGH TO FILL EVERY BOX!!!
Presented below is the balance sheet of Sargent Corporation for the current year, 2017.
BLOSSOM CORPORATION BALANCE SHEET DECEMBER 31, 2017 | ||||||
Current assets | $ 487,550 | Current liabilities | $ 382,550 | |||
Investments | 642,550 | Long-term liabilities | 1,002,550 | |||
Property, plant, and equipment | 1,722,550 | Stockholders equity | 1,772,550 | |||
Intangible assets | 305,000 | $3,157,650 | ||||
$3,157,650 |
The following information is presented.
1. | The current assets section includes cash $152,550, accounts receivable $172,550 less $12,550 for allowance for doubtful accounts, inventories $182,550, and unearned rent revenue $7,550. Inventory is stated on the lower-of-FIFO-cost-or-market. | |
2. | The investments section includes the cash surrender value of a life insurance contract $42,550; investments in common stock, short-term $82,550 and long-term $272,550; and bond sinking fund $244,900. The cost and fair value of investments in common stock are the same. | |
3. | Property, plant, and equipment includes buildings $1,042,550 less accumulated depreciation $362,550, equipment $452,550 less accumulated depreciation $182,550, land $502,550, and land held for future use $270,000. | |
4. | Intangible assets include a franchise $167,550, goodwill $102,550, and discount on bonds payable $34,900. | |
5. | Current liabilities include accounts payable $142,550, notes payable-short-term $82,550 and long-term $122,550, and income taxes payable $34,900. | |
6. | Long-term liabilities are composed solely of 7% bonds payable due 2025. | |
7. | Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 72,550 shares for $435,300, and common stock, $1.00 par value, authorized 400,000 shares, issued 102,550 shares at an average price of $10. In addition, the corporation has retained earnings of $311,750. |
BLOSSOM CORPORATION Balance Sheet Assets Liabilities and Stockholders' Equity
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