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Please solve ASAP Property, Plant, and Equipment (at cost): Total property, plant, and equipment Intangible Asset: Other Assets: Total Assets Liabilities Current Liabilities: Total current
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Property, Plant, and Equipment (at cost): Total property, plant, and equipment Intangible Asset: Other Assets: Total Assets Liabilities Current Liabilities: Total current liabilities Long-Term Debt: Total long-term debt Total Liabilities Shareholders' Equity Contributed Capital: Total paid-in capital Total Total Shareholders' Equity Total Liabilities and Shareholders' Equity Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporation's bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: check marked "NSF," but no entry was made. Cash includes $100,000 restricted for building purposes. 2. Included in accounts receivable is a $30,000 note due on December 31,2022 , from Zeus's president. 2019 , was $51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for $32 per share in May 2019 . This amount is included in investments. beginning in 2020 . This note is collateralized by a $250,000 tract of land acquired as a potential future building site, which is included in land. terms require $100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021 . The final payment is due February 28 , 2028. 7. The lawsuit liability will be paid in 2020 . 8. Of the total deferred tax liability, $5,000 is considered a current liability. 9. The current income tax expense reported in Zeus's 2019 income statement was $61,200. 10. The company was authorized to issue 100,000 shares of $50 par value common stock. Required: Prepare a corrected classified balance sheet as of December 31, 2019Step by Step Solution
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