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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 676,000 Investments 557,000 Property, plant, and equipment 2,532,000 Intangible
Presented below is the balance sheet for HHD, Inc., at December 31, 2021.
Current assets | $ | 676,000 | |
Investments | 557,000 | ||
Property, plant, and equipment | 2,532,000 | ||
Intangible assets | 238,000 | ||
Total assets | $ | 4,003,000 | |
Current liabilities | $ | 476,000 | |
Long-term liabilities | 587,000 | ||
Shareholders' equity | 2,940,000 | ||
Total liabilities and shareholders' equity | $ | 4,003,000 | |
The captions shown in the summarized statement above include the following:
- Current assets: cash, $169,000; accounts receivable (net), $219,000; inventory, $244,000; and prepaid insurance, $44,000.
- Investments: investment in equity securities, short term, $109,000, and long term, $179,000; and restricted cash, long term, $269,000.
- Property, plant, and equipment: buildings, $1,690,000 less accumulated depreciation, $619,000; equipment, $690,000 less accumulated depreciation, $219,000; and land, $990,000.
- Intangible assets net of amortization: patent, $129,000; and copyright, $109,000.
- Current liabilities: accounts payable, $119,000; notes payable, short term, $169,000, and long term, $109,000; and income taxes payable, $79,000.
- Long-term liabilities: bonds payable due 2023.
- Shareholders equity: common stock, $1,950,000; retained earnings, $990,000. Five hundred thousand shares of no par common stock are authorized, of which 390,000 shares were issued and are outstanding.
Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
HHD, INC. Balance Sheet At December 31, 2021 Assets Current assets: ets: Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment: Intangible assets: Total intangible assets Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equityStep by Step Solution
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