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Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 644,200 533,000 2,308,000 222,000 $3,707,000 $ 444,000 803,000 2,460,000 $3,707,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000. b. Investments: investment in equity securities, short term, $101,000, and long term, $171,000; and restricted cash, long term, $261,000. c. Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less accumulated depreciation, $211,000; and land, $910,000. d. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000. e. Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes payable, $71,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,550,000; retained earnings, $910,000. Four hundred thousand shares of no par common stock are authorized, of which 310,000 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.) Balance Sheet At December 31, 2021 Assets Current assets: Cash $ Accounts receivable (net) Inventory Prepaid insurance 161,000 211,000 236,000 36,000 Total current assets 644,000 Investments Investment in equity securities $ 0 Total investments Property, plant, and equipment: Buildings 0 Net property, plant, and equipment: Intangible assets: 0 0 $ Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: 644,000 0 Total current liabilities Long-term liabilities: 0 Total long-term liabilities Total liabilities Shareholders' equity 0 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0
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