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Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets $ 628,000 Investments 521,000 Property, plant, and equipment 2,196,000 Intangible
Presented below is the balance sheet for HHD, Inc., at December 31, 2018.
Current assets | $ | 628,000 | |
Investments | 521,000 | ||
Property, plant, and equipment | 2,196,000 | ||
Intangible assets | 214,000 | ||
Total assets | $ | 3,559,000 | |
Current liabilities | $ | 428,000 | |
Long-term liabilities | 911,000 | ||
Shareholders' equity | 2,220,000 | ||
Total liabilities and shareholders' equity | $ | 3,559,000 | |
The captions shown in the summarized statement above include the following:
- Current assets: cash, $157,000; accounts receivable, $207,000; inventories, $232,000; and prepaid insurance, $32,000.
- Investments: investments in common stock, short term, $97,000, and long term, $167,000; and restricted cash, long term, $257,000.
- Property, plant, and equipment: buildings, $1,570,000 less accumulated depreciation, $607,000; equipment, $570,000 less accumulated depreciation, $207,000; and land, $870,000.
- Intangible assets: patent, $117,000; and copyright, $97,000.
- Current liabilities: accounts payable, $107,000; notes payable, short term, $157,000, and long term, $97,000; and taxes payable, $67,000.
- Long-term liabilities: bonds payable due 2023.
- Shareholders equity: common stock, $1,350,000; retained earnings, $870,000. Four hundred thousand shares of no par common stock are authorized, of which 270,000 shares were issued and are outstanding.
Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018.
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