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Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. Current assets Investments Property, plant, and equipment Intangible assets. Total assets
Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. Current assets Investments Property, plant, and equipment Intangible assets. Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $ 3,855,000 $460,000 695,000 2,700,000 $ 3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net), $215,000; inventory, $240,000; and prepaid insurance, $40,000. b. Investments: investment in equity securities, short term, $105,000, and long term, $440,000. c. Property, plant, and equipment buildings, $1,650,000 less accumulated depreciation, $615,000; equipment, $650,000 less accumulated depreciation, $215,000; and land, $950,000. d. Intangible assets net of amortization: patent, $125,000; and copyright, $105,000. e. Current liabilities: accounts payable, $115,000; notes payable, short term, $165,000, and long term, $105,000; and income taxes payable, $75,000. f. Long-term liabilities: bonds payable due 2026. g. Shareholders' equity: common stock, $1,750,000: retained earnings, $950,000. Six hundred thousand shares of no par common stock are authorized, of which 350,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Incorporated, at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Total current assets Investments: Property, plant, and equipment HHD, INCORPORATED Balance Sheet At December 31, 2024 Assets Net property, plant, and equipment Intangible assets: Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Liabilities and Shareholders' Equity Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity
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