Question
Presented below is the balance sheet for Wildcat, Inc., at December 31, 2021. Current assets $ 624,000 Investments 518,000 Property, plant, and equipment 2,168,000 Intangible
Presented below is the balance sheet for Wildcat, Inc., at December 31, 2021.
|
|
|
|
Current assets | $ | 624,000 |
|
Investments |
| 518,000 |
|
Property, plant, and equipment |
| 2,168,000 |
|
Intangible assets |
| 212,000 |
|
Total assets | $ | 3,522,000 |
|
Current liabilities | $ | 424,000 |
|
Long-term liabilities |
| 938,000 |
|
Shareholders' equity |
| 2,160,000 |
|
Total liabilities and shareholders' equity | $ | 3,522,000 |
|
The captions shown in the summarized statement above include the following:
- Current assets: cash, $156,000; accounts receivable (net), $206,000; inventory, $231,000; and prepaid insurance, $31,000.
- Investments: investment in equity securities includes $96,000 of short term, and $166,000 of long term; and restricted cash, long term, $256,000.
- Property, plant, and equipment: buildings, $1,560,000 less accumulated depreciation, $606,000; equipment, $560,000 less accumulated depreciation, $206,000; and land, $860,000. In this section of the balance sheet, show the land, buildings and equipment on their own line. Then, show accumulated depreciation for buildings and equipment on their own line followed by net property, plant and equipment.
- Intangible assets net of amortization: patent, $116,000; and copyright, $96,000.
- Current liabilities: accounts payable, $106,000; notes payable, short term, $156,000, and long term, $96,000; and income taxes payable, $66,000.
- Long-term liabilities: bonds payable due 2023.
- Shareholders equity: common stock, $1,300,000; retained earnings, $860,000. Five hundred thousand shares of no par common stock are authorized, of which 260,000 shares were issued and are outstanding.
Required: Prepare a corrected classified balance sheet for Wildcat, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
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