Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is the balance sheet of Sweet Corporation for the current year. 2025 . The following information is presented. 1. The current assets section

image text in transcribed
image text in transcribed
Presented below is the balance sheet of Sweet Corporation for the current year. 2025 . The following information is presented. 1. The current assets section includes cash $153,530, accounts recelvable $173,530 less $13,530 for allowance for doubtful accounts, inventories $183,530, and unearned rent revenue $8,530. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value 2. The investments section includes the cash surrender value of a life insurance contract $43,530; investments in common stock, short-term $83,530 and long-term $273,530; and bond sinking fund $242,940. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,043,530 less accumulated depreciation $363,530, equipment $453,530 less accumulated depreciation $183,530, land $503,530, and land held for future use $270,000 4. Intangible assets include a franchise $168,530, goodwill $103,530, and discount on bonds payable $32,940. 5. Current liabilities include accounts payable $143,530, notes payable-short-term $83,530 and long-term $123.530, and income taxes payable $32,940. 6. Long-term liabilities are composed solely of 7% bonds payable due 2033. 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $420,000; and common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $353,530. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the . information given above (List Current Assets in order of Jiquidity. List Property, Plant, and Equipment in arder of Land, Buildings, and Equipment. Enter account name oniy and do not provide the descriptive information provided in the question.) Capital Stock Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Paid-in Capital Property, Plant, and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant, and Equipment Total Stockholders' Equity Presented below is the balance sheet of Sweet Corporation for the current year. 2025 . The following information is presented. 1. The current assets section includes cash $153,530, accounts recelvable $173,530 less $13,530 for allowance for doubtful accounts, inventories $183,530, and unearned rent revenue $8,530. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value 2. The investments section includes the cash surrender value of a life insurance contract $43,530; investments in common stock, short-term $83,530 and long-term $273,530; and bond sinking fund $242,940. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,043,530 less accumulated depreciation $363,530, equipment $453,530 less accumulated depreciation $183,530, land $503,530, and land held for future use $270,000 4. Intangible assets include a franchise $168,530, goodwill $103,530, and discount on bonds payable $32,940. 5. Current liabilities include accounts payable $143,530, notes payable-short-term $83,530 and long-term $123.530, and income taxes payable $32,940. 6. Long-term liabilities are composed solely of 7% bonds payable due 2033. 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 70,000 shares for $420,000; and common stock, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $353,530. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the . information given above (List Current Assets in order of Jiquidity. List Property, Plant, and Equipment in arder of Land, Buildings, and Equipment. Enter account name oniy and do not provide the descriptive information provided in the question.) Capital Stock Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Paid-in Capital Property, Plant, and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant, and Equipment Total Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions