Problem 5 5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017 BONITA CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,020 Current liabilities $ 383,020 Investments 643,020 Long term liabilities 1,003,020 Property, plant, and equipment 1,723,020 Stockholders equity 1,773,020 Intangible assets 305,000 $3,159,060 $3,159,060 The following information is presented 1 The current assets section includes cash $153,020, accounts receivable $173,020 less $13,020 for allowance for doubtful accounts, inventories $183,020, and unearned rent revenue $8,020 Inventory is stated on the lower of FIFO cost or market 2 The investments section includes the cash surrender value of a life insurance contract $43,020 investments in common stock, short term (trading) $83,020 and long term (available for sale) $273,020 and bond sinking fund $243,960 The cost and fair value of investments in common stock are the same 3 Property, plant, and equipment includes buildings $1,043,020 less accumulated depreciation $363,020, equipment $453,020 less accumulated depreciation $183,020, land $503,020, and land held for future use $270,000 4 Intangible assets include a franchise $168,020, goodwill $103,020, and discount on bonds payable $33,960 5 Current liabilities include accounts payable $143,020, notes payable short term $83,020 and long term $123,020, and income taxes payable $33,960 6 Long term liabilities are composed solely of 7 bonds payable due 2025 7 Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 73,020 shares for $438,120, and common stock, $1 00 par value, authorized 400,000 shares, issued 103,020 shares at an average price of $10 In addition, the corporation has retained earnings of $304,700 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 liquidity List Property, Plant and Equipment in order of Land, Building and Equipment Enter account name only and do not provide the descriptive information provided in the question )

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Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017. BONITA CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets

Problem 5-5

Presented below is the balance sheet of Sargent Corporation for the current year, 2017.

BONITA CORPORATION BALANCE SHEET DECEMBER 31, 2017
Current assets	$ 488,020	Current liabilities	$ 383,020
Investments	643,020	Long-term liabilities	1,003,020
Property, plant, and equipment	1,723,020	Stockholders equity	1,773,020
Intangible assets	305,000		$3,159,060
	$3,159,060

The following information is presented.

1.		The current assets section includes cash $153,020, accounts receivable $173,020 less $13,020 for allowance for doubtful accounts, inventories $183,020, and unearned rent revenue $8,020. Inventory is stated on the lower-of-FIFO-cost-or-market.
2.		The investments section includes the cash surrender value of a life insurance contract $43,020; investments in common stock, short-term (trading) $83,020 and long-term (available-for-sale) $273,020; and bond sinking fund $243,960. The cost and fair value of investments in common stock are the same.
3.		Property, plant, and equipment includes buildings $1,043,020 less accumulated depreciation $363,020, equipment $453,020 less accumulated depreciation $183,020, land $503,020, and land held for future use $270,000.
4.		Intangible assets include a franchise $168,020, goodwill $103,020, and discount on bonds payable $33,960.
5.		Current liabilities include accounts payable $143,020, notes payable-short-term $83,020 and long-term $123,020, and income taxes payable $33,960.
6.		Long-term liabilities are composed solely of 7% bonds payable due 2025.
7.		Stockholders equity has preferred stock, no par value, authorized 200,000 shares, issued 73,020 shares for $438,120, and common stock, $1.00 par value, authorized 400,000 shares, issued 103,020 shares at an average price of $10. In addition, the corporation has retained earnings of $304,700.

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 liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)