The accounting records of Brownfield Foods, Inc., include the following items at December 31, 2021: (Click the icon to view the accounting records.) Read the requirements ..... Requirement 1. Show how each relevant item would be reported on the Brownfield Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. Select the labels and then enter the amounts to complete the classified balance sheet. You will need to determine the total current assets value from the information provided and your calculations. (Abbreviations used: liab. = liabilities, NP = notes payable, and pay. = payable.) Brownfield Foods, Inc. Partial Balance Sheet December 31, 2021 - Assets Liabilities Data Table $ 4,700,000 $ 98,000 166,000 440,000 375,000 Mortgage note payable, current portion Leases payable (long-term) Bonds payable, long-term Mortgage note payable long-term Bonds payable, current portion Interest expense Total assets Accumulated depreciation, equipment Discount on bonds payable (all long-term) Operating income Equipment Long-term investments (market value) Interest payable 316,000 150,000 129,000 23,000 370,000 746,000 Less: Less 405,000 72,000 Print Done Help Me Solve This Calculator Print Clear All Check Answer The accounting records of Brownfield Foods, Inc., include the following items at December 31, 2021: (Click the icon to view the accounting records.) Read the requirements Requirement 1. Show how each relevant item would be reported on the Brownfield Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. Select the labels and then enter the amounts to complete the classified balance sheet. You will need to determine the total current assets value from the information provided and your calculations. (Abbreviations used: liab. = liabilities, NP = notes payable, and pay. = payable.) Brownfield Foods, Inc. Partial Balance Sheet Requirements December 31, 2021 - X Assets Liabilities Total assets $ 4,700,000 18.000 10.000 166,000 1. Show how each relevant item would be reported on the Brownfield Foods classified balance sheet. Include headings and totals for current liabilities and long-term liabilities. 2. Answer the following questions about Brownfield Food's financial position at December 31, 2021 a. What is the carrying amount of the bonds payable (combine the current and long-term amounts)? b. Why is the interest-payable amount so much less than the amount of interest expense? 3. How many times did Brownfield Foods cover its interest expense during 2021? 4. Assume that all of the existing liabilities are included in the information provided. Calculate the leverage ratio and debt ratio of the company. Use year-end figures in place of averages where needed for the purpose of calculating ratios in this problem. Evaluate the health of the company from a leverage point of view. Assume the company only has common stock issued and outstanding. What other information would be helpful in making your evaluation? 5,000 Accumulated depreciation, equipment Discount on bonds payable (all long-term) Operating income Equipment Long-term investments (market value) Interest payable 23,000 370,000 6,000 746.000 60,000 19.000 Less Less: 405,000 72,000 Print Done Int Done Help Me Solve This Calculator Print Clear All Check
