Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Total shareholders' equity $ (a) $100,700 Accumulated other comprehensive income 4,800 5,000 Current liabilities (b) 9,800 Intangible assets 12,600 12,000 Property, plant, and equipment
Total shareholders' equity $ (a) $100,700 Accumulated other comprehensive income 4,800 5,000 Current liabilities (b) 9,800 Intangible assets 12,600 12,000 Property, plant, and equipment (net) (c) 87,500 Current assets 18,000 (h) Total contributed capital 51,000 (i) Long-term liabilities (d) 30,200 Retained earnings 42,900 (j) Total assets (e) (k) Common stock, $10 par (f) (1) Working capital 9,900 9,200 Additional paid-in capital (g) 40,000 Long-term investments 23,700 (m) Total liabilities 38,100 (n) Additional information: At the end of 2019, additional paid-in capital is twice the amount of common stock. In 2 Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not neces FERMER COMPANY Balance Sheet December 31 2019 2020 Current assets 18,000 20,000 X Long-term investments 23,700 21,200 x Property, plant, and equipment (net) 82,500 87,500 Intangible assets 12,600 12,000 Total assets 136,800 140,700 Current liabilities Long-term liabilities Total liabilities Common stock, $10 par 8,100 $ 9,800 30,000 30,200 38,100 40,000 17,000 20,000 Additional paid-in capital 34,000 40,000 Total contributed capital 51,000 60,000 Retained earnings 42,900 35,700 Accumulated other comprehensive income 4,800 5,000 Total shareholders' equity 98,700 100,700 Total liabilities and shareholders' equity 136,800 140,700
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started