Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements
The following items are taken from the financial statements of Crane Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $195,800 21,400 10,400 11,850 83,800 262,000 45,900 5,400 13,200 80,000 500,000 33,600 9,600 86,450 18,900 3,100 15,100 47,100 71,600 4,700 Prepare a classified balance sheet. Assume that $10,500 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.) CRANE COMPANY Balance Sheet December 31, 2022 (in millions) Assets Current Assets Cash 11850 Debt Investments 4700 Accounts Receivable 21400 Notes Receivable 5400 Supplies 10400 Total Current Assets Current Assets pro Long-Term Investments Stock Investments 195,800 Buildings 262,000 Long-Term Investments Stock Investments 195,800 Buildings $ 262,000 Less : Accumulated Depreciation-Buildings 33,600 i 228,400 Land Improvements 45,900 Less 4: Accumulated Depreciation-Land Improvements 13,200 32,700 Equipment Accumulated Depreciation-Equipment 18.900 Intangible Assets Patents Total Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 9,600 Interest Payable 3,100 Income Taxes Payable 15,100 Income Taxes Payable 15,100 Total Current Liabilities Long-Term Liabilities Mortgage Payable Total Liabilities Stockholders' Equity Common Stock 80,000 Retained Earnings 500,000 Total Stockholders' Equity 580 Total Liabilities and Stockholders' Equity
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