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Whispering Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. $236,000
Whispering Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion. $236,000 346,000 407,000 146,000 576,000 166,000 181,000 WHISPERING COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $126,000) Property, plant, and equipment Buildings (net) Equipment (net) Land held for future use Intangible assets Goodwill Cash surrender value of life insurance Prepaid expenses Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 296,000 Additional paid-in capital Retained earnings 86,000 96,000 18,000 141,000 131,000 88,000 55,000 59,000 506,000 296,000 166,000 ? Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $166,000 and for the equipment, $111,000. The allowance for doubtful accounts has a balance of $23,000. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) WHISPERING COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash $ Equity Investments Accounts Receivable $ Less : Allowance for Doubtful Accounts Inventory Prepaid Expenses Total Current Assets $ Long-term Investments Land Held for Future Use Cash Surrender Value of Life Insurance Total Long-term Investments Property, Plant and Equipment Buildings Less Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation Equipment Total Property, plant and Equipment [ Intangible Assets Goodwill Total Assets $ Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ Notes Payable Rent Payable Total Current Liabilities $ Long-term Liabilities Bonds Payable $ Add Premium on Bonds Payable Pension Obligation Total Liabilities Stockholders' Equity Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $
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