The following information was obtained from the accounts of Alleg, Inc., as of December 31, 2010. It
Question:
The following information was obtained from the accounts of Alleg, Inc., as of December 31, 2010. It is presented in scrambled order.
Common stock, authorized 21,000 shares at $1 par
value, issued 10,000 shares ................$10,000
Additional paid-in capital ................ 38,000
Cash ......................... 13,000
Marketable securities .................. 17,000
Accounts receivable ................... 26,000
Accounts payable .................... 15,000
Current maturities of long-term debt ............ 11,000
Mortgages payable ................... 80,000
Bonds payable ...................... 70,000
Inventory ........................ 30,000
Land and buildings ................... 57,000
Machinery and equipment .................125,000
Goodwill ........................ 8,000
Patents ......................... 10,000
Other assets ....................... 50,000
Deferred income taxes (long-term liability) ......... 18,000
Retained earnings ................... 33,000
Accumulated depreciation .................. 61,000
Required
Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Financial Reporting and Analysis Using Financial Accounting Information
ISBN: 978-1439080603
12th Edition
Authors: Charles H Gibson