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
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...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: