Question: Presented below is the balance sheet for HHD Inc at

Presented below is the balance sheet for HHD, Inc., at December 31, 2011.

The captions shown in the summarized statement above include the following:
a. Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.
b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and bond sinking fund, $250,000.
c. Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment, $500,000 less accumulated depreciation, $200,000; and land, $800,000.
d. Intangible assets: patent, $110,000; and copyright, $90,000.
e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.
f. Long-term liabilities: bonds payable due 2016.
g. Shareholders' equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.

Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2011.


View Solution:


Sale on SolutionInn
Sales1
Views300
Comments
  • CreatedJune 24, 2013
  • Files Included
Post your question
5000