Presented below is the balance sheet of Belize Water Service Limited for the year ended 31...
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Presented below is the balance sheet of Belize Water Service Limited for the year ended 31 December 2022. Current assets Investments Property, plant and equipment Intangible assets Belize Water Service Limited Balance Sheet December 31, 2022 770,700 Current liabilities 532,000 Long-term liabilities 2,610,000 Stockholders' equity 743,500 4,656,200 1,230,000 1,500,000 1,926,200 4,656,200 The following information is presented: 1. The current assets section includes: cash $105,000, accounts receivable $275,200 less $65,000 for allowance for doubtful accounts, inventories $498,000, and unearned revenue $42,500. Inventories are stated on the lower-of-average-cost-or-market. 2. The investments section includes: the cash surrender value of a life insurance contract $105,000; investments in common stock, short-term (trading) $220,000 and long-term 3. Property, plant, and equipment includes: buildings $1,850,000 less accumulated depreciation $565,000; equipment $855,300 less accumulated depreciation $455,300; land $650,000; and land held for future use $275,000. Intangible assets include: a patent $398,500; goodwill $250,000; and discount on bonds payable $95,000. Current liabilities include: accounts payable $450,000; notes payable-short-term $285,000 and long-term $450,000; and taxes payable $45,000. 6. Long-term liabilities are composed solely of 5% bonds payable due 2031. 7. 4. (available-for-sale) $95,000; and bond sinking fund $112,000. The cost and fair value of investments in common stock are the same. 5. Stockholders' equity has: preferred stock, $100 par value, authorized 100,000 shares, issued 6,000 shares for $600,000; and common stock, $1.00 par value, authorized 1,000,000 shares, issued 300,000 shares at an average price of $3.50. In addition, the corporation has retained earnings of $276,200. Instructions: Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. Presented below is the balance sheet of Belize Water Service Limited for the year ended 31 December 2022. Current assets Investments Property, plant and equipment Intangible assets Belize Water Service Limited Balance Sheet December 31, 2022 770,700 Current liabilities 532,000 Long-term liabilities 2,610,000 Stockholders' equity 743,500 4,656,200 1,230,000 1,500,000 1,926,200 4,656,200 The following information is presented: 1. The current assets section includes: cash $105,000, accounts receivable $275,200 less $65,000 for allowance for doubtful accounts, inventories $498,000, and unearned revenue $42,500. Inventories are stated on the lower-of-average-cost-or-market. 2. The investments section includes: the cash surrender value of a life insurance contract $105,000; investments in common stock, short-term (trading) $220,000 and long-term 3. Property, plant, and equipment includes: buildings $1,850,000 less accumulated depreciation $565,000; equipment $855,300 less accumulated depreciation $455,300; land $650,000; and land held for future use $275,000. Intangible assets include: a patent $398,500; goodwill $250,000; and discount on bonds payable $95,000. Current liabilities include: accounts payable $450,000; notes payable-short-term $285,000 and long-term $450,000; and taxes payable $45,000. 6. Long-term liabilities are composed solely of 5% bonds payable due 2031. 7. 4. (available-for-sale) $95,000; and bond sinking fund $112,000. The cost and fair value of investments in common stock are the same. 5. Stockholders' equity has: preferred stock, $100 par value, authorized 100,000 shares, issued 6,000 shares for $600,000; and common stock, $1.00 par value, authorized 1,000,000 shares, issued 300,000 shares at an average price of $3.50. In addition, the corporation has retained earnings of $276,200. Instructions: Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above.
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Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
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