Question

The following data, presented in alphabetical order, are taken from the records of Nichols Corporation.
Accounts payable ................... $ 375,000
Accounts receivable ................... 135,000
Accumulated depreciation—building ............. 270,000
Accumulated depreciation—equipment ............ 80,000
Allowance for doubtful accounts ................ 10,000
Bonds payable (10%, due 2020) ............... 600,000
Buildings ........................ 1,350,000
Cash ......................... 210,000
Common stock ($5 par value; 500,000 shares
authorized, 440,000 shares issued) ............. 2,200,000
Discount on bonds payable ................. 30,000
Dividends payable ..................... 75,000
Equipment ....................... 415,000
Goodwill ......................... 300,000
Income taxes payable .................... 180,000
Investment in Givens Inc. stock (30% ownership), at equity .... 900,000
Land ......................... 780,000
Merchandise inventory .................. 255,000
Notes payable (due 2011) .................. 110,000
Paid-in capital in excess of par value ............ 300,000
Prepaid insurance .................... 25,000
Retained earnings .................... 480,000
Short-term stock investment, at fair value (and cost) ....... 280,000
Instructions
Prepare a classified balance sheet at December 31, 2010.



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  • CreatedSeptember 13, 2011
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