Question

The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.
Accounts payable ...................... $ 260,000
Accounts receivable ..................... 140,000
Accumulated depreciation—buildings .............. 180,000
Accumulated depreciation—equipment ............ 52,000
Allowance for doubtful accounts ................ 6,000
Bonds payable (10%, due 2023) ............... 500,000
Buildings ........................ 950,000
Cash .......................... 62,000
Common stock ($10 par value; 500,000 shares authorized,
150,000 shares issued) .................... 1,500,000
Dividends payable .................... 80,000
Equipment ....................... 275,000
Fair value adjustment—available-for-sale securities (Dr) ..... 8,000
Goodwill ......................... 200,000
Income taxes payable ..................... 120,000
Inventory ......................... 170,000
Investment in Mara common stock (30% ownership), at equity ... 380,000
Investment in Sasse common stock (10% ownership), at cost .... 278,000
Land .......................... 390,000
Notes payable (due 2016) .................. 70,000
Paid-in capital in excess of par—common stock ......... 130,000
Premium on bonds payable .................. 40,000
Prepaid insurance ..................... 16,000
Retained earnings ..................... 103,000
Short-term investments, at fair value (and cost) .......... 180,000
Unrealized gain—available-for-sale securities ......... 8,000

The investment in Sasse common stock is considered to be a long-term available-for-sale security.

Instructions
Prepare a classified balance sheet at December 31, 2015.



$1.99
Sales20
Views223
Comments0
  • CreatedFebruary 17, 2014
  • Files Included
Post your question
5000