Question

The following data, presented in alphabetical order, are taken from the records of
Redlands Corporation.
Accounts payable.....................$ 375,000
Accounts receivable....................135,000
Accumulated depreciation—buildings............270,000
Accumulated depreciation—equipment............80,000
Allowance for doubtful accounts................10,000
Bonds payable (10%, due 2022)...............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
Inventory.........................255,000
Investment in Bonita Inc. stock (30% ownership), at equity...900,000
Land..........................780,000
Notes payable (due 2013).................110,000
Paid-in capital in excess of par—common stock.........300,000
Prepaid insurance....................25,000
Retained earnings.....................480,000
Short-term investments, at fair value (and cost)..........280,000
Instructions
Prepare a classified balance sheet at December 31, 2012.



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  • CreatedOctober 28, 2011
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