Question

The following data, presented in alphabetical order, are taken from the records of Urbina Corporation.
Accounts payable ......................... $ 240,000
Accounts receivable ........................ 140,000
Accumulated depreciation—building .................. 180,000
Accumulated depreciation—equipment ................. 52,000
Allowance for doubtful accounts .................... 6,000
Bonds payable (10%, due 2019) ................... 500,000
Buildings ............................ 950,000
Cash ................................ 42,000
Common stock ($10 par value; 500,000 shares authorized, 150,000 shares issued) ... 1,500,000
Dividends payable ......................... 80,000
Equipment ............................. 275,000
Goodwill ............................ 200,000
Income taxes payable ........................ 120,000
Investment in Flott common stock (10% ownership), at cost ........ 278,000
Investment in Portico common stock (30% ownership), at equity ...... 380,000
Land .............................. 390,000
Market adjustment—available-for-sale securities (Dr) ............ 8,000
Merchandise inventory ........................ 170,000
Notes payable (due 2012) ...................... 70,000
Paid-in capital in excess of par value .................. 130,000
Premium on bonds payable ...................... 40,000
Prepaid insurance .......................... 16,000
Retained earnings .......................... 103,000
Short-term stock investment, at fair value (and cost) ........... 180,000
Unrealized gain—available-for-sale securities ................ 8,000

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

Instructions
Prepare a classified balance sheet at December 31, 2011.



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  • CreatedMay 22, 2012
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