Minett Boatbuilders Company prepared the following balance sheet: Your analysis of these accounts reveals the following information: 1. Working capital consists of: Land......................... $12,000 Accounts due from customers .............. 18,000 Accounts due to suppliers................. (22,700) Inventories, including office supplies of $3,500....... 35,500 Income taxes owed .................. (16,400) Wages owed ...................... (3,600) Note owed to bank (due December 31, 2018)........ (17,000)

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Minett Boatbuilders Company prepared the following balance sheet:
Minett Boatbuilders Company prepared the following balance sheet:
Your analysis of

Your analysis of these accounts reveals the following information:
1. Working capital consists of:
Land......................... $12,000
Accounts due from customers .............. 18,000
Accounts due to suppliers................. (22,700)
Inventories, including office supplies of $3,500....... 35,500
Income taxes owed .................. (16,400)
Wages owed ...................... (3,600)
Note owed to bank (due December 31, 2018)........ (17,000)
Securities held as a short-term investment 17,000....... $22,800
2. Other assets include:
Cash........................ $12,300
Prepaid insurance .................... 2,400
Buildings and equipment ................. 100,000
Discount on bonds payable ............... 3,000
Investment in available-for-sale stock ........... 29,000
Treasury stock (at cost) .................. 5,300
$152,000
3. Noncurrent liabilities consist of:
Bonds payable (due 2023) ................. $33,000
Allowance for doubtful accounts ............. 1,400
Additional paid-in capital on preferred stock ........ 2,600
Common stock, $5 par ................. 25,000
$62,000
4. Shareholders€™ equity includes:
Accumulated depreciation: Buildings and equipment..... $40,000
Preferred stock, $100 par ................ 12,000
Additional paid-in capital on common stock ......... 15,600
Retained earnings .................... 40,000
Accrued pension cost .................. 6,500
Unrealized decrease in value of available-for-sale securities .. (1,300)
$112,800
Required:
Based on your analysis, prepare a properly classified December 31, 2016, balance sheet for Minett Boatbuilders.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Related Book For answer-question

Intermediate Accounting Reporting and Analysis

2nd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

ISBN: 978-1285453828