As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared...
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As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Henderson Manufacturing Company Balance Sheet December 31, 2024 ($ in 000s) Current assets: Cash Assets Accounts receivable Allowance for uncollectible accounts Finished goods inventory. Prepaid expenses Total current assets Long-term assets: Investments Raw materials and work in process inventory Equipment Accumulated depreciation-equipment Franchise Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable-note Deferred revenue Total current liabilities. Long-term liabilities:: Bonds payable Interest payable-bonds Shareholders' equity: Common stock Retained earnings Total liabilities and shareholders' equity $ 1,850 4,350 (600) 6,100 4,000 15,700 3,600 4,500 22,500 (9,600) $? $ 7,800 14,000 300 2,400 24,500 13,000 500 4 27 Additional information ($ in 000s): 1. Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.6. That is, total Habilities are 160% of total shareholders' equity. Retained earnings at the beginning of the year was $3,800. Net income for 2024 was $2,900, and $900 in cash dividends were declared and paid to shareholders. 2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1.400 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months, 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Required: Prepare a complete, corrected, classified balance sheet Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets Inventory Total current assets Property, plant, and equipment Net property, plant, and equipment Intangibles Total assets HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Current liabilities Total current liabilibes Long-term liabilities Total liabilities Shareholders' equity Talhaaldron Liabilities and Shareholders' Equity As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Henderson Manufacturing Company Balance Sheet December 31, 2024 ($ in 000s) Current assets: Cash Assets Accounts receivable Allowance for uncollectible accounts Finished goods inventory. Prepaid expenses Total current assets Long-term assets: Investments Raw materials and work in process inventory Equipment Accumulated depreciation-equipment Franchise Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable-note Deferred revenue Total current liabilities. Long-term liabilities:: Bonds payable Interest payable-bonds Shareholders' equity: Common stock Retained earnings Total liabilities and shareholders' equity $ 1,850 4,350 (600) 6,100 4,000 15,700 3,600 4,500 22,500 (9,600) $? $ 7,800 14,000 300 2,400 24,500 13,000 500 4 27 Additional information ($ in 000s): 1. Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.6. That is, total Habilities are 160% of total shareholders' equity. Retained earnings at the beginning of the year was $3,800. Net income for 2024 was $2,900, and $900 in cash dividends were declared and paid to shareholders. 2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1.400 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months, 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Required: Prepare a complete, corrected, classified balance sheet Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets Inventory Total current assets Property, plant, and equipment Net property, plant, and equipment Intangibles Total assets HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Current liabilities Total current liabilibes Long-term liabilities Total liabilities Shareholders' equity Talhaaldron Liabilities and Shareholders' Equity
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Henderson Manufacturing Company Balance Sheet December 31 2024 in 000s Assets Current assets Cash 18... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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