Question: I only have one line item wrong and I can't figure it out! Assume that Denis Savard Inc. has the following accounts at the end
I only have one line item wrong and I can't figure it out!
Assume that Denis Savard Inc. has the following accounts at the end of the current year.
| 1. | Common Stock. | 14. | Accumulated Depreciation-Buildings. | |||
|---|---|---|---|---|---|---|
| 2. | Discount on Bonds Payable. | 15. | Restricted Cash for Plant Expansion. | |||
| 3. | Treasury Stock (at cost). | 16. | Land Held for Future Plant Site. | |||
| 4. | Notes Payable (short-term). | 17. | Allowance for Doubtful Accounts. | |||
| 5. | Raw Materials. | 18. | Retained Earnings. | |||
| 6. | Preferred Stock Investments (long-term). | 19. | Paid-in Capital in Excess of Par-Common Stock. | |||
| 7. | Unearned Rent Revenue. | 20. | Unearned Subscriptions Revenue. | |||
| 8. | Work in Process. | 21. | Receivables-Officers (due in one year). | |||
| 9. | Copyrights. | 22. | Inventory (finished goods). | |||
| 10. | Buildings. | 23. | Accounts Receivable. | |||
| 11. | Notes Receivable (short-term). | 24. | Bonds Payable (due in 4 years). | |||
| 12. | Cash. | 25. | Noncontrolling Interest. | |||
| 13. | Salaries and Wages Payable. |
Prepare a classified balance sheet in good form.
My answer: (the one in red is the wrong answer)

Common Stock XXX Additional Paid-in Capital Paid-in Capital in Excess of Par - Common Stock XXX Total Paid-in Capital xxx Retained Earnings XXX Total Paid-in Capital and Retained Earnings XXX Less : Treasury Stock (XXX) Total Paid-in Capital and Retained Earnings XXX Noncontrolling Interest xxx Total Stockholders' Equity XXX Total Liabilities and Stockholders' Equity $XXX eTextbook and Media
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
