Question: Presented below is the balance sheet for HHD, Inc., at December 31, 2021 Current assets Investments Property, plant, and equipment Intangible assets Total assets Current

 Presented below is the balance sheet for HHD, Inc., at December
31, 2021 Current assets Investments Property, plant, and equipment Intangible assets Total
assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity
$ 680,000 560,000 2,560,000 240,000 $4,040,000 $ 480,000 560,000 3,000,000 $4,040,000 nces

Presented below is the balance sheet for HHD, Inc., at December 31, 2021 Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 680,000 560,000 2,560,000 240,000 $4,040,000 $ 480,000 560,000 3,000,000 $4,040,000 nces The captions shown in the summarized statement above include the following: a. Current assets: cash, $170,000; accounts receivable (net). $220,000; inventory, $245,000; and prepaid insurance, $45,000. b. Investments: investment in equity Securities, short term $110,000, and long term $180,000; and restricted cash, long term, $270,000 c. Property, plant, and equipment buildings, $1,700,000 less accumulated depreciation, $620,000; equipmint, $700,000 less accumulated depreciation, $220,000; and land, $1,000,000. d. Intangible assets net of amortization: patent, $130,000; and copyright, $110,000 e. Current liabilities: accounts payable, $120,000; notes payable, short term, $170,000, and long term, $110,000; and income taxes payable, $80,000 f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $2,000,000; retained earnings, $1,000,000. Five hundred thousand shares of no par common stock are authorized, of which 400,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) HHD, INC. Balance Sheet At December 31, 2021 Assets Current assets 0 Total current assets Investments Investments Total investments $ 0 Property, plant, and equipment: 0 0 Net property, plant, and equipment: Intangible assets 0 $ Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!