The following balance sheet for the Hubbard Corporation was prepared by the company= HUBBARD CORPORATION Balance...
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The following balance sheet for the Hubbard Corporation was prepared by the company= HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity $ 761,000 283,000 71,000 142,000 262,000 291,000 111,000 82,000 $ 2,003,000 Accounts payable Accumulated depreciation Notes payable $ 226,000 266,000 522,000 Appreciation of inventory Common stock (authorized and issued 111,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 2,003,000 91,000 444,000 454,000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $61,000 but, due to a significant increase in market value, is listed at $142,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $31,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Current acts Totalcument asses Investments Total investments Property, plant, and equipment Not property, plant, and equipment Intangible assets Total Assots Currant Habitas Totalcumentation Long-term abilities: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Total Shareholders equity. Liables and Shareholders' Equity Total shareholders equity Totals and shareholders equity The following balance sheet for the Hubbard Corporation was prepared by the company= HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity $ 761,000 283,000 71,000 142,000 262,000 291,000 111,000 82,000 $ 2,003,000 Accounts payable Accumulated depreciation Notes payable $ 226,000 266,000 522,000 Appreciation of inventory Common stock (authorized and issued 111,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 2,003,000 91,000 444,000 454,000 Additional information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $61,000 but, due to a significant increase in market value, is listed at $142,000. The increase in the land account was credited to retained earnings. 2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $31,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000. Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Current acts Totalcument asses Investments Total investments Property, plant, and equipment Not property, plant, and equipment Intangible assets Total Assots Currant Habitas Totalcumentation Long-term abilities: HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Total Shareholders equity. Liables and Shareholders' Equity Total shareholders equity Totals and shareholders equity
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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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