The following data, presented in alphabetical order, are taken from the records of Nichols Corporation. Accounts payable

Question:

The following data, presented in alphabetical order, are taken from the records of Nichols Corporation.

Accounts payable ................... $ 375,000

Accounts receivable ................... 135,000

Accumulated depreciation—building ............. 270,000

Accumulated depreciation—equipment ............ 80,000

Allowance for doubtful accounts ................ 10,000

Bonds payable (10%, due 2020) ............... 600,000

Buildings ........................ 1,350,000

Cash ......................... 210,000

Common stock ($5 par value; 500,000 shares

authorized, 440,000 shares issued) ............. 2,200,000

Discount on bonds payable ................. 30,000

Dividends payable ..................... 75,000

Equipment ....................... 415,000

Goodwill ......................... 300,000

Income taxes payable .................... 180,000

Investment in Givens Inc. stock (30% ownership), at equity .... 900,000

Land ......................... 780,000

Merchandise inventory .................. 255,000

Notes payable (due 2011) .................. 110,000

Paid-in capital in excess of par value ............ 300,000

Prepaid insurance .................... 25,000

Retained earnings .................... 480,000

Short-term stock investment, at fair value (and cost) ....... 280,000

Instructions

Prepare a classified balance sheet at December 31, 2010.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...