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

Question:

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

Accounts payable $ ................... 240,000

Accounts receivable ................... 140,000

Accumulated depreciation—building ............ 180,000

Accumulated depreciation—equipment ............. 52,000

Allowance for doubtful accounts ................. 6,000

Bonds payable (10%, due 2018) ................. 500,000

Buildings .......................... 950,000

Cash ............................. 42,000

Common stock ($10 par value; 500,000 shares

authorized, 150,000 shares issued) .............. 1,500,000

Dividends payable .................... 80,000

Equipment ........................ 275,000

Goodwill ........................ 200,000

Income taxes payable ................... 120,000

Investment in Flott common stock (10% ownership), at cost ... 278,000

Investment in Portico common stock (30% ownership), at equity . 380,000

Land ......................... 390,000

Market adjustment—available-for-sale securities (Dr) ......... 8,000

Merchandise inventory .................. 170,000

Notes payable (due 2011) ................... 70,000

Paid-in capital in excess of par value .............. 130,000

Premium on bonds payable ................... 40,000

Prepaid insurance ....................... 16,000

Retained earnings .................... 103,000

Short-term stock investment, at fair value (and cost) ....... 180,000

Unrealized gain—available-for-sale securities .......... 8,000

The investment in Flott common stock is considered to be a long-term available-for-sale security.

Instructions

Prepare a classified balance sheet at December 31, 2010.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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,...