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I4-1:
An inexperienced bookkeeper for the Soggy Ground Construction Company has prepared the following balance sheet.
Soggy Ground Construction CompanyBalance SheetFor the Year Ended December 31, xxxx
Current Assets
Cash $149,500
Accounts receivable (net) 220,000
Inventories at lower of average cost or market 260,000
Trading securities at cost 90,000
Property, plant, and equipment
Building (net) 375,000
Office equipment (net) 105,000
Land held for future use 110,000
Intangible assets
Goodwill 52,000
Cash surrender value of life insurance 60,000
Prepaid expenses 8,000
Current Liabilities
Accounts payable 87,500
Notes payable (due within 1 year) 80,000
Pension obligation 53,500
Rent payable 30,500
Discount on bonds payable 35,000
Long-term liabilities
Bonds payable 350,000
Stockholders’ equity
Common stock, $5.00 par, authorized 100,000 shares, issued 39,000 shares 195,000
Additional paid-in capital 105,000
Additional information:
The trading securities have a fair market value of $77,500 on December 31.
The company has no employee eligible to retire and receive pension benefits for at least the next 3 years.
Total life-to-date depreciation expense for the building is $105,000.
Total life-to-date depreciation expense for the office equipment is 65,500.
Allowance for doubtful accounts has a credit balance of $11,500.
The bookkeeper is unsure how to compute the proper balance in retained earnings
Instructions:
Prepare a correct classified balance sheet in good form.
2 answers
I do not understand where these items go on the balance sheet?
Additional information:
The trading securities have a fair market value of $77,500 on December 31.
The company has no employee eligible to retire and receive pension benefits for at least the next 3 years.
Allowance for doubtful accounts has a credit balance of $11,500.
Additional information:
The trading securities have a fair market value of $77,500 on December 31.
The company has no employee eligible to retire and receive pension benefits for at least the next 3 years.
Allowance for doubtful accounts has a credit balance of $11,500.
1 answer