Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chapter 05 HomewoP Land held as investment property 175,000 Goodwill 80,000 Cash surrender value of life insurance policy Prepaid expenses Accounts payable 90,000 12,000 135,000 Notes payable 125,000 Pension obligation Income tax payable Premium on bonds payable 82,000 49,000 53,000 Bonds payable 500,000 Deferred tax asset 5,000 Common stock 290,000 Paid-in capital in excess of par value 160,000 Retained earnings 784,000 Accumulated other comprehensive loss 15,000 Total $ 2,500,000 $ 2,500,000 Additional information: 1. At year-end, the fair value of available-for-sale securities is $120,000. 2. At year-end, the net realizable value of inventory is $408,000. 3. There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding. 4. Notes payable is due next year. 5. The bonds payable are due in 3 years. Instructions: Prepare a classified balance sheet.

Chapter 05 HomewoP Land held as investment property 175,000 Goodwill 80,000 Cash surrender value of life insurance policy Prepaid expenses Accounts payable 90,000 12,000 135,000 Notes payable 125,000 Pension obligation Income tax payable Premium on bonds payable 82,000 49,000 53,000 Bonds payable 500,000 Deferred tax asset 5,000 Common stock 290,000 Paid-in capital in excess of par value 160,000 Retained earnings 784,000 Accumulated other comprehensive loss 15,000 Total $ 2,500,000 $ 2,500,000 Additional information: 1. At year-end, the fair value of available-for-sale securities is $120,000. 2. At year-end, the net realizable value of inventory is $408,000. 3. There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding. 4. Notes payable is due next year. 5. The bonds payable are due in 3 years. Instructions: Prepare a classified balance sheet.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 19E
See similar textbooks
icon
Related questions
Question

Please answer competely and properly

2. Classified balance sheet Presented are accounts from the post-closing trial balance of Uhuru Company at December 31, 2020. Debit Credit Cash $ 230,000 Accounts receivable 357,000 Allowance for doubtful accounts $ 17,000 Inventory (net realizable value, $408,000) Available-for-sale debt securities (fair value, $120,000) 401,000 140,000 Fair value adjustment - available-for-sale debt securities 20,000 Buildings 730,000 Equipment Accumulated depreciation - buildings Accumulated depreciation - equipment 265,000 160,000 125,000
Transcribed Image Text:2. Classified balance sheet Presented are accounts from the post-closing trial balance of Uhuru Company at December 31, 2020. Debit Credit Cash $ 230,000 Accounts receivable 357,000 Allowance for doubtful accounts $ 17,000 Inventory (net realizable value, $408,000) Available-for-sale debt securities (fair value, $120,000) 401,000 140,000 Fair value adjustment - available-for-sale debt securities 20,000 Buildings 730,000 Equipment Accumulated depreciation - buildings Accumulated depreciation - equipment 265,000 160,000 125,000
Chapter 05 Homework - Balance Sheet Land held as investment property 175,000 Goodwill 80,000 Cash surrender value of life insurance policy Prepaid expenses 90,000 12,000 Accounts payable Notes payable 135,000 125,000 Pension obligation Income tax payable 82,000 49,000 Premium on bonds payable 53,000 Bonds payable 500,000 Deferred tax asset 5,000 Common stock 290,000 Paid-in capital in excess of par value 160,000 Retained earnings Accumulated other comprehensive loss 784,000 15,000 Total $ 2,500,000 $ 2,500,000 Additional information: 1. At year-end, the fair value of available-for-sale securities is $120,000. 2. At year-end, the net realizable value of inventory is $408,000. 3. There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding. 4. Notes payable is due next year. 5. The bonds payable are due in 3 years. Instructions: Prepare a classified balance sheet.
Transcribed Image Text:Chapter 05 Homework - Balance Sheet Land held as investment property 175,000 Goodwill 80,000 Cash surrender value of life insurance policy Prepaid expenses 90,000 12,000 Accounts payable Notes payable 135,000 125,000 Pension obligation Income tax payable 82,000 49,000 Premium on bonds payable 53,000 Bonds payable 500,000 Deferred tax asset 5,000 Common stock 290,000 Paid-in capital in excess of par value 160,000 Retained earnings Accumulated other comprehensive loss 784,000 15,000 Total $ 2,500,000 $ 2,500,000 Additional information: 1. At year-end, the fair value of available-for-sale securities is $120,000. 2. At year-end, the net realizable value of inventory is $408,000. 3. There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding. 4. Notes payable is due next year. 5. The bonds payable are due in 3 years. Instructions: Prepare a classified balance sheet.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS