Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill $ 211,800 Accumulated depreciation-equipment $ 467,100 Payroll taxes payable 67,100 Inventory 400,400 Bonds payable 501,800 Rent payable (short-term) 41,800 Discount on bonds payable 35,100 Income tax payable 112,600 Cash 62,800 Rent payable (long-term) 81,800 Land 352,800 Common stock, $1 par value 251,800 Notes receivable 162,300 Preferred stock, $25 par value 1,251,800 Notes payable (to banks) 266,700 Prepaid expenses 70,560 Accounts payable 348,800 Equipment 1,387,800 Retained earnings ? Equity investments (trading) 376,800 Income taxes receivable 47,400 Accumulated depreciation-buildings 361,300 Unsecured notes payable (long-term) 1,301,800 Buildings 2,801,800 Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term unless stated otherwise. The cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Building, and Equipment.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.5P

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Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017.

Goodwill	$ 211,800	Accumulated depreciation-equipment	$ 467,100
Payroll taxes payable	67,100	Inventory	400,400
Bonds payable	501,800	Rent payable (short-term)	41,800
Discount on bonds payable	35,100	Income tax payable	112,600
Cash	62,800	Rent payable (long-term)	81,800
Land	352,800	Common stock, $1 par value	251,800
Notes receivable	162,300	Preferred stock, $25 par value	1,251,800
Notes payable (to banks)	266,700	Prepaid expenses	70,560
Accounts payable	348,800	Equipment	1,387,800
Retained earnings	?	Equity investments (trading)	376,800
Income taxes receivable	47,400	Accumulated depreciation-buildings	361,300
Unsecured notes payable (long-term)	1,301,800	Buildings	2,801,800

Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term unless stated otherwise. The cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Building, and Equipment.)

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Culver Inc.

Balance Sheet

Dec 31, 2020

Assets
Current assets
Cash		62800
Equity investment (Trading)		376800
Notes receivable		162300
Income tax receivables		47400
Inventory		400400
Prepaid expenses		70560
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Land		352800
Buildings- 2,801,800	2801800
Less: Acc. Dep- buildings:	361300	2440500
Equipment-	1387800
Less acc. dep-equipment –	467100	920700
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Goodwill
Total assets
Liabilities and shareholders’ equity
Current liabilities
Accounts payable		348800
Notes payable to banks		266700
Payroll taxes payable		67100
Income tax payable		112600
Rent payable – short term		41800
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