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Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Hubbard Corporation was prepared by the company. Buildings Land Cash HUBBARD CORPORATION Balance Sheet At December 31, 2024 Assets Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory. Common stock (authorized and issued 114,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 764,000 292,eee 74,000 148,000 268,eee 294,000 114,000 88,eee $ 2,042,000 $ 229,000 269,000 528,000 94,000 456,000 466,000 $ 2,042,000 Additional Information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $64,000 but, due to a significant increase in market value, is listed at $148,000. The Increase in the land account was credited to retained earnings. 2. The Investment in equity securities account consists of stocks of other corporations and are recorded at cost, $34,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $240,000 note requires an Installment payment of $60,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the Inventory is $174,000. Required:

Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Hubbard Corporation was prepared by the company. Buildings Land Cash HUBBARD CORPORATION Balance Sheet At December 31, 2024 Assets Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory. Common stock (authorized and issued 114,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity $ 764,000 292,eee 74,000 148,000 268,eee 294,000 114,000 88,eee $ 2,042,000 $ 229,000 269,000 528,000 94,000 456,000 466,000 $ 2,042,000 Additional Information: 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $64,000 but, due to a significant increase in market value, is listed at $148,000. The Increase in the land account was credited to retained earnings. 2. The Investment in equity securities account consists of stocks of other corporations and are recorded at cost, $34,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $240,000 note requires an Installment payment of $60,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the Inventory is $174,000. Required:

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.17E: Profitability metrics The following selected data were taken from the financial statements of The...
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Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2024. Note: Amounts to be deducted should be Indicated by a minus sign.
Transcribed Image Text:Required: Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2024. Note: Amounts to be deducted should be Indicated by a minus sign.
Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Hubbard Corporation was prepared by the company: Buildings Land Cash HUBBARD CORPORATION Balance Sheet At December 31, 2824 Assets Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 114,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity Additional Information: $ 764,000 292,000 74,000 148,000 268,000 294,000 114,000 88,000 $ 2,042,000 $ 229,000 269,000 528,000 94,000 456,000 466,000 $ 2,042,000 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $64,000 but, due to a significant increase in market value, is listed at $148,000. The Increase in the land account was credited to retained earnings. 2. The Investment In equity securities account consists of stocks of other corporations and are recorded at cost, $34,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $240,000 note requires an installment payment of $60,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the Inventory is $174,000. Required:
Transcribed Image Text:Problem 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Hubbard Corporation was prepared by the company: Buildings Land Cash HUBBARD CORPORATION Balance Sheet At December 31, 2824 Assets Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders' Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 114,000 shares of no par stock) Retained earnings Total liabilities and shareholders' equity Additional Information: $ 764,000 292,000 74,000 148,000 268,000 294,000 114,000 88,000 $ 2,042,000 $ 229,000 269,000 528,000 94,000 456,000 466,000 $ 2,042,000 1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $64,000 but, due to a significant increase in market value, is listed at $148,000. The Increase in the land account was credited to retained earnings. 2. The Investment In equity securities account consists of stocks of other corporations and are recorded at cost, $34,000 of which will be sold in the coming year. The remainder will be held indefinitely. 3. Notes payable are all long term. However, a $240,000 note requires an installment payment of $60,000 due in the coming year. 4. Inventory is recorded at current resale value. The original cost of the Inventory is $174,000. Required:
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