The balance sheet of Kishwaukee Corporation as of December 31, 2020, is as follows. Kishwaukee CorporationBalance SheetDecember 31, 2020 Assets Goodwill (Note 2) $  120,000 Buildings (Note 1) 1,640,000 Inventory 312,100 Land 950,000 Accounts receivable 170,000 Treasury stock (50,000 shares) 87,000 Cash on hand 175,900 Assets allocated to trustee for plant expansion    Cash in bank 70,000  Debt investments (held-to-maturity)    138,000   $3,663,000 Equities Notes payable (Note 3) $  600,000 Common stock, authorized and issued, 1,000,000 shares, no par 1,150,000 Retained earnings 803,000 Noncontrolling interest 55,000 Appreciation capital (Note 1) 570,000 Income taxes payable 75,000 Reserve for depreciation recorded to date on the building    410,000   $3,663,000 Note 1: Buildings are stated at cost, except for one building that was recorded at appraised value.The excess of appraisal value over cost was $570,000. Depreciation has been recorded based on cost. Note 2: Goodwill in the amount of $120,000 was recognized because the company believedthat book value was not an accurate representation of the fair value of the company. The gain of$120,000 was credited to Retained Earnings. Note 3: Notes payable are long-term except for the current installment due of $100,000. Instructions Prepare a corrected classified balance sheet in good form. The notes above are for information only.

The balance sheets for Mary Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Mary CompanyBalance Sheet     December 31     2021     2020   Cash   $ 31,209     $ 10,302   Accounts receivable (net)   43,733     20,503   Inventory   35,350     42,420   Long-term investments   0     15,150   Property, plant & equipment   238,865     151,500   Accumulated depreciation   (38,077)   (25,250)     $311,080     $214,625                 Accounts payable   $ 17,170     $ 26,765   Accrued liabilities   21,210     17,170   Long-term notes payable   70,700     50,500   Common stock   131,300     90,900   Retained earnings   70,700     29,290       $311,080     $214,625     Additional data: 1.   Net income for the year 2021, $61,610. 2.   Depreciation on plant assets for the year, $12,827. 3.   Sold the long-term…

Condensed balance sheet and income statement data for Bridgeport Corporation are presented here. Bridgeport CorporationBalance SheetsDecember 31     2020   2019   2018 Cash   $ 32,000   $ 22,000   $ 20,000 Accounts receivable (net)   52,000   47,000   50,000 Other current assets   93,000   98,000   67,000 Investments   58,000   73,000   48,000 Plant and equipment (net)   500,000   370,000   358,000     $735,000   $610,000   $543,000 Current liabilities   $ 87,000   $ 82,000   $ 72,000 Long-term debt   148,000   88,000   53,000 Common stock, $10 par   323,000   313,000   303,000 Retained earnings   177,000   127,000   115,000     $735,000   $610,000   $543,000   Bridgeport CorporationIncome StatementsFor the Years Ended December 31     2020   2019 Sales revenue   $743,000   $603,000 Less: Sales returns and allowances   42,000   32,000 Net sales   701,000…

Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 644,000 533,000 2,308,000 222,000 Investments Property, plant, and equipment Intangible assets Total assets $3,787,000 Current liabilities Long-term liabilities Shareholders' equity $ 444,000 803,000 2,460,000 $3,787,800 Total liabilities and shareholders' equity The captions shown in the summarized statement above include the following: a. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000. b. Investments: investment in equity securities, short term, $101,000, and long term, $171,000; and restricted cash, long term, $261,000. c. Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less accumulated depreciation, $211,000; and land, $910,000. d. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000. e. Current liabilities: accounts payable,…

Flint Corp. Statement of Financial Position For the Year Ended December 31, 2023 Current assets Cash (net of bank overdraft of $40,000 ) $450,000 Accounts receivable (net) Inventory at the lower of cost and net realizable value FV-NI investments (at cost-fair value $320,000 ) Property, plant, and equipment Buildings (net) 590,000 Equipment (net) 190,000 Land held for future use ,265,000 Intangible assets Goodwill Investment in bonds to collect cash flows, at amortized cost 100,000 Prepaid expenses Current liabilities Accounts payable 365,000 Notes payable (due next year) Pension obligation Rent payable 505,000 511,000 340,000 265,000 Long-term liabilities Bonds payable 681,000 Shareholders' equity Common shares, unlimited authorized, 380,000 issued 380,000 Contributed surplus 210,000 Retained earnings

Taser Corporation’s recent comparative balance sheet and income statement follow.   Balance Sheets, December 31 2019 2020 Assets     Cash and cash equivalents $35,100 $57,420 Accounts receivable (net) 61,200 61,200 Merchandise inventory 140,400 153,000 Investments, long-term   18,000 Plant assets 303,300 324,900 Accumulated depreciation (79,200) (61,200) Total assets $460,800 $553,320 Liabilities and Stockholders’ Equity     Accounts payable $37,800 $34,200 Salaries payable 2,700 900 Income taxes payable 3,600 6,300 Bonds payable 180,000 180,000 Premium on bonds payable 7,200 6,660 Common stock, no-par 216,000 279,900 Retained earnings 13,500 45,360 Total liabilities andstockholders’ equity $460,800 $553,320 Income Statement,For Year Ended December 31 2020 Sales revenue $216,000 Cost of goods sold (86,400) Depreciation expense (10,800) Salaries expense (39,600) Income tax expense (18,000) Interest expense (12,600) Other…

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The following December 31, 2024, fiscal year-end account balance information is available for the Stonebridge Corporation: Cash and cash equivalents Accounts receivable (net) $ 6,300 33,000 73,000 Inventory Property, plant, and equipment (net) 185,000 Accounts payable 52,000 Salaries payable Paid-in capital 24,000 165,000 The only asset not listed is short-term investments. The only liabilities not listed are $43,000 notes payable due in two years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.5:1. Required: Determine the following at December 31, 2024: 1. Total current assets 2. Short-term investments 3. Retained earnings

The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $  53,000  $ 120,000  Accounts receivable (net) 37,000  48,000  Inventories 108,500  100,000  Equipment 573,200  450,000  Accumulated depreciation-equipment  (142,000)  (176,000)   $629,700  $542,000  Liabilities & Stockholders Equity:     Accounts payable $  62,500  $  43,800  Bonds payable, due June 2021 0  100,000  Common stock, $10 par 335,000  285,000  Paid-in capital in excess of par - Common stock 74,000  55,000  Retained earnings   158,200      58,200    $629,700  $542,000    The income statement for the year ended December 31, 2021 appears below: Sales   $625,700  Cost of merchandise sold     340,000  Gross profit   285,700  Operating expenses (includes $26,000 depreciation expense)       94,000…

Presented below are data taken from the records of Sheffield Company.     December 31,2020   December 31,2019 Cash   $15,100   $7,900 Current assets other than cash   85,800   59,800 Long-term investments   10,100   53,000 Plant assets   335,200   214,500     $446,200   $335,200           Accumulated depreciation   $20,200   $40,200 Current liabilities   39,600   22,000 Bonds payable   75,800   –0– Common stock   252,800   252,800 Retained earnings   57,800   20,200     $446,200   $335,200 Additional information: 1.   Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2.   Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3.   Net income as reported on the…