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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Corrections to Balance Sheet Minett Boatbuilders Company prepared the following balance sheet:
Required:
Based on your analysis, prepare a properly classified December 31, 2019, balance sheet for Minett Boatbuilders.
Prepare classified balance sheet for Company M as on December 31, 2019.
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources, on a specific date. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.
Classified balance sheet of Company M is prepared as follows:
| Company M | |||
| Classified Balance Sheet | |||
| December 31,2019 | |||
| Â | Â | Â | |
| Assets | Amount ($) | Amount ($) | Amount ($) |
| Current Assets: | Â | Â | Â |
| Cash | Â | 12,300 | Â |
| Investments in marketable securities | Â | 17,000 | Â |
| Accounts receivable | 18,000 | Â | Â |
| Less: Allowance for doubtful accounts | (1,400) | 16,600 | Â |
| Inventories | Â | 32,000 | Â |
| Prepaid items: | Â | Â | Â |
| Insurance | Â | 2,400 | Â |
| Office supplies | Â | 3,500 | Â |
| Total current assets | Â | Â | 83,800 |
| Long-term investments: | Â | Â | Â |
| Investments in available-for-sale securities | Â | Â | 29,000 |
| Property, plant and equipment | Â | Â | Â |
| Land | Â | 12,000 | Â |
| Building and equipment | 100,000 | Â | Â |
| Less: Accumulated depreciation | (40,000) | 60,000 | Â |
| Total property, plant and equipment | Â | Â | 72,000 |
| Total assets | Â | Â | 184,800 |
| Â | Â | Â | Â |
| Liabilities | Â | ... | |
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