Business, 15.10.2020 07:01 risolatziyovudd
The following balance sheet for the Hubbard Corporation was prepared by the company:
Buildings $766,000
Land 298,000
Cash 76,000
Accounts receivable (net) 152,000
Inventory 272,000
Machinery 296,000
Patent (net) 116,000
Investment in equity securities 92,000
Total assets $2,068,000
Liabilities and Shareholders' Equity
Accounts payable $231,000
Accumulated depreciation 271,000
Notes payable 532,000
Appreciation of inventory 96,000
Common stock (authorized and issued
116,000 shares of no par stock) 464,000
Retained earnings 474,000
Total liabilities and shareholders' equity $2,068,000
Additional information:
a. 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 $68,000 but, due to a significant increase in market value, is listed at $156,000. The increase in the land account was credited to
retained earnings.
b. Marketable equity securities consist of stocks of other corporations and are recorded at cost, $38,000 of which will be sold in the coming year. The remainder will be held indefinitely.
c. Notes payable are all long-term. However, a $280,000 note requires an installment payment of $70,000 due in the coming year.
d. Inventories are recorded at current resale value. The original cost of the inventories is $178,000
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018.
Answers: 3
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The following balance sheet for the Hubbard Corporation was prepared by the company:
Buildings $766...
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