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Presented below is the balance sheet for HHD, Inc., at December 31, 2013. The captions shown in the summarized statement above include the following: a. Current assets: cash, $150,000; accounts
Presented below is the balance sheet for HHD, Inc., at December 31, 2013.
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $150,000; accounts receivable, $200,000; inventories, $225,000; and prepaid insurance, $25,000.
b. Investments: investments in common stock, short term, $90,000, and long term, $160,000; and bond sinking fund, $250,000.
c. Property, plant, and equipment: buildings, $1,500,000 less accumulated depreciation, $600,000; equipment, $500,000 less accumulated depreciation, $200,000; and land, $800,000.
d. Intangible assets: patent, $110,000; and copyright, $90,000.
e. Current liabilities: accounts payable, $100,000; notes payable, short term, $150,000, and long term, $90,000; and taxes payable, $60,000.
f. Long-term liabilities: bonds payable due 2018.
g. Shareholders’ equity: common stock, $1,000,000; retained earnings, $800,000. Five hundred thousand shares of no par common stock are authorized, of which 200,000 shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2013.
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****************** below is the ******* sheet for *** Inc ** ******** ** ********* captions ***** in the ********** statement ***** ******* the following:a ******* ******* cash $150000; ******** ********** ******** *********** ******** and ******* ********* ******* ************ investments ** ****** ***** ***** **** ****** *** **** term ******** and bond ******* **** $250000c ******** ***** and ********** ********* ******** less accumulated ************ ******** equipment $500000 **** *********** ************ ******** *** **** ******** ********** ******* patent $110000; *** ********* ******* ******* ************ accounts ******* ******** notes ******* ***** **** $150000 *** **** **** ******* *** taxes ******* ******* Long-term ************ ***** ******* due ***** Shareholders’ ******* ****** ***** ********* ******** earnings ******* Five hundred ******** ****** of ** *** common ***** *** ********** of which ****** ****** **** ****** *** *** *************************** * ********* ********** ******* ***** for *** *** ** December 31 ************** ********** ******* December ** **** ******************* ***************** $ ****************** ** stocks 90000 Accounts ********** 200000 Inventories ** *************** insurance ** 25000 Total current ****** ** 690000 Investments: Investment ** ****** * ************** ******* **** *************** *********** ************************ ***** *** ******************** ******************* 1500000 Equipment **************************** Accumulated depreciation *************** property ***** and equipment ** *************************** assets: Patent ******************* ************** ********** ****** ** 200000 Total ****** ******************************* and ************* ************* liabilities: Accounts ******* *** ************* payable *************** ******* ** ************ ******* liabilities ** ***************** *********************** ******* * ************ ******* **************** long-term *********** ************************** equity: Common ***** no *** ****** ****** **************** 200000 shares ****** and outstanding ******************* earnings *************** *************** ****** ************** *********** *** *************** ****** ********************
