1 answer

Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments...

Question:

Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equ
Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be
Total current assets Investments: ces Total investments Property, plant, and equipment: Net property, plant, and equipment: I
Liabilities and Shareholders Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term li
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 660,000 545,000 2,420,000 230,000 $3,855,000 $ 460,000 695,000 2,700,000 $3,855,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $165,000; accounts receivable (net). $215,000; inventory $240,000; and prepaid insurance, $40,000, b. Investments: Investment in equity securities, short term, $105,000, and long term, $175,000; and restricted cash, long term, $265,000. c. Property, plant, and equipment buildings, $1,650,000 less accumulated depreciation, $615,000; equipment, $650,000 less accumulated depreciation, $215,000; and land, $950,000. d. Intangible assets net of amortization: patent, $125,000; and copyright, $105,000. e. Current liabilities: accounts payable, $115,000; notes payable, short term, $165,000, and long terin. $105,000; and income taxes payable, $75,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity.common stock, $1,750,000; retained earnings, $950,000. Six hundred thousand shares of no par common stock are authorized, of which 350,000 shares were issued and are outstanding.
Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) HHD, INC. Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Investments:
Total current assets Investments: ces Total investments Property, plant, and equipment: Net property, plant, and equipment: Intangible assets: Total intangible assets Total assets Preu 2 3
Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity

Answers

Answer:

HHD INC.
   Balance Sheet
      At December 31,2021
                                                        ASSETS :
Current Assets :
Cash $ 165,000
Investment in securities ( short term) $ 105,000
Accounts receivable $ 215,000
Inventories $ 240,000
Prepaid insurance $ 40,000
Total current assets $ 765,000
Investments :
Investment in securities ( long term) $ 175,000
Restricted cash $ 265,000
Total investments $ 440,000
Property,Plant and Equipment:
Land $ 950,000
Buildings $1,650,000
less: Accumulated Depreciation-Buildings (615,000) $1,035,000
Equipment $650,000
less: Accumulated Depreciation-Equipment (215,000) $435,000
Net property , Plant and Equipment $ 2,420,000
Intangible Assets:
Patents $ 125,000
copyrights $ 105,000
Total Intangible Assets $ 230,000
Total Assets $ 3,855,000
      LIABILITIES AND SHAREHOLDER'S EQUITY :
Current liabilities :
Accounts Payable $ 115,000
Notes Payable $ 165,000
Income Tax Payable $ 75,000
Total current Liabilities $ 355,000
Long term liabilities :
Notes Payable $ 105,000
Bonds Payable $ 695,000
Total long term liabilities $ 800,000
Total Liabilities
Shareholder's equity :
Common stock $ 1,750,000
Retained Earnings $950,000
Total shareholder's equity $ 2,700,000
Total liabilities and shareholder's equity $ 3,855,000

Note :

  • Common stock , No par (600,000 shares are Authorized , 350,000 shares issued and outstanding
.

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