1 answer

Presented below is the balance sheet of Sargent Corporation for the current year, 2017. WILDHORSE CORPORATION...

Question:

Presented below is the balance sheet of Sargent Corporation for the current year, 2017.

WILDHORSE CORPORATION
BALANCE SHEET
DECEMBER 31, 2017

Current assets

$  486,290

Current liabilities

$  381,290

Investments

641,290

Long-term liabilities

1,001,290

Property, plant, and equipment

1,721,290

Stockholders’ equity

1,771,290

Intangible assets

305,000

$3,153,870

$3,153,870

The following information is presented.

1.

The current assets section includes cash $151,290, accounts receivable $171,290 less $11,290 for allowance for doubtful accounts, inventories $181,290, and unearned rent revenue $6,290. Inventory is stated on the lower-of-FIFO-cost-or-market.

2.

The investments section includes the cash surrender value of a life insurance contract $41,290; investments in common stock, short-term (trading) $81,290 and long-term (available-for-sale) $271,290; and bond sinking fund $247,420. The cost and fair value of investments in common stock are the same.

3.

Property, plant, and equipment includes buildings $1,041,290 less accumulated depreciation $361,290, equipment $451,290 less accumulated depreciation $181,290, land $501,290, and land held for future use $270,000.

4.

Intangible assets include a franchise $166,290, goodwill $101,290, and discount on bonds payable $37,420.

5.

Current liabilities include accounts payable $141,290, notes payable-short-term $81,290 and long-term $121,290, and income taxes payable $37,420.

6.

Long-term liabilities are composed solely of 7% bonds payable due 2025.

7.

Stockholders’ equity has preferred stock, no par value, authorized 200,000 shares, issued 71,290 shares for $427,740, and common stock, $1.00 par value, authorized 400,000 shares, issued 101,290 shares at an average price of $10. In addition, the corporation has retained earnings of $330,650.

Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)


Answers

Solusion -Assets CuiLert Assets 15129ס 8i,2l0 lH, 290 11, 29O 573 귀 290 47,420 41), 21 o Bond S fund 30, Sol 9c 361, 240 431,C$) NoJes Pc-able nuoma Taxes Paable ,2O 0i, 29o 37,4 20 6,290 266, 29๐ 21,2.4o 37, ч Stok holdes Stock., no pas vala: 200,0

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