H3 q11

pdf

School

University of Texas, Permian Basin *

*We aren’t endorsed by this school

Course

3301

Subject

Accounting

Date

Nov 24, 2024

Type

pdf

Pages

Uploaded by MagistrateRook14313

9/19/23, 4:48 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 2/4 11. Award: 10 out of 10.00 points Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024. Current assets $ 608,000 Investments 506,000 Property, plant, and equipment 2,056,000 Intangible assets 204,000 Total assets $ 3,374,000 Current liabilities $ 408,000 Long-term liabilities 1,046,000 Shareholders' equity 1,920,000 Total liabilities and shareholders' equity $ 3,374,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000. b. Investments: investment in equity securities, short term, $92,000, and long term, $414,000. c. Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000. d. Intangible assets net of amortization: patent, $112,000; and copyright, $92,000. e. Current liabilities: accounts payable, $102,000; notes payable, short term, $152,000, and long term, $92,000; and income taxes payable, $62,000. f. Long-term liabilities: bonds payable due 2026. g. Shareholders’ equity: common stock, $1,100,000; retained earnings, $820,000. Five hundred thousand shares of no par common stock are authorized, of which 220,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Incorporated, at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.

9/19/23, 4:48 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 3/4 HHD, INCORPORATED Balance Sheet At December 31, 2024 Assets Current assets: Cash  $ 152,000  Accounts receivable (net)  202,000  Inventory  227,000  Prepaid insurance  27,000  Investment in equity securities  92,000  Total current assets 700,000 Investments: Investment in equity securities  414,000  Property, plant, and equipment: Land  820,000  Buildings  1,520,000  Equipment  520,000  2,860,000 Less: Accumulated depreciation - buildings  (602,000)  Less: Accumulated depreciation - equipment  (202,000)  Net property, plant, and equipment 2,056,000 Intangible assets: Patent (net)  112,000  Copyright (net)  92,000  Total intangible assets 204,000 Total assets $ 3,374,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable  $ 102,000  Notes payable (current)  152,000  Income taxes payable  62,000  Total current liabilities 316,000 Long-term liabilities: Notes payable (long-term)  $ 92,000  Bonds payable  1,046,000  Total long-term liabilities 1,138,000 Total liabilities 1,454,000 Shareholders’ equity: Common stock  1 100 000 

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

9/19/23, 4:48 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud… 4/4 Common stock  1,100,000  Retained earnings  820,000  Total shareholders’ equity 1,920,000 Total liabilities and shareholders’ equity $ 3,374,000 References Financial Statements Learning Objective: 03-02 Identify and describe the various asset classifications. Difficulty: 3 Hard Learning Objective: 03-03 Identify and describe the various liability and shareholders' equity classifications.