Please do not give solution in image format thanku 1.2.3.4.5.6.7.8.9.Headland Corporation's balance sheet at the end of 2024 included the following items.10.Current assets (Cash $82,000)LandThe following information is available for 2025.BuildingsEquipmentAccum, depr-buildingsAccum. depr-equipmentPatentsTotal$236,42031,740121,42091,740(31,420)(11,000)41,420$480,320Current liabilitiesBonds payableCommon stockRetained earningsTotal$151,420101,420181,74045,740$480,320Net income was $53,490.Equipment (cost $21,420 and accumulated depreciation $9,420) was sold for $11,420.Depreciation expense was $5,420 on the building and $10,420 on equipment.Patent amortization was $2,500.Current assets other than cash increased by $29,000. Current liabilities increased by $14,420.An addition to the building was completed at a cost of $28,420.A long-term investment in stock was purchased for $16,000.Bonds payable of $51,740 were issued.Cash dividends of $30,000 were declared and paid.Treasury stock was purchased at a cost of $11,000. Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, andEquipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided inthe question)Current AssetsProperty, Plant, and EquipmentLandBuildingsEquipmentBonds PayableTotal LiabilitiesAccumulated Depreciation BuildingsStockholders' EquityCommon StockRetained EarningsLess :Treasury StockTotal Stockholders' EquityTotal Liabilities and Stockholders' EquityHeadland CorporationBalance SheetDecember 31, 2025Assets1498403684070320

For accounting purposes, a Balance sheet is the final and last part of the financial statements and…

2. 4. 5. 6. 8. Headland Corporation's balance sheet at the end of 2024 included the following items. 9. Current assets (Cash $82,000) 10. Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents Total $236,420 The following information is available for 2025. 31,740 121,420 91,740 (31,420) (11,000) 41,420 $480,320 1. Net income was $53,490. Equipment (cost $21,420 and accumulated depreciation $9,420) was sold for $11,420. 3. Depreciation expense was $5,420 on the building and $10,420 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,420. An addition to the building was completed at a cost of $28,420. 7. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,740 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Current liabilities Bonds payable Common stock Retained earnings Total $151,420 101,420 181,740 45,740 $480,320

2. 4. 5. 6. 8. Headland Corporation's balance sheet at the end of 2024 included the following items. 9. Current assets (Cash $82,000) 10. Land Buildings Equipment Accum. depr-buildings Accum. depr-equipment Patents Total $236,420 The following information is available for 2025. 31,740 121,420 91,740 (31,420) (11,000) 41,420 $480,320 1. Net income was $53,490. Equipment (cost $21,420 and accumulated depreciation $9,420) was sold for $11,420. 3. Depreciation expense was $5,420 on the building and $10,420 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,420. An addition to the building was completed at a cost of $28,420. 7. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,740 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Current liabilities Bonds payable Common stock Retained earnings Total $151,420 101,420 181,740 45,740 $480,320

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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