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2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangibles: Total assets $ 0 0 0 0

2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangibles: Total assets $ 0 0 0 0

FINANCIAL ACCOUNTING
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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As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Current assets: Cash Henderson Manufacturing Company Balance Sheet December 31, 2024 ($ in 000s) Accounts receivable Allowance for uncollectible accounts Finished goods inventory Prepaid expenses Long-term assets: Total current assets Assets Total assets Investments Raw materials and work in process inventory Equipment Accumulated depreciation-equipment Franchise Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable-note Deferred revenue Total current liabilities Long-term liabilities: Bonds payable Interest payable-bonds Shareholders' equity: Common stock Retained earnings Total liabilities and shareholders' equity $? ? $ 1,600 4,200 (700) 6,000 2,900 14,000 2,500 3,400 17,000 (8,500) ? $? $ 6,700 13,000 300 3,000 23,000 12,000 700 ? ? Additional information ($ in 000s): 1. Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.7. That is, total liabilities are 170% of total shareholders' equity. Retained earnings at the beginning of the year was $4,800. Net income for 2024 was $3,000, and $1,300 in cash dividends were declared and paid to shareholders. 2 The investments represent treasury hills nurchased in December 2024 that mature in January 2025 These are considered cach
Transcribed Image Text:As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Current assets: Cash Henderson Manufacturing Company Balance Sheet December 31, 2024 ($ in 000s) Accounts receivable Allowance for uncollectible accounts Finished goods inventory Prepaid expenses Long-term assets: Total current assets Assets Total assets Investments Raw materials and work in process inventory Equipment Accumulated depreciation-equipment Franchise Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Interest payable-note Deferred revenue Total current liabilities Long-term liabilities: Bonds payable Interest payable-bonds Shareholders' equity: Common stock Retained earnings Total liabilities and shareholders' equity $? ? $ 1,600 4,200 (700) 6,000 2,900 14,000 2,500 3,400 17,000 (8,500) ? $? $ 6,700 13,000 300 3,000 23,000 12,000 700 ? ? Additional information ($ in 000s): 1. Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.7. That is, total liabilities are 170% of total shareholders' equity. Retained earnings at the beginning of the year was $4,800. Net income for 2024 was $3,000, and $1,300 in cash dividends were declared and paid to shareholders. 2 The investments represent treasury hills nurchased in December 2024 that mature in January 2025 These are considered cach
2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: Total current assets Property, plant, and equipment: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Net property, plant, and equipment Intangibles: Total assets ILLIBA_--- $ 0 0 0 0
Transcribed Image Text:2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: Total current assets Property, plant, and equipment: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Net property, plant, and equipment Intangibles: Total assets ILLIBA_--- $ 0 0 0 0
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