Need assistance with this pleasePrepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. The following balance sheet for the Hubbard Corporation was prepared by the company:HUBBARD CORPORATIONBalance SheetAt December 31, 2021AssetsBuildings$ 761,000Land283,00071,000142,000262,000291,000111,00082,000$2,003,000CashAccounts receivable (net)InventoryMachineryPatent (net)Investment in equity securitiesTotal assetsLiabilities and Shareholders' EquityAccounts payableAccumulated depreciationNotes payableAppreciation of inventoryCommon stock (authorized and issued111,000 shares of no par stock)Retained earnings$ 226,000266,000522, 00091,000444,000454,000Total liabilities and shareholders' equity$2,003,000Additional information:1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. Theland originally cost $61,000 but, due to a significant increase in market value, is listed at $142,000. The increase in the land accountwas credited to retained earnings.2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $31,000 of which willbe sold in the coming year. The remainder will be held indefinitely.3. Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year.4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000.Required:Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should beindicated by a minus sign.)HUBBARD CORPORATION

A classified balance sheet is one of the financial statement that provides details regarding asset,…

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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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Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021.

The following balance sheet for the Hubbard Corporation was prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings
$ 761,000
Land
283,000
71,000
142,000
262,000
291,000
111,000
82,000
$2,003,000
Cash
Accounts receivable (net)
Inventory
Machinery
Patent (net)
Investment in equity securities
Total assets
Liabilities and Shareholders' Equity
Accounts payable
Accumulated depreciation
Notes payable
Appreciation of inventory
Common stock (authorized and issued
111,000 shares of no par stock)
Retained earnings
$ 226,000
266,000
522, 000
91,000
444,000
454,000
Total liabilities and shareholders' equity
$2,003,000
Additional information:
1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The
land originally cost $61,000 but, due to a significant increase in market value, is listed at $142,000. The increase in the land account
was credited to retained earnings.
2. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $31,000 of which will
be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long term. However, a $210,000 note requires an installment payment of $52,500 due in the coming year.
4. Inventory is recorded at current resale value. The original cost of the inventory is $171,000.
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2021. (Amounts to be deducted should be
indicated by a minus sign.)
HUBBARD CORPORATION

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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