Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 636,000 527,000 2,252,000 218,000 $3,633,000 $ 436,000 857,000 2,340,000 $3,633,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $159,000; accounts receivable, $209,000; inventories, $234,000; and prepaid insurance, $34,000. b. Investments: investments in common stock, short term, $99,000, and long term, $169,000; and restricted cash, long term, $259,000. c. Property, plant, and equipment: buildings, $1,590,000 less accumulated depreciation, $609,000; equipment, $590,000 less accumulated depreciation, $209,000; and land, $890,000. d. Intangible assets: patent, $119,000; and copyright, $99,000. e. Current liabilities: accounts payable, $109,000; notes payable, short term, $159,000, and long term, $99,000; and taxes payable, $69,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,450,000; retained earnings, $890,000. Five hundred thousand shares of no par common stock are authorized, of which 290,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 636,000 527,000 2,252,000 218,000 $3,633,000 $ 436,000 857,000 2,340,000 $3,633,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $159,000; accounts receivable, $209,000; inventories, $234,000; and prepaid insurance, $34,000. b. Investments: investments in common stock, short term, $99,000, and long term, $169,000; and restricted cash, long term, $259,000. c. Property, plant, and equipment: buildings, $1,590,000 less accumulated depreciation, $609,000; equipment, $590,000 less accumulated depreciation, $209,000; and land, $890,000. d. Intangible assets: patent, $119,000; and copyright, $99,000. e. Current liabilities: accounts payable, $109,000; notes payable, short term, $159,000, and long term, $99,000; and taxes payable, $69,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,450,000; retained earnings, $890,000. Five hundred thousand shares of no par common stock are authorized, of which 290,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is the balance sheet for HHD, Inc., at December 31, 2018.
Current assets
Investments
Property, plant, and equipment
Intangible assets
Total assets
Current liabilities
Long-term liabilities
Shareholders' equity
Total liabilities and shareholders' equity
$ 636,000
527,000
2,252,000
218,000
$3,633,000
$
436,000
857,000
2,340,000
$3,633,000
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $159,000; accounts receivable, $209,000; inventories, $234,000; and prepaid insurance, $34,000.
b. Investments: investments in common stock, short term, $99,000, and long term, $169,000; and restricted cash, long term,
$259,000.
c. Property, plant, and equipment: buildings, $1,590,000 less accumulated depreciation, $609,000; equipment, $590,000 less
accumulated depreciation, $209,000; and land, $890,000.
d. Intangible assets: patent, $119,000; and copyright, $99,000.
e. Current liabilities: accounts payable, $109,000; notes payable, short term, $159,000, and long term, $99,000; and taxes payable,
$69,000.
f. Long-term liabilities: bonds payable due 2023.
g. Shareholders' equity: common stock, $1,450,000; retained earnings, $890,000. Five hundred thousand shares of no par common
stock are authorized, of which 290,000 shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2018. (Amounts to be deducted should be indicated by a
minus sign.)
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