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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.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...
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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.)
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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