Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 205,000 $3,411,000 $ 412,000 1,019,000 1,980,000 $3,411,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net), $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments: investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable, $103,000; notes payable, short term, $153,000, and long term, $93,000; and income taxes payable, $63,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,150.000; retained earnings, $830,000. Six hundred thousand shares of no par common stock are authorized, of which 230,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 205,000 $3,411,000 $ 412,000 1,019,000 1,980,000 $3,411,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net), $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments: investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable, $103,000; notes payable, short term, $153,000, and long term, $93,000; and income taxes payable, $63,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,150.000; retained earnings, $830,000. Six hundred thousand shares of no par common stock are authorized, of which 230,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be
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, 2021.
Current assets
Investments
Property, plant, and equipment
Intangible assets
Total asseta
Current liabilities
Long-term liabilities
Shareholders' equity
Total liabilities and shareholders' equity
$ 612,000
509,000
2,084,000
206,000
$3,411,000
$412,000
1,019,000
1,980,000
$3,411,000.
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000.
b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term,
$253,000.
c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less
accumulated depreciation, $203,000; and land, $830,000.
d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000.
e. Current liabilities: accounts payable, $103,000; notes payable, short term, $153,000, and long term, $93,000; and income
taxes payable, $63,000.
1. Long-term liabilities: bonds payable due 2023.
g. Shareholders' equity: common stock, $1,150,000; retained earnings, $830,000. Six hundred thousand shares of no par
common stock are authorized, of which 230,000 shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be
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