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 $ 644,000 533,000 2,308,000 222,000 $3,707,000 $ 444,000 803,000 2,460,000 $3,707,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000. b. Investments: investment in equity securities, short term, $101,000, and long term, $171,000; and restricted cash, long term, $261,000. c. Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less accumulated depreciation, $211,000; and land, $910,000. d. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000. e. Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes payable, $71,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,550,000; retained earnings, $910,000. Four hundred thousand shares of no par common stock are authorized, of which 310,000 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 indicated by a minus sign.)
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 $ 644,000 533,000 2,308,000 222,000 $3,707,000 $ 444,000 803,000 2,460,000 $3,707,000 The captions shown in the summarized statement above include the following: a. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000. b. Investments: investment in equity securities, short term, $101,000, and long term, $171,000; and restricted cash, long term, $261,000. c. Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less accumulated depreciation, $211,000; and land, $910,000. d. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000. e. Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes payable, $71,000. f. Long-term liabilities: bonds payable due 2023. g. Shareholders' equity: common stock, $1,550,000; retained earnings, $910,000. Four hundred thousand shares of no par common stock are authorized, of which 310,000 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 indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash
$
161,000
Accounts receivable (net)
211,000
Inventory
236,000
Prepaid insurance
36,000
Total current assets
644,000
Investments:
Investment in equity securities
Total investments
$
Property, plant, and equipment:
Buildings
Net property, plant, and equipment:
Intangible assets:
Total intangible assets
Total assets
$
644,000
Liabilities and Shareholders' Equity
Current liabilities:
Total current liabilities
Long-term liabilities:
Total long-term liabilities
Total liabilities
Shareholders' equity:
Total shareholders' equity
Total liabilities and shareholders' equity
$
Transcribed Image Text:Presented below is the balance sheet for HHD, Inc., at December 31, 2021.
Current assets
$ 644,000
533,000
2,308,000
222,000
Investments
Property, plant, and equipment
Intangible assets
Total assets
$3,787,000
Current liabilities
Long-term liabilities
Shareholders' equity
$ 444,000
803,000
2,460,000
$3,787,800
Total liabilities and shareholders' equity
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $161,000; accounts receivable (net), $211,000; inventory, $236,000; and prepaid insurance, $36,000.
b. Investments: investment in equity securities, short term, $101,000, and long term, $171,000; and restricted cash, long term,
$261,000.
c. Property, plant, and equipment: buildings, $1,610,000 less accumulated depreciation, $611,000; equipment, $610,000 less
accumulated depreciation, $211,000; and land, $910,000.
d. Intangible assets net of amortization: patent, $121,000; and copyright, $101,000.
e. Current liabilities: accounts payable, $111,000; notes payable, short term, $161,000, and long term, $101,000; and income taxes
payable, $71,000.
f. Long-term liabilities: bonds payable due 2023.
g. Shareholders' equity: common stock, $1,550,000; retained earnings, $910,000. Four hundred thousand shares of no par common
stock are authorized, of which 310,000 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 indicated by a
minus sign.)
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