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Pronghorn Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,060 Land 32,090 Buildings Equipment Accum.depr-buildings Accum. depr.-equipment Patents Total 121,060 2. 92,090 (31,060) (11,000) 41,060 The following information is available for 2025. 3. $480,300 Current liabilities Bonds payable $2.500 Common stock Retained earnings Total 1. Net income was $55,150. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11,060. Depreciation expense was $5,060 on the building and $10,060 on equipment. $151,060 101,060 182,090 46,090 $480,300

Pronghorn Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,060 Land 32,090 Buildings Equipment Accum.depr-buildings Accum. depr.-equipment Patents Total 121,060 2. 92,090 (31,060) (11,000) 41,060 The following information is available for 2025. 3. $480,300 Current liabilities Bonds payable $2.500 Common stock Retained earnings Total 1. Net income was $55,150. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11,060. Depreciation expense was $5,060 on the building and $10,060 on equipment. $151,060 101,060 182,090 46,090 $480,300

FINANCIAL ACCOUNTING
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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5. 6. 7. 8. 9. 10. Current assets other than cash increased by $29,000. Current liabilities increased by $14,060. An addition to the building was completed at a cost of $28,060. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,090 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Show Transcribed Text Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Pronghorn Corporation Balance Sheet December 31, 2025 Assets
Transcribed Image Text:5. 6. 7. 8. 9. 10. Current assets other than cash increased by $29,000. Current liabilities increased by $14,060. An addition to the building was completed at a cost of $28,060. A long-term investment in stock was purchased for $16,000. Bonds payable of $52,090 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. Show Transcribed Text Prepare a balance sheet at December 31, 2025. (Show only totals for current assets and current liabilities.) (List Property, Plant, and Equipment in order of Land, Buildings, and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Pronghorn Corporation Balance Sheet December 31, 2025 Assets
Pronghorn Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum.depr.-buildings Accum. depr.-equipment Patents Total The following information is available for 2025. 1. 2. 3. $236,060 32,090 121,060 92,090 (31,060) (11,000) 41,060 $480,300 A Current liabilities Bonds payable Common stock Retained earnings Total $151,060 101,060 182,090 46,090 $480,300 Net income was $55,150. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11,060. Depreciation expense was $5,060 on the building and $10,060 on equipment. Ratent amortization was $2.500.
Transcribed Image Text:Pronghorn Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) Land Buildings Equipment Accum.depr.-buildings Accum. depr.-equipment Patents Total The following information is available for 2025. 1. 2. 3. $236,060 32,090 121,060 92,090 (31,060) (11,000) 41,060 $480,300 A Current liabilities Bonds payable Common stock Retained earnings Total $151,060 101,060 182,090 46,090 $480,300 Net income was $55,150. Equipment (cost $21,060 and accumulated depreciation $9,060) was sold for $11,060. Depreciation expense was $5,060 on the building and $10,060 on equipment. Ratent amortization was $2.500.
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