Sage Hill Inc. had the following balance sheet at December 31, 2016.SAGE HILL INC.BALANCE SHEETDECEMBER 31, 2016Cash $ 9,600 Accounts payable $ 14,500Accounts receivable 14,000 Bonds payable 8,800Investments 15,500 Common stock 36,900Plant assets (net) 35,500 Retained earnings 32,300Land 17,900 $ 92,500 $ 92,500 During 2017, the following occurred.1. Net income was $ 23,700.2. Depreciation expense was $ 8,100.3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $ 3,200 loss.4. Sage Hill issued $ 20,800 of common stock at par.5. Dividends of $ 8,200 were declared and paid to stockholders.6. Accounts receivable and accounts payable at December 31, 2017 were $ 15,800 and $ 13,900, respectively.7. Sage Hill obtained $ 8,200in plant assets in exchange for issuing bonds.8. Sage Hill purchased additional plant assets for $ 17,900.9. Sage Hill purchased land for $ 18,400.10. Cash at December 31, 2017 was $ 30,800. Prepare the unclassified balance sheet as it would appear at December 31, 2017. (List Assets in order of liquidity.)SAGE HILL INC.Balance SheetAssets$Liabilities and Stockholders' Equity%24 Liabilities and Stockholders' Equity$%24%24

1. Plant Assets PARTICULAR DEBIT PARTICULAR CREDIT To balance B/d 35,500 By…

Answered: Sage Hill Inc. had the following…

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ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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Sage Hill Inc. had the following balance sheet at December 31, 2016.

SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016
Cash	$ 9,600	Accounts payable	$ 14,500
Accounts receivable	14,000	Bonds payable	8,800
Investments	15,500	Common stock	36,900
Plant assets (net)	35,500	Retained earnings	32,300
Land	17,900		$ 92,500
	$ 92,500

During 2017, the following occurred.

1.		Net income was $ 23,700.
2.		Depreciation expense was $ 8,100.
3.		Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $ 3,200 loss.
4.		Sage Hill issued $ 20,800 of common stock at par.
5.		Dividends of $ 8,200 were declared and paid to stockholders.
6.		Accounts receivable and accounts payable at December 31, 2017 were $ 15,800 and $ 13,900, respectively.
7.		Sage Hill obtained $ 8,200in plant assets in exchange for issuing bonds.
8.		Sage Hill purchased additional plant assets for $ 17,900.
9.		Sage Hill purchased land for $ 18,400.
10.		Cash at December 31, 2017 was $ 30,800.