The following data, presented in alphabetical order, are taken from the records of Pharoah Corporation. Accounts payable $240,800 Accounts receivable 140,400 Accumulated depreciation—buildings 179,000 Accumulated depreciation—equipment 52,900 Allowance for doubtful accounts 5,100 Bonds payable (10%, due 2028) 500,900 Buildings 950,700 Cash 41,500 Common stock ($10 par value; 494,100 shares authorized, 149,300 shares issued) 1,493,000 Dividends payable 81,000 Equipment 275,200 Goodwill 199,800 Income taxes payable 120,000 Inventory 169,100 Investment in Mara common stock (30% ownership), at equity 380,400 Investment in Sasse common stock, at fair value 278,500 Land 389,000 Notes payable (due 2021) 69,500 Paid-in capital in excess of par—common stock 136,500 Premium on bonds payable 40,500 Prepaid insurance 16,200 Retained earnings 102,500 Short-term investments, at fair value 180,900 The investment in Sasse common stock is considered to be a long-term security. Prepare a classified balance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)
The following data, presented in alphabetical order, are taken from the records of Pharoah Corporation. Accounts payable $240,800 Accounts receivable 140,400 Accumulated depreciation—buildings 179,000 Accumulated depreciation—equipment 52,900 Allowance for doubtful accounts 5,100 Bonds payable (10%, due 2028) 500,900 Buildings 950,700 Cash 41,500 Common stock ($10 par value; 494,100 shares authorized, 149,300 shares issued) 1,493,000 Dividends payable 81,000 Equipment 275,200 Goodwill 199,800 Income taxes payable 120,000 Inventory 169,100 Investment in Mara common stock (30% ownership), at equity 380,400 Investment in Sasse common stock, at fair value 278,500 Land 389,000 Notes payable (due 2021) 69,500 Paid-in capital in excess of par—common stock 136,500 Premium on bonds payable 40,500 Prepaid insurance 16,200 Retained earnings 102,500 Short-term investments, at fair value 180,900 The investment in Sasse common stock is considered to be a long-term security. Prepare a classified balance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 15
The following data, presented in alphabetical order, are taken from the records of Pharoah Corporation.
The investment in Sasse common stock is considered to be a long-term security.
Prepare a classifiedbalance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)
| Accounts payable | $240,800 | |
| 140,400 | ||
| 179,000 | ||
| Accumulated depreciation—equipment | 52,900 | |
| Allowance for doubtful accounts | 5,100 | |
| Bonds payable (10%, due 2028) | 500,900 | |
| Buildings | 950,700 | |
| Cash | 41,500 | |
| Common stock ($10 par value; 494,100 shares authorized, 149,300 shares issued) | 1,493,000 | |
| Dividends payable | 81,000 | |
| Equipment | 275,200 | |
| 199,800 | ||
| Income taxes payable | 120,000 | |
| Inventory | 169,100 | |
| Investment in Mara common stock (30% ownership), at equity | 380,400 | |
| Investment in Sasse common stock, at fair value | 278,500 | |
| Land | 389,000 | |
| Notes payable (due 2021) | 69,500 | |
| Paid-in capital in excess of par—common stock | 136,500 | |
| Premium on bonds payable | 40,500 | |
| Prepaid insurance | 16,200 | |
| 102,500 | ||
| Short-term investments, at fair value | 180,900 |
The investment in Sasse common stock is considered to be a long-term security.
Prepare a classified
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