Muskrat Toupees, Inc.Balance Sheet Correction ProblemBelow is the December 31. 2020 prelinminary balance sheet of Muskrat ToupeMuskrat Toupees, Inc.Balance SheetDecember 31. 2020Current assetsInvestmentsProperty, plant, and equipmentIntangible assets229,500324 500823,000152.500Total assets S 1.529 500Current liabitiesLong-term liabilitiesStockholders' equity414,500450.000665.000Total Liabilities and S/E S 1.529.500This balance sheet was prepared by Muskrat's bookkeeper and obviously needs some work. AS thenew CPA working with this client, you dig a ittle deeper and come up with the followingThe current assets is made up of cash $41.000 (including $19,000 cash restricted for advertisingexpenditures to be made two years from now), accounts receivable of $105.000, inventories $90,000, andless uneamed rent revenue of $6,500.2the investments section includes the company's pension fund of $145,000 for its employees, and equity anddebt investments totaling $179,500, net of the related fair value adjustment accounts In this amount isan investment of $10.500 in Treasury bills purchased on 12/1/20. These bills will mature on February 1.2021. Also in the S179,500, there are $35,500 in investments management intends to sell in late spring, 2021.Management intends to hold the rest of the investments for at least the next 2 years3.Property, plant, and equpment includes a building $520,000 less accumulated depreciation$180.000, equipment $225,000 less accumulated depreciation of $90,000. land $148,000 (including S98,000spent to buy land to be used in an expansion in 2028): and $200.000 for right of use assets (leasedequipment, shown net of amortization)4. intangible assets include goodwill $50,000, patents $82,500. and discount on bonds payable$20,000.5. Current liabilities include accounts payable $75,000, salaries and wages payable $25,000; interestpayable $10,000, notes payable due in 90 days $37,000, notes payable due over the next 5 years S60,000.allowance for doubtful accounts $7,500; lease payable $180,000 (due evenly over the next 6 years).and income taxes payable 520,000. Of the 560,000 note payable, $12.000 is due in 20213. The $450,000 in long-term liabilities consists of $145,000 pension liability and the remainder in bondspayable. Both obligations are due in 5 years or more.7 Stockholders' equity has common stock, $1.00 par value, authorized 200,000 shares, 50,000 shares issuedand outstanding all issued at an average price of $10. In addition, stockholders' equity also includesdividends payable of $5,000 and retained earnings of $160,000.Instructions:Prepare a classified balance in good form and with proper classification, based on the additionalinformation given Not all numbers are in the proper classification, so you may have to move itemsaround to present the accounts correctly Please use 3 column paper and refer to SciProd for formatting

Classified Balance Sheet The purpose of preparing the classified balance sheet to know the actual…

Total Liabses and SES 1529.500 ns balance sheet was prepared by Muskrats bookkeeper and obviously needs some work As the w CPA working with this dient you dig a itte deeper and come up with the following e current assets is made up of cash $41.000 (including $19.000 cash restricted for advertising penditures to be made two years from now), accounts receivable of $105.000, inventones $90 000, and s uneamed rent revenue of $6,500 nvestments ection includes the company's pension fund of $145,000 for its employees, and equity and ot investments totaling $170.500, net of the related fair value adjustment accounts In this amount is nvestment of $10.500 in Treasury bills purchased on 12/1/20 These bils will mature on February 1. 1. Also in the $179.500 there are $35,500 in investments management intends to sell in late spring 20 hagement intends to hold the rest of the investments for at least the next 2 years Derty, plant, and equipment includes a bulding $520.000 less accumulated depreciation 2.000, equipment $225 000 less accumulated depreciation of $90,000. land $148,000 (including $98,00 t to buy land to be used in an expansion in 2028): and $200.000 for right of use assets (leased

Total Liabses and SES 1529.500 ns balance sheet was prepared by Muskrats bookkeeper and obviously needs some work As the w CPA working with this dient you dig a itte deeper and come up with the following e current assets is made up of cash $41.000 (including $19.000 cash restricted for advertising penditures to be made two years from now), accounts receivable of $105.000, inventones $90 000, and s uneamed rent revenue of $6,500 nvestments ection includes the company's pension fund of $145,000 for its employees, and equity and ot investments totaling $170.500, net of the related fair value adjustment accounts In this amount is nvestment of $10.500 in Treasury bills purchased on 12/1/20 These bils will mature on February 1. 1. Also in the $179.500 there are $35,500 in investments management intends to sell in late spring 20 hagement intends to hold the rest of the investments for at least the next 2 years Derty, plant, and equipment includes a bulding $520.000 less accumulated depreciation 2.000, equipment $225 000 less accumulated depreciation of $90,000. land $148,000 (including $98,00 t to buy land to be used in an expansion in 2028): and $200.000 for right of use assets (leased

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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