Check my work Current assets Investments Property, plant, and equipment Intangib
ID: 2394311 • Letter: C
Question
Check my work Current assets Investments Property, plant, and equipment Intangible assets $ 644,000 533,000 2,308,000 222,000 $3,707,000 10 points Total assets Current liabilities Long-term liabilities Shareholders' equity 444,000 803,000 2,460,000 $3,707,000 eBook Total liabilities and shareholders' equity Print References The captions shown in the summarized statement above include the following a. Current assets: cash, $161,000; accounts receivable, $211,000; inventories, $236,000; and prepaid insurance, $36,000. b. Investments: investments in common stock, 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: 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 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, 2018. (Amounts to be deducted should be indicated by a minus sign.)Explanation / Answer
HHD, INC.
Balance Sheet
At December 31, 2018
Assets
Amount ( In $ )
Current Asset:
Cash
161000
Investment in Stock (Short term)
101000
Accounts Receivable
211000
Inventories
236000
Prepaid Insurance
36000
Total Current Assets
745000
Investments:
Investment in stocks
171000
Restricted cash
261000
Total Investments
432000
Property, Plant & Equipment
Land
910000
Buildings
1610000
Equipment
610000
3130000
Accumulated Depreciation
- 822000
Net Property, Plant & Equipment
2308000
Intangible Assets
Patent
121000
Copyright
101000
Total Intangible Assets
222000
Total Assets
3707000
Liabilities and Shareholders’ Equity
Amount ( In $ )
Current Liabilities
Accounts Payable
111000
Notes Payable (Short term)
161000
Taxes Payable
71000
Total Current Liabilities (a)
343000
Long Term Liabilities:
Notes Payable (Long term)
101000
Bonds payable (due 2023)
803000
Total Long Term Liabilities (b)
904000
Total Liabilities (a) + (b)
1247000
Shareholders’ Equity:
Common Stock
1550000
Retained earnings
910000
Total Shareholders’ Equity
2460000
Total Liabilities and Shareholders Equity
3707000
HHD, INC.
Balance Sheet
At December 31, 2018
Assets
Amount ( In $ )
Current Asset:
Cash
161000
Investment in Stock (Short term)
101000
Accounts Receivable
211000
Inventories
236000
Prepaid Insurance
36000
Total Current Assets
745000
Investments:
Investment in stocks
171000
Restricted cash
261000
Total Investments
432000
Property, Plant & Equipment
Land
910000
Buildings
1610000
Equipment
610000
3130000
Accumulated Depreciation
- 822000
Net Property, Plant & Equipment
2308000
Intangible Assets
Patent
121000
Copyright
101000
Total Intangible Assets
222000
Total Assets
3707000
Liabilities and Shareholders’ Equity
Amount ( In $ )
Current Liabilities
Accounts Payable
111000
Notes Payable (Short term)
161000
Taxes Payable
71000
Total Current Liabilities (a)
343000
Long Term Liabilities:
Notes Payable (Long term)
101000
Bonds payable (due 2023)
803000
Total Long Term Liabilities (b)
904000
Total Liabilities (a) + (b)
1247000
Shareholders’ Equity:
Common Stock
1550000
Retained earnings
910000
Total Shareholders’ Equity
2460000
Total Liabilities and Shareholders Equity
3707000