Presented below is the balance sheet of Maggie Corporation for the current year,
ID: 2395955 • Letter: P
Question
Presented below is the balance sheet of Maggie Corporation for the current year, 2017.
MAGGIE CORPORATION
BALANCE SHEET
DECEMBER 31, 2017
The following information is presented.
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
MAGGIE CORPORATION
MAGGIE CORPORATION
BALANCE SHEET
DECEMBER 31, 2017
Explanation / Answer
MAGGIE CORPORATION
BALANCE SHEET
DECEMBER 31 2017
Particulars
$
$
$
Current Assets
Cash
152550
Equity investments (trading)
82550
Accounts receivable
172550
Less: Allowance for doubtful accounts
-12550
160000
Inventory (lower of FIFO or cost)
182550
Total Current assets
577650
Long term investments
Equity investments (available for sale) at fair value
272550
Bond sinking fund
244900
Cash surrender value of life insurance
42550
Land held for future use
270000
830000
Property plant and equipment
Land
502550
Buildings
1042550
Less: Accumulated Dep
-362550
680000
Equipment
452550
Less: Accumulated Dep
-182550
270000
1452550
Intangible assets:
Franchise
167550
Goodwill
102550
270100
Total assets
3130300
Liabilities and stockholders' equity
Accounts Payable
142550
Notes Payable
82550
Income taxes Payable
34900
Unearned rent revenue
7550
Total current liabilities
267550
Long term liabilities
Notes Payable
122550
7% Bond payable due 2022
1002550
Less: Discounts on bond payable
-34900
967650
1090200
Total liabilities
1357750
Stockholders' equity
Capital stock
Preferred stock, no par value
200,000 shares authorized
72550 issued and outstanding
435300
Common stock $1 par value
400,000 shares authorized
102550 shares issued and outstanding
102550
Paid in capital in excess of par - common stock
[102550*($10-$1)]
922950
1460800
Retained earnings
311750
Total stock holder's equity
1772550
Total liabilities and stockholders’ equity
3130300
MAGGIE CORPORATION
BALANCE SHEET
DECEMBER 31 2017
Particulars
$
$
$
Current Assets
Cash
152550
Equity investments (trading)
82550
Accounts receivable
172550
Less: Allowance for doubtful accounts
-12550
160000
Inventory (lower of FIFO or cost)
182550
Total Current assets
577650
Long term investments
Equity investments (available for sale) at fair value
272550
Bond sinking fund
244900
Cash surrender value of life insurance
42550
Land held for future use
270000
830000
Property plant and equipment
Land
502550
Buildings
1042550
Less: Accumulated Dep
-362550
680000
Equipment
452550
Less: Accumulated Dep
-182550
270000
1452550
Intangible assets:
Franchise
167550
Goodwill
102550
270100
Total assets
3130300
Liabilities and stockholders' equity
Accounts Payable
142550
Notes Payable
82550
Income taxes Payable
34900
Unearned rent revenue
7550
Total current liabilities
267550
Long term liabilities
Notes Payable
122550
7% Bond payable due 2022
1002550
Less: Discounts on bond payable
-34900
967650
1090200
Total liabilities
1357750
Stockholders' equity
Capital stock
Preferred stock, no par value
200,000 shares authorized
72550 issued and outstanding
435300
Common stock $1 par value
400,000 shares authorized
102550 shares issued and outstanding
102550
Paid in capital in excess of par - common stock
[102550*($10-$1)]
922950
1460800
Retained earnings
311750
Total stock holder's equity
1772550
Total liabilities and stockholders’ equity
3130300