Correction of Balance Sheet You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified. Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets: Current Liabilities: Inventory $ 6,000 Accounts payable $ 9,900 Accounts receivable 5,900 Allowance for doubtful accounts 800 Cash 2,300 Salaries payable 1,500 Treasury stock (at cost) 3,300 Taxes payable 2,500 Long-Term Investments: Long-Term Liabilities: Temporary investments in marketable securities 3,200 Bonds payable (due 2023) 11,000 Investment in held-to-maturity bonds 10,000 Unearned rent (for 3 months) 900 Property, Plant, and Equipment: Shareholders' Equity: Land 8,100 Retained earnings 24,200 Office supplies 800 Accumulated depreciation on buildings and equipment 9,200 Buildings and equipment 35,600 Additional paid-in capital on common stock 10,400 Intangibles: Common stock, $10 par 12,000 Patents (net) 5,000 Prepaid insurance (for 6 months) 1,200 Discount on bonds payable 1,000 Total Assets $82,400 Total Credits $82,400 Required: Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019. Stevens Company Balance Sheet December 31, 2019 Assets Current Assets: $ fill in the blank 2 fill in the blank 4 $ fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 Prepaid items: $ fill in the blank 13 fill in the blank 15 fill in the blank 16 $ fill in the blank 18 Long-Term Investments: fill in the blank 20 Property, Plant, and Equipment: $ fill in the blank 22 $ fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 Intangible Assets: fill in the blank 31 fill in the blank 33 Liabilities Current Liabilities: $ fill in the blank 35 fill in the blank 37 fill in the blank 39 fill in the blank 41 $fill in the blank 43 Long-Term Liabilities: $ fill in the blank 45 fill in the blank 47 fill in the blank 49 fill in the blank 51 Shareholders' Equity Contributed Capital: $ fill in the blank 53 fill in the blank 55 $ fill in the blank 57 fill in the blank 59 $ fill in the blank 61 fill in the blank 63 $ fill in the blank 65

Correction of Balance Sheet You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified. Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets: Current Liabilities: Inventory $ 6,000 Accounts payable $ 9,900 Accounts receivable 5,900 Allowance for doubtful accounts 800 Cash 2,300 Salaries payable 1,500 Treasury stock (at cost) 3,300 Taxes payable 2,500 Long-Term Investments: Long-Term Liabilities: Temporary investments in marketable securities 3,200 Bonds payable (due 2023) 11,000 Investment in held-to-maturity bonds 10,000 Unearned rent (for 3 months) 900 Property, Plant, and Equipment: Shareholders' Equity: Land 8,100 Retained earnings 24,200 Office supplies 800 Accumulated depreciation on buildings and equipment 9,200 Buildings and equipment 35,600 Additional paid-in capital on common stock 10,400 Intangibles: Common stock, $10 par 12,000 Patents (net) 5,000 Prepaid insurance (for 6 months) 1,200 Discount on bonds payable 1,000 Total Assets $82,400 Total Credits $82,400 Required: Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019. Stevens Company Balance Sheet December 31, 2019 Assets Current Assets: $ fill in the blank 2 fill in the blank 4 $ fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 Prepaid items: $ fill in the blank 13 fill in the blank 15 fill in the blank 16 $ fill in the blank 18 Long-Term Investments: fill in the blank 20 Property, Plant, and Equipment: $ fill in the blank 22 $ fill in the blank 24 fill in the blank 26 fill in the blank 27 fill in the blank 29 Intangible Assets: fill in the blank 31 fill in the blank 33 Liabilities Current Liabilities: $ fill in the blank 35 fill in the blank 37 fill in the blank 39 fill in the blank 41 $fill in the blank 43 Long-Term Liabilities: $ fill in the blank 45 fill in the blank 47 fill in the blank 49 fill in the blank 51 Shareholders' Equity Contributed Capital: $ fill in the blank 53 fill in the blank 55 $ fill in the blank 57 fill in the blank 59 $ fill in the blank 61 fill in the blank 63 $ fill in the blank 65

Intermediate Accounting: Reporting And Analysis

3rd Edition

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 11P: Balance Sheet The following is an alphabetical list or Lloyds Hudson Dealership Inc.s December 31,...

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Correction of Balance Sheet

You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity.

On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified.

Stevens Company Balance Sheet For Year Ended December 31, 2019
Current Assets:		Current Liabilities:
Inventory	$ 6,000	Accounts payable	$ 9,900
Accounts receivable	5,900	Allowance for doubtful accounts	800
Cash	2,300	Salaries payable	1,500
Treasury stock (at cost)	3,300	Taxes payable	2,500
Long-Term Investments:		Long-Term Liabilities:
Temporary investments in marketable securities	3,200	Bonds payable (due 2023)	11,000
Investment in held-to-maturity bonds	10,000	Unearned rent (for 3 months)	900
Property, Plant, and Equipment:		Shareholders' Equity:
Land	8,100	Retained earnings	24,200
Office supplies	800	Accumulated depreciation on buildings and equipment	9,200
Buildings and equipment	35,600	Additional paid-in capital on common stock	10,400
Intangibles:		Common stock, $10 par	12,000
Patents (net)	5,000
Prepaid insurance (for 6 months)	1,200
Discount on bonds payable	1,000
Total Assets	$82,400	Total Credits	$82,400

Required:

Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019.

Stevens Company Balance Sheet December 31, 2019
Assets
Current Assets:
		$ fill in the blank 2
		fill in the blank 4
	$ fill in the blank 6
	fill in the blank 8	fill in the blank 9
		fill in the blank 11
Prepaid items:
	$ fill in the blank 13
	fill in the blank 15	fill in the blank 16
			$ fill in the blank 18
Long-Term Investments:
			fill in the blank 20
Property, Plant, and Equipment:
		$ fill in the blank 22
	$ fill in the blank 24
	fill in the blank 26	fill in the blank 27
			fill in the blank 29
Intangible Assets:
			fill in the blank 31
			fill in the blank 33
Liabilities
Current Liabilities:
		$ fill in the blank 35
		fill in the blank 37
		fill in the blank 39
		fill in the blank 41
			$fill in the blank 43
Long-Term Liabilities:
		$ fill in the blank 45
		fill in the blank 47
			fill in the blank 49
			fill in the blank 51
Shareholders' Equity
Contributed Capital:
		$ fill in the blank 53
		fill in the blank 55
			$ fill in the blank 57
			fill in the blank 59
			$ fill in the blank 61
			fill in the blank 63
			$ fill in the blank 65

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