Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017. Goodwill   $ 211,800   Accumulated depreciation-equipment   $ 467,100 Payroll taxes payable   67,100   Inventory   400,400 Bonds payable   501,800   Rent payable (short-term)   41,800 Discount on bonds payable   35,100   Income tax payable   112,600 Cash   62,800   Rent payable (long-term)   81,800 Land   352,800   Common stock, $1 par value   251,800 Notes receivable   162,300   Preferred stock, $25 par value   1,251,800 Notes payable (to banks)   266,700   Prepaid expenses   70,560 Accounts payable   348,800   Equipment   1,387,800 Retained earnings   ?   Equity investments (trading)   376,800 Income taxes receivable   47,400   Accumulated depreciation-buildings   361,300 Unsecured notes payable (long-term)   1,301,800   Buildings   2,801,800 Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term unless stated otherwise. The cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Building, and Equipment.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Presented below are a number of balance sheet items for Culver, Inc. for the current year, 2017.

Goodwill
  $ 211,800  
Accumulated depreciation-equipment
  $ 467,100
Payroll taxes payable
  67,100  
Inventory
  400,400
Bonds payable
  501,800  
Rent payable (short-term)
  41,800
Discount on bonds payable
  35,100  
Income tax payable
  112,600
Cash
  62,800  
Rent payable (long-term)
  81,800
Land
  352,800  
Common stock, $1 par value
  251,800
Notes receivable
  162,300  
Preferred stock, $25 par value
  1,251,800
Notes payable (to banks)
  266,700  
Prepaid expenses
  70,560
Accounts payable
  348,800  
Equipment
  1,387,800
Retained earnings
  ?  
Equity investments (trading)
  376,800
Income taxes receivable
  47,400  
Accumulated depreciation-buildings
  361,300
Unsecured notes payable (long-term)
  1,301,800  
Buildings
  2,801,800

Prepare a classified balance sheet in good form. Common stock authorized was 1,000,000 shares, and preferred stock authorized was 50,000 shares. Assume that notes receivable and notes payable are short-term unless stated otherwise. The cost and fair value of equity investments (trading) are the same. (List Current Assets in order of liquidity. List Property, Plant, and Equipment in order of Land, Building, and Equipment.)
 
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Culver Inc.

Balance Sheet                                           

  Dec 31, 2020

Assets

 

 

Current assets

 

 

Cash

 

62800

Equity investment (Trading)

 

376800

Notes receivable

 

162300

Income tax receivables

 

47400

Inventory

 

400400

Prepaid expenses

 

70560

?

 

 

?

 

 

Land

 

352800

Buildings- 2,801,800

2801800

 

Less: Acc. Dep- buildings: 

361300

2440500

Equipment- 

1387800

 

Less acc. dep-equipment – 

467100

920700

?

 

 

Goodwill

 

 

Total assets

 

 

Liabilities and shareholders’ equity

 

 

Current liabilities

 

 

Accounts payable

 

 348800

Notes payable to banks

 

266700

Payroll taxes payable

 

67100

Income tax payable

 

112600

Rent payable – short term

 

41800

?

 

 

?

 

 

?

 

?

?

?

 

?

?

?

?

 

?

?

 

 

?

 

 

?

 

 

?

?

 

?

?

 

 

 

?

?

 

?

?

 

 

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