Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (g) Long-term investments 19,200 (h) Retained earnings 50,300 61,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 12,000 Common stock, $5 par (e) 20,000 Total assets 142,800 (j) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income 7,000 6,000 Total shareholders' equity (f) (l) Additional information: The company did not issue any common stock during 2020. Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (g) Long-term investments 19,200 (h) Retained earnings 50,300 61,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 12,000 Common stock, $5 par (e) 20,000 Total assets 142,800 (j) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income 7,000 6,000 Total shareholders' equity (f) (l) Additional information: The company did not issue any common stock during 2020. Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows:
| 2019 | 2020 | |
| Current assets | $ (a) | $25,000 |
| Long-term liabilities | (b) | 34,900 |
| Total contributed capital | (c) | (g) |
| Long-term investments | 19,200 | (h) |
| 50,300 | 61,100 | |
| Total liabilities | (d) | (i) |
| Intangible assets | 10,400 | 9,000 |
| Current liabilities | 14,500 | 12,000 |
| Common stock, $5 par | (e) | 20,000 |
| Total assets | 142,800 | (j) |
| Additional paid-in capital | 15,000 | (k) |
| Property, plant, and equipment (net) | 85,700 | 92,800 |
| Accumulated other comprehensive income | 7,000 | 6,000 |
| Total shareholders' equity | (f) | (l) |
Additional information: The company did not issue any common stock during 2020.
Required:
Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
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