Investments Property, plant, and equipment Intangible assets Total assets Current liabilities. Long-term liabilities. Shareholders' equity Total liabilities and shareholders' equity 518,000 2,168,000 212,000 equired: $ 3,522,000 $ 424,000 938,000 2,160,000 $ 3,522,000 he captions shown in the summarized statement above include the following: a. Current assets: cash, $156,000; accounts receivable (net). $206.000; inventory, $231,000; and prepaid insurance, $3 b. Investments: investment in equity securities, short term, $96,000, and long term, $422,000. c. Property, plant, and equipment: buildings, $1,560,000 less accumulated depreciation, $606,000, equipment, $560,0 accumulated depreciation, $206,000; and land, $860,000. d. Intangible assets net of amortization: patent, $116,000; and copyright, $96,000. e. Current liabilities: accounts payable, $106,000; notes payable, short term, $156,000, and long term, $96,000; and ine payable, $66,000. f. Long-term liabilities: bonds payable due 2026. g. Shareholders' equity: common stock, $1,300,000; retained earnings, $860,000. Five hundred thousand shares of na common stock are authorized, of which 260,000 shares were issued and are outstanding.
Investments Property, plant, and equipment Intangible assets Total assets Current liabilities. Long-term liabilities. Shareholders' equity Total liabilities and shareholders' equity 518,000 2,168,000 212,000 equired: $ 3,522,000 $ 424,000 938,000 2,160,000 $ 3,522,000 he captions shown in the summarized statement above include the following: a. Current assets: cash, $156,000; accounts receivable (net). $206.000; inventory, $231,000; and prepaid insurance, $3 b. Investments: investment in equity securities, short term, $96,000, and long term, $422,000. c. Property, plant, and equipment: buildings, $1,560,000 less accumulated depreciation, $606,000, equipment, $560,0 accumulated depreciation, $206,000; and land, $860,000. d. Intangible assets net of amortization: patent, $116,000; and copyright, $96,000. e. Current liabilities: accounts payable, $106,000; notes payable, short term, $156,000, and long term, $96,000; and ine payable, $66,000. f. Long-term liabilities: bonds payable due 2026. g. Shareholders' equity: common stock, $1,300,000; retained earnings, $860,000. Five hundred thousand shares of na common stock are authorized, of which 260,000 shares were issued and are outstanding.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current assets:
Total current assets
Investments:
Property, plant, and equipment:
HHD, INCORPORATED
Balance Sheet
At December 31, 2024
Assets
Net property, plant, and equipment
Intangible assets:
0
0
0
Transcribed Image Text:Presented below is the balance sheet for HHD, Incorporated, at December 31, 2024.
$ 624,000
518,000
2,168,000
212,000
Current assets
Investments
Property, plant, and equipment
Intangible assets
Total assets
Current liabilities
Long-term liabilities.
Shareholders' equity
Total liabilities and shareholders' equity
$ 3,522,000
$ 424,000
938,000
2,160,000
$ 3,522,000
The captions shown in the summarized statement above include the following:
a. Current assets: cash, $156,000; accounts receivable (net), $206,000; inventory, $231,000; and prepaid insurance, $31,000.
b. Investments: investment in equity securities, short term, $96,000, and long term, $422,000.
c. Property, plant, and equipment: buildings, $1,560,000 less accumulated depreciation, $606,000; equipment, $560,000 less
accumulated depreciation, $206,000; and land, $860,000.
d. Intangible assets net of amortization: patent, $116,000; and copyright, $96,000.
e. Current liabilities: accounts payable, $106,000; notes payable, short term, $156,000, and long term, $96,000; and income taxes
payable, $66,000.
f. Long-term liabilities: bonds payable due 2026.
g. Shareholders' equity: common stock, $1,300,000; retained earnings, $860,000. Five hundred thousand shares of no par
common stock are authorized, of which 260,000 shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD, Incorporated, at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
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