
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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