ive: Balance sheet, The following is an alphabetical listing of Stone Boat Company's balance sheet accounts and account balances on December 31, 2019: Accounts Payable $19,700 $44,200 37,100 Accounts Receivable 85,300 109,300 30,000 20,000 91,000 3,200 6,800 1,600 17,000 32,000 12,500 13,800 296,700 84,600 80,000 Accumulated Depreciation Additional Paid-in Capital on Common Stock Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts Bond Sinking Fund Cash Common Stock Income Taxes Payable Inventory Investment in Affiliate Long-Term Liabilities (book value) Miscellaneous Current Payables Notes Receivable Preferred Stock Property, Plant, and Equipment Retained Earnings Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, $29,500; buildings, $164,600; store fixtures, $72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, $54,600; store fixtures, $37,400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of $1,000; 11%, $48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2022. 5. The non-interest-bearing note receivable matures on June 1, 2023. 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost. 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, $50,000, 15-year bonds issued by this affiliate, Jay Company. 8. Common stock has a $10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of $13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of $55 per share, resulting in 640 shares issued at year-end. 0. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. 1. Net income and dividends declared and paid during the year were $50,500 and $21,000, respectively. Required: 1. Prepare Stone Boat's December 31, 2019, balance sheet.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Help with balance sheet & Statement of Shareholders' Equity. 

Comprehensive: Balance Sheet, Schedules, and Notes
The following is an alphabetical listing of Stone Boat Company's balance sheet accounts and account balances on December 31, 2019:
Accounts Payable
$44,200
37,100
$19,700
85,300
Accounts Receivable
109,300
30,000
20,000
91,000
6,800
17,000
32,000
296,700
84,600
Accumulated Depreciation
Additional Paid-in Capital on Common Stock
Additional Paid-in Capital on Preferred Stock
Allowance for Doubtful Accounts
3,200
1,600
12,500
13,800
80,000
Income Taxes Payable
Inventory
Investment in Affiliate
Long-Term Liabilities (book value)
Miscellaneous Current Payables
1. Prepare Stone Boat's December 31, 2019, balance sheet.
Notes Receivable
Preferred Stock
Property, Plant, and Equipment
Retained Earnings
Bond Sinking Fund
Cash
Common Stock
Additional information:
1. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). The related details are disclosed in the notes.
2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, $29,500; buildings, $164,600; store fixtures, $72,600; and office equipment, $30,000.
3. The accumulated depreciation breakdown is as follows: buildings, $54,600; store fixtures, $37,400; and office equipment, $17,300.
4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of $1,000; 11%, $48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of $1,800, and whose retirement is
being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2022.
5. The non-interest-bearing note receivable matures on June 1, 2023.
6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost.
7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, $50,000, 15-year bonds issued by this affiliate, Jay Company.
8. Common stock has a $10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of $13 per share, resulting in 8,000 shares issued at year-end.
9. Preferred stock has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of $55 per share, resulting in 640 shares issued at year-end.
10. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000.
11. Net income and dividends declared and paid during the year were $50,500 and $21,000, respectively.
Required:
Transcribed Image Text:Comprehensive: Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Boat Company's balance sheet accounts and account balances on December 31, 2019: Accounts Payable $44,200 37,100 $19,700 85,300 Accounts Receivable 109,300 30,000 20,000 91,000 6,800 17,000 32,000 296,700 84,600 Accumulated Depreciation Additional Paid-in Capital on Common Stock Additional Paid-in Capital on Preferred Stock Allowance for Doubtful Accounts 3,200 1,600 12,500 13,800 80,000 Income Taxes Payable Inventory Investment in Affiliate Long-Term Liabilities (book value) Miscellaneous Current Payables 1. Prepare Stone Boat's December 31, 2019, balance sheet. Notes Receivable Preferred Stock Property, Plant, and Equipment Retained Earnings Bond Sinking Fund Cash Common Stock Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long-term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, $29,500; buildings, $164,600; store fixtures, $72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, $54,600; store fixtures, $37,400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2024, and have an unamortized bond discount of $1,000; 11%, $48,000 face value bonds that mature on December 31, 2025, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2022. 5. The non-interest-bearing note receivable matures on June 1, 2023. 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost. 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, $50,000, 15-year bonds issued by this affiliate, Jay Company. 8. Common stock has a $10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 at a price of $13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at a price of $55 per share, resulting in 640 shares issued at year-end. 10. On January 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. 11. Net income and dividends declared and paid during the year were $50,500 and $21,000, respectively. Required:
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