resented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets $ 608,000 Investments 506,000 Property, plant, and equipment 2,056,000 Intangible assets 204,000 Total assets $ 3,374,000 Current liabilities $ 408,000 Long-term liabilities 1,046,000 Shareholders' equity 1,920,000 Total liabilities and shareholders' equity $ 3,374,000 The captions shown in the summarized statement above include the following: Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000. Investments: investment in equity securities, short term, $92,000, and long term, $162,000; and restricted cash, long term, $252,000. Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000. Intangible assets net of amortization: patent, $112,000; and copyright, $92,000. Current liabilities: accounts payable, $102,000; notes payable, short term, $152,000, and long term, $92,000; and income taxes payable, $62,000. Long-term liabilities: bonds payable due 2023. Shareholders’ equity: common stock, $1,100,000; retained earnings, $820,000. Five hundred thousand shares of no par common stock are authorized, of which 220,000 shares were issued and are outstanding. Required: Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is the balance sheet for HHD, Inc., at December 31, 2021.


Current assets	$	608,000
Investments		506,000
Property, plant, and equipment		2,056,000
Intangible assets		204,000
Total assets	$	3,374,000
Current liabilities	$	408,000
Long-term liabilities		1,046,000
Shareholders' equity		1,920,000
Total liabilities and shareholders' equity	$	3,374,000

The captions shown in the summarized statement above include the following:

Current assets: cash, $152,000; accounts receivable (net), $202,000; inventory, $227,000; and prepaid insurance, $27,000.
Investments: investment in equity securities, short term, $92,000, and long term, $162,000; and restricted cash, long term, $252,000.
Property, plant, and equipment: buildings, $1,520,000 less accumulated depreciation, $602,000; equipment, $520,000 less accumulated depreciation, $202,000; and land, $820,000.
Intangible assets net of amortization: patent, $112,000; and copyright, $92,000.
Current liabilities: accounts payable, $102,000; notes payable, short term, $152,000, and long term, $92,000; and income taxes payable, $62,000.
Long-term liabilities: bonds payable due 2023.
Shareholders’ equity: common stock, $1,100,000; retained earnings, $820,000. Five hundred thousand shares of no par common stock are authorized, of which 220,000 shares were issued and are outstanding.

Required:
Prepare a corrected classified balance sheet for HHD, Inc., at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

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