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Suppose the following items were taken from the 2017 financial statements of Blossom Company.(All dollars are...

Suppose the following items were taken from the 2017 financial statements of Blossom Company.(All dollars are in millions.)

Common stock $3,100 Accumulated depreciation—equipment $3,730
Prepaid rent 150 Accounts payable 1,680
Equipment 6,400 Patents 2,440
Stock investments (long-term) 640 Notes payable (long-term) 790
Debt investments (short-term) 1,800 Retained earnings 6,060
Income taxes payable 170 Accounts receivable 1,800
Cash 1,190 Inventory 1,110



Prepare a classified balance sheet in good form as of December 31, 2017. (List current assets in order of liquidity.)

Solutions

Expert Solution

Blossom Company

Balance Sheet

December 31, 2017

ASSETS

CURRENT ASSETS:

Cash

$1190

Account Receivable

$1800

Inventory

$1110

Debt Investment (short term)

$1800

Prepaid Rent

$150

NON CURRENT ASSETS:

Stock Investment (long term)

$640

Patents

$2440

PLANT, PROPERTY, AND EQUIPMENT

Equipment

$6400

Accumulated depreciation—equipment

($3730)

$2670

Total Assets

$11800

LIABILITIES AND SHAREHOLDER’S EQUITY:

CURRENT LIABILITIES:

Accounts Payable

$1680

Income Taxes Payable

$170

LONG TERM LIABILITIES:

Notes Payable

$790

TOTAL LIABILITIES

$2640

SHAREHOLDER’S EQUITY:

Common Stock

$3100

Retained Earnings

$6060

TOTAL OF LIABILITIES AND SHAREHOLDER’S EQUITY

$11800

ekkarill92 answered 3 years ago
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