Question

In: Accounting

Presented below are a number of balance sheet items for Scientific Products Inc., for the current...

Presented below are a number of balance sheet items for Scientific Products Inc., for the current year ended December 31, 2016.

Goodwill $100,000

Accrued interest on notes payable 500

Bonds payable 500,000

Unearned rent revenue 420

Cash 42,485

Investment in Warren Co. (long term) 87,500

Prepaid expenses 16,252

Accrued salaries 9,500

Additional paid-in capital 37,500

Available-for-sale securities-at fair value 28,250

Accounts receivable 165,824

Retained Earnings ?

Land 125,000

Buildings 975,800

Notes receivable 23,000

Allowance for doubtful accounts 1,850

Merchandise inventory 489,713

Supplies on hand 9,780

Accumulated depreciation-buildings 341,200

Notes payable 50,000

Income taxes payable 62,520

Accounts payable 197,532

Preferred stock 300,000

(Authorized, issued, and outstanding, 30,000

shares of $10 par value

Common stock (Authorized, 500,000 shares of $1 par value;

issued and outstanding, 400,000 shares) 400,000

Instructions

Prepared a classified balance sheet.

Expert Solution

Balance Sheet:

Assets :	Amount $
Cash	42485
Prepaid expenses	16252
Available for sale securities	28250
Accounts Receivable	165824
Less: Allowance for doubtful accounts	-1850
Merchandise inventory	489713
Supplies on hand	9780
Current Assets:	750454
Good will	100000
Investment in warren co. (LT)	87500
Note receivable	23000
Land	125000
Buildings	975800
Less: Accum. Dep - Buildings	341200
Total Assets =	2402954

Liabilities and Shareholder's Equity:	Amount $
Accounts payable	197532
Income tax payable	62520
Accrued interest on NP	500
Accrued salaries	9500
Current Liabilities	270052
Bonds payable	500000
Unearned rent revenue	420
Note payable	50000
Shareholder's Equity :
Preferred Stock (30000 @ $10 par)	300000
Common Stock (400000 @ $1 par)	400000
Additional paid in capital	37500
RE	844982
Shareholder's Equity	1582482
Total Liabilities and Shareholder's Equity=	2402954

ekkarill92 answered 2 years ago

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