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The following data, presented in alphabetical order, are taken from the records of Wildhorse Corporation. Accounts...

The following data, presented in alphabetical order, are taken from the records of Wildhorse Corporation.

Accounts payable $239,400
Accounts receivable 139,300
Accumulated depreciation—buildings 180,300
Accumulated depreciation—equipment 51,800
Allowance for doubtful accounts 6,500
Bonds payable (10%, due 2028) 499,400
Buildings 949,200
Cash 41,900
Common stock ($10 par value; 501,200 shares authorized, 149,600 shares issued) 1,496,000
Dividends payable 80,200
Equipment 275,600
Goodwill 200,400
Income taxes payable 119,800
Inventory 169,900
Investment in Mara common stock (30% ownership), at equity 379,900
Investment in Sasse common stock, at fair value 278,200
Land 390,400
Notes payable (due 2021) 69,400
Paid-in capital in excess of par—common stock 134,900
Premium on bonds payable 39,900
Prepaid insurance 15,000
Retained earnings 103,200
Short-term investments, at fair value 181,000


The investment in Sasse common stock is considered to be a long-term security.

Prepare a classified balance sheet at December 31, 2020. (List assets in order of liquidity. List Property, plant and equipment list in order of land, buildings and equipment.)

Solutions

Expert Solution

Wildhorse Corporation

BALANCE SHEET

As on December 31 ,2020
Asset
Current asset
cash 41900
Accounts receivable 139300
less:Allowance for doubtful account (6500) 132800
Short-term investments, at fair value 181000
Inventory 169900
Prepaid Insurance 15000
Total current asset 540600
Long term investment
Investment in Mara common stock (30% ownership), at equity 379900
Investment in Sasse common stock, at fair value 278200
Total long term investment 658100
Property ,plant and equipment
Land 390400
Building 949200
less:accumulated depreciation- building (180300) 768900
Equipment 275600
less:accumulated depreciation - equipment (51800) 223800
Total Property ,plant and equipment 1383100
Intangible asset
Goodwill 200400
Total asset 2782200
Liabilities and stockholders equity
Accounts payable 239400
Note payable (due 2021) 69400
Dividend payable 80200
Income tax payable 119800
Total current liabilities 508800
Long term debt
Bond payable (due 2028) 499400
premium on bond payable 39900 539300
Total liabilities 1048100
stockholders equity
common stock 1496000
Paid in capital in excess of par 134900
Retained earning 103200
Total stockholders equity 1734100
Total liabilities and stockholders equity 2782200

ekkarill92 answered 6 months ago
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