In: Accounting
The following balance sheet for the Hubbard Corporation was
prepared by the company:
HUBBARD CORPORATION | |||
Balance Sheet | |||
At December 31, 2021 | |||
Assets | |||
Buildings | $ | 768,000 | |
Land | 304,000 | ||
Cash | 78,000 | ||
Accounts receivable (net) | 156,000 | ||
Inventory | 276,000 | ||
Machinery | 298,000 | ||
Patent (net) | 118,000 | ||
Investment in equity securities | 96,000 | ||
Total assets | $ | 2,094,000 | |
Liabilities and Shareholders' Equity | |||
Accounts payable | $ | 233,000 | |
Accumulated depreciation | 273,000 | ||
Notes payable | 536,000 | ||
Appreciation of inventory | 98,000 | ||
Common stock (authorized and issued 118,000 shares of no par stock) |
472,000 | ||
Retained earnings | 482,000 | ||
Total liabilities and shareholders' equity | $ | 2,094,000 | |
Additional information:
Required:
Prepare a corrected classified balance sheet for the Hubbard
Corporation at December 31, 2021. (Amounts to be deducted
should be indicated by a minus sign.)
Answer:
HUBBARD CORPORATION Balance Sheet As on December 31,2021 |
||
Amount ($) | Amount ($) | |
Assets | ||
Current Assets | ||
Cash | 78000 | |
Marketable securities | 38000 | |
Accounts receivable (net) | 156000 | |
Inventories | 178000 | |
Total Current Assets | 450000 | |
Investments: | ||
Marketable Securities (96000-38000) | 58000 | |
Land held for sale | 68000 | |
Total Investment | 126000 | |
Property Plant and Equipment | ||
Land (304000-68000-(156000-68000)) | 148000 | |
Building | 768000 | |
Machinary | 298000 | |
1214000 | ||
Less: Accumulated depreciation Net property plant and equipment | 273000 | 941000 |
Intangible assets | ||
Patents | 118000 | |
Total Assets | 1635000 | |
Liabilities and Shareholders Equity | ||
Current Liabilities | ||
Accounts payable | 233000 | |
Current maturities of longterm debt | 70000 | |
Total current liabilities | 303000 | |
Long term liabilities | ||
Notes payable (536000-70000) | 466000 | |
Shareholders Equity | ||
Common Stock | 472000 | |
Retained earnings (482000-88000) | 394000 | 866000 |
Total liabilities and shareholders equity | 1635000 |