The following items are taken from the financial statements of Cullumber Company at December 31, 2022....

The following items are taken from the financial statements of Cullumber Company at December 31, 2022.

Land			$196,500
Accounts receivable			21,300
Supplies			10,100
Cash			12,000
Equipment			83,100
Buildings			261,400
Land improvements			46,250
Notes receivable (due in 2023)			5,100
Accumulated depreciation—land improvements			13,100
Common stock			73,500
Retained earnings (December 31, 2022)			502,000
Accumulated depreciation—buildings			34,200
Accounts payable			9,300
Mortgage payable			90,150
Accumulated depreciation—equipment			18,700
Interest payable			3,800
Income taxes payable			15,200
Patents			47,100
Investments in stock (long-term)			72,200
Debt investments (short-term)			4,900

Prepare a classified balance sheet. Assume that $10,200 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)

Expert Solution

Prepare a classified balance sheet. Assume that $10,200 of the mortgage payable will be paid in 2023. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, Equipment and Land Improvements.)

Assets
Current assets
Cash		12000
Debt investments (short-term)		4900
Account receivable		21300
Supplies		10100
Notes receivable (due in 2023)		5100
Total Current assets			53400
Investment
Investments in stock (long-term)			72200
Property, plant and equipment
Land		196500
Building	261400
Less: Accumulated depreciation—buildings	-34200	227200
Equipment	83100
Less: Accumulated depreciation—equipment	-18700	64400
Land improvement	46250
Less: Accumulated depreciation—land improvements	-13100	33150
Total property, plant and equipment			521250
Intangible assets
patent			47100
Total assets			693950
Liabilities and stockholder's equity
Current liabilities
Account payable		9300
Interest payable		3800
Income taxes payable		15200
Mortgage payable		10200
Total Current liabilities			38500
Long term liabilities
Mortgage payable		79950
Total long term liabilities			79950
Total liabilities			118450
Stockholder's equity
Common Stock		73500
Retained earnings (December 31, 2022)		502000
Total Stockholder's equity			575500
Total liabilities and stockholder's equity			693950

ekkarill92 answered 2 years ago

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