Question

Prepare a classified balance sheet for the year ended December 31, 2019 for

Germain Corp.

Accounts Payable			300
Accounts Receivable			200
Accrued wages payable			150
Accumulated Depreciation			1,000
Accumulated other comprehensive income			150
Allowance for Doubtful Accounts			75
Bonds Payable			750
Building			10,000
Cash			900
Equity Investments (at equity)			75
Goodwill			250
Inventories, at average cost			375
Investments (Trading, at fair value)			75
Land			3,750
Notes payable - due June 2020			5,000
Notes Receivable - short term			300
Paid in capital in excess of par - common stock			150
Paid in capital in excess of par - preferred stock			250
Paid in capital in exess of par - treasury stock			75
Patents			200
Premium on Bonds Payable			150
Retained Earnings			1,500
Supplies			100
Treasury Stock (25 shares)			75
6% Preferred Stock, cumulative, $10 par value 375 shares authorized, issued and outstanding
			3,750
Common Stock, $4 stated value, 750 shares authorized and issued, 725 outstanding.
			3,000

Answer 1