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

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

Accounts payable $239,200
Accounts receivable 139,200
Accumulated depreciation—buildings 179,600
Accumulated depreciation—equipment 52,800
Allowance for doubtful accounts 6,800
Bonds payable (10%, due 2028) 499,700
Buildings 949,500
Cash 41,700
Common stock ($10 par value; 506,600 shares authorized, 149,400 shares issued) 1,494,000
Dividends payable 79,600
Equipment 275,700
Goodwill 200,900
Income taxes payable 119,200
Inventory 170,300
Investment in Mara common stock (30% ownership), at equity 379,400
Investment in Sasse common stock, at fair value 278,600
Land 389,000
Notes payable (due 2021) 70,400
Paid-in capital in excess of par—common stock 135,900
Premium on bonds payable 40,400
Prepaid insurance 16,500
Retained earnings 103,500
Short-term investments, at fair value 180,300


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

Prepare classified balance sheet as follows:

Crane Corporation
December 31, 2020
Assets:
Current Assets:
Cash $41,700
Accounts Receivables $139,200
Less: Allowance for doubtful accounts ($6,800) $132,400
Inventory $170,300
Short-term investments, at fair value $180,300
Prepaid Insurance $16,500
Total Current Assets $541,200
Investments:
Investment in Mara common stock (30% ownership), at equity $379,400
Investment in sasse common stock, at fair value $278,600
Total long term investment $658,000
Property, plant and equipment:
Land $389,000
Building $949,500
Less: Accumulated depreciation-building ($179,600) $769,900
Equipment $275,700
Less: Accumulated depreciation-equipment ($52,800) $222,900
Total PPE $1,381,800
Intangible Asset:
Goodwill $200,900
Total Assets $2,781,900
Liabilities:
Current Laibilities:
Accounts payable $239,200
Note payable (due 2021) $70,400
Dividend payable $79,600
Income taxes payable $119,200
Total current liabilities $508,400
Long term debt:
Bond payable (due 2028) $499,700
Premium on bond payable $40,400 $540,100
Total Liabilities $1,048,500
Stockholders' equity:
Common stock $1,494,000
Paid-in -capital in excess of par $135,900
Retained Earnings $103,500
Total stockholders equity $1,733,400
Total Liabilities and stockholders equity $2,781,900

ekkarill92 answered 1 year ago
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