Question

In: Accounting

Presented below is the balance sheet of Bonita Corporation for the current year, 2020. BONITA CORPORATION...

Presented below is the balance sheet of Bonita Corporation for the current year, 2020.

BONITA CORPORATION
BALANCE SHEET
DECEMBER 31, 2020

Current assets $  488,300 Current liabilities $  383,300
Investments 643,300 Long-term liabilities 1,003,300
Property, plant, and equipment 1,723,300 Stockholders’ equity 1,773,300
Intangible assets 305,000 $3,159,900
$3,159,900


The following information is presented.

1. The current assets section includes cash $153,300, accounts receivable $173,300 less $13,300 for allowance for doubtful accounts, inventories $183,300, and unearned rent revenue $8,300. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value.
2. The investments section includes the cash surrender value of a life insurance contract $43,300; investments in common stock, short-term $83,300 and long-term $273,300; and bond sinking fund $243,400. The cost and fair value of investments in common stock are the same.
3. Property, plant, and equipment includes buildings $1,043,300 less accumulated depreciation $363,300, equipment $453,300 less accumulated depreciation $183,300, land $503,300, and land held for future use $270,000.
4. Intangible assets include a franchise $168,300, goodwill $103,300, and discount on bonds payable $33,400.
5. Current liabilities include accounts payable $143,300, notes payable-short-term $83,300 and long-term $123,300, and income taxes payable $33,400.
6. Long-term liabilities are composed solely of 7% bonds payable due 2028.
7. Stockholders’ equity has preferred stock, no par value, authorized 200,000 shares, issued 73,300 shares for $439,800, and common stock, $1.00 par value, authorized 400,000 shares, issued 103,300 shares at an average price of $10. In addition, the corporation has retained earnings of $300,500.


Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Solutions

Expert Solution


Related Solutions

Presented below is the balance sheet of Maggie Corporation for the current year, 2017. MAGGIE CORPORATION...
Presented below is the balance sheet of Maggie Corporation for the current year, 2017. MAGGIE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $  487,550 Current liabilities $  382,550 Investments 642,550 Long-term liabilities 1,002,550 Property, plant, and equipment 1,722,550 Stockholders’ equity 1,772,550 Intangible assets 305,000 $3,157,650 $3,157,650 The following information is presented. 1. The current assets section includes cash $152,550, accounts receivable $172,550 less $12,550 for allowance for doubtful accounts, inventories $182,550, and unearned rent revenue $7,550. Inventory is stated on the...
Presented below is the balance sheet of Sargent Corporation for the current year, 2017. SARGENT CORPORATION...
Presented below is the balance sheet of Sargent Corporation for the current year, 2017. SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $  485,000 Current liabilities $  380,000 Investments 640,000 Long-term liabilities 1,000,000 Property, plant, and equipment 1,720,000 Stockholders’ equity 1,770,000 Intangible assets 305,000 $3,150,000 $3,150,000 The following information is presented. 1. The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventories $180,000, and unearned rent revenue $5,000. Inventory is stated on the...
Presented below is the trial balance of Bonita Corporation at December 31, 2020. Debit Credit Cash...
Presented below is the trial balance of Bonita Corporation at December 31, 2020. Debit Credit Cash $   198,550 Sales $ 8,101,220 Debt Investments (trading) (at cost, $145,000) 154,220 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,550 Equity Investments (long-term) 278,550 Notes Payable (short-term) 91,220 Accounts Payable 456,220 Selling Expenses 2,001,220 Investment Revenue 64,400 Land 261,220 Buildings 1,041,550 Dividends Payable 137,550 Accrued Liabilities 97,220 Accounts Receivable 436,220 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 26,220 Administrative Expenses 901,400 Interest Expense 212,400...
Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017....
Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017. CRANE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $  487,260 Current liabilities $  382,260 Investments 642,260 Long-term liabilities 1,002,260 Property, plant, and equipment 1,722,260 Stockholders’ equity 1,772,260 Intangible assets 305,000 $3,156,780 $3,156,780 The following information is presented. 1. The current assets section includes cash $152,260, accounts receivable $172,260 less $12,260 for allowance for doubtful accounts, inventories $182,260, and unearned rent revenue $7,260. Inventory is stated...
Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017....
Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017. MARIGOLD CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,150 Current liabilities $ 383,150 Investments 643,150 Long-term liabilities 1,003,150 Property, plant, and equipment 1,723,150 Stockholders’ equity 1,773,150 Intangible assets 305,000 $3,159,450 $3,159,450 The following information is presented. 1. The current assets section includes cash $153,150, accounts receivable $173,150 less $13,150 for allowance for doubtful accounts, inventories $183,150, and unearned rent revenue $8,150. Inventory...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit   ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit       Credit    Cash 295,000 Sales Revenue $12,150,000 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200,000 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest...
Presented below are a number of balance sheet items for Vaughn, Inc. for the current year,...
Presented below are a number of balance sheet items for Vaughn, Inc. for the current year, 2020. Goodwill $ 127,970 Accumulated Depreciation-Equipment $ 292,260 Payroll Taxes Payable 180,561 Inventory 242,770 Bonds payable 302,970 Rent payable (short-term) 47,970 Discount on bonds payable 15,260 Income taxes payable 101,332 Cash 362,970 Rent payable (long-term) 482,970 Land 482,970 Common stock, $1 par value 202,970 Notes receivable 448,670 Preferred stock, $10 par value 152,970 Notes payable (to banks) 267,970 Prepaid expenses 90,890 Accounts payable 492,970...
Presented below are a number of balance sheet items for Roma, Inc., for the current year,...
Presented below are a number of balance sheet items for Roma, Inc., for the current year, 2020. Goodwill                                                                                            $ 210,000 Accumulated depreciation—equipment                                            $ 467,000 Payroll taxes payable                                                                         $65,300 Inventory                                                                                           $ 398,600 Bonds payable                                                                                   $500,000 Rent payable (short-term)                                                                  $40,000 Discount on bonds payable                                                               $35,000 Income tax payable                                                                            $110,800 Cash                                                                                                    $ 61,000 Rent payable (long-term)                                                                   $80,000 Land                                                                                                   $351,000 Common stock, $1 par value                                                             $250,000 Notes receivable                                                                                 $160,500 Preferred stock, $25 par...
Presented below are a number of balance sheet items for Shamrock, Inc., for the current year,...
Presented below are a number of balance sheet items for Shamrock, Inc., for the current year, 2017. Goodwill $ 128,520 Accumulated Depreciation-Equipment $ 292,180 Payroll Taxes Payable 181,111 Inventory 243,320 Bonds payable 303,520 Rent payable (short-term) 48,520 Discount on bonds payable 15,180 Income taxes payable 101,882 Cash 363,520 Rent payable (long-term) 483,520 Land 483,520 Common stock, $1 par value 203,520 Notes receivable 449,220 Preferred stock, $10 par value 153,520 Notes payable (to banks) 268,520 Prepaid expenses 91,440 Accounts payable 493,520...
Presented below are a number of balance sheet items for Montoya, Inc. for the current year,...
Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020. Goodwill $ 125,000 Accumulated Depreciation-Equipment $ 292,000 Payroll Taxes Payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income taxes payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock, $1 par value 200,000 Notes receivable 445,700 Preferred stock, $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT