HUBBARD CORPORATION Balance Sheet At December 31, 2018 Assets Buildings $ 756,000 Land 268,000 Cash 66,000...

HUBBARD CORPORATION
Balance Sheet
At December 31, 2018
Assets
Buildings	$	756,000
Land		268,000
Cash		66,000
Accounts receivable (net)		132,000
Inventories		252,000
Machinery		286,000
Patent (net)		106,000
Investment in marketable equity securities		72,000
Total assets	$	1,938,000
Liabilities and Shareholders' Equity
Accounts payable	$	221,000
Accumulated depreciation		261,000
Notes payable		512,000
Appreciation of inventories		86,000
Common stock, authorized and issued 106,000 shares of no par stock		424,000
Retained earnings		434,000
Total liabilities and shareholders' equity	$	1,938,00

Additional information:

The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $56,000 but, due to a significant increase in market value, is listed at $132,000. The increase in the land account was credited to retained earnings.

Marketable equity securities consist of stocks of other corporations and are recorded at cost, $26,000 of which will be sold in the coming year. The remainder will be held indefinitely.

Notes payable are all long-term. However, a $160,000 note requires an installment payment of $40,000 due in the coming year.

Inventories are recorded at current resale value. The original cost of the inventories is $166,000.

Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Solutions

Expert Solution

HUBBARD CORPORATION
Balance Sheet
At December 31, 2018
Assets
Current assets
Cash	66000
Marketable securities	26000
Inventories	166000
Accounts receivable (net)	132000
Total current assets		390000
Investments
Marketable securities ($72000 - $26000)	46000
Land held for sale	56000
Total investments		102000
Property. Plant, and equipment
Land ($268000 - $132000)	136000
Buildings	756000
Machinery	286000
	1178000
Accumulated depreciation	-261000
Property, plant, and equipment (net)		917000
Intangible assets
Patent		106000
Total assets		1515000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	221000
Current maturities of long-term debt	40000
Total current liabilities		261000
Long-term liabilities
Notes payable		472000
Total liabilities		733000
Shareholders' equity
Common stock	424000
Retained earnings ($434000 - $76000)	358000
Total shareholders' equity		782000
Total liabilities and shareholders' equity		1515000

ekkarill92 answered 7 months ago

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