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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 2 years ago
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