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Question : 88. Hardy’s bookkeeper prepared the following balance sheet. HARDY COMPANYBalance Report

 

88. Hardy’s bookkeeper prepared the following balance sheet.

HARDY COMPANY
Balance Report for the year ended December 31, 2014
 

Current Assets:

 

Current Liabilities:

 

 

Cash

$     58,000

 

Accounts payable

$       25,000

 

Accounts receivable

      123,500

 

Accumulated depreciation:
   buildings

   
20,000

 

Inventory, at higher of cost
  or market (cost $29,850)

         35,800

 

Wages payable

       22,200

 

Sinking fund for bond
  retirement

      
115,000

 

Additional paid-in capital
  on common stock

     
100,000

Long-Term Investments:

 

Long-Term Liabilities:

 

 

Treasury stock (at cost)

       55,500

 

Bonds payable

     100,000

 

Investments in A company
  bonds

      
100,000

 

Preferred stock, $50 par

     150,000

 

Marketable securities,
  short term at fair value

         25,000

 

Allowance for doubtful
  accounts

      
15,000

 

Trademark

       25,000

 

Premium on preferred
  stock

      
45,000

Property, Plant, and Equipment:

 

Accumulated depreciation:
  equipment

      
12,000

 

Land

      75,000 

 

Current taxes payable

       10,000

 

Buildings

     100,000

Shareholders’ Equity:

 

 

Equipment

      45,000

 

Common Stock, $1 par

       75,000

Intangibles:
      Employees
      Copyrights


150,000
15,000

 

Unrealized gain on write
  up of inventory to market
  value

     

5,950

 

Patents

     20,000

 

Retained earnings

       362,650

Total Assets

$  942,800

Total Equities

$  942,800

 

 

 

 

 

 


Required:
Prepare the corrected asset section of a classified balance sheet. 

 

 

Solution
5 (1 Ratings )

Solved
Accounting 6 Months Ago 23 Views
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