Using the information below ,you are to prepare seagull’s classified balance s
ID: 2371492 • Letter: U
Question
Using the information below ,you are to prepare seagull’s classified balance sheet in the account form at December 31,2010. Use balances as needed
Preparing a corporation’s balance sheet; measuring
The following accounts and related balances of seagull designers, Inc., as of December 31,2010, are arranged in no particular order
Cash………………… $55,000
Account receivable , net………34,000
Paid-in capital in excess of par – common ……….$20,000
Accrued liabilities…………………………………… 24,000
Long- term note payable………………………….99,000
Inventory……………………………………………..93,000
Dividend earnings……………………………….6000
Retain earning ………………………………..?
Account payable ………………………………….. 136000
Trademarks, net…………………………………… 4000
Preferred stock, $.50,
No- pair, 11,000 shares
Authorized and issued …………………………29,700
Goodwill ………………………………………………13,000
Interest expense……………………………………. $15,600
Property, plant, and equipment , net ……….364,000
Common Stock , $2 Par ,600,000
share authorized, 116,000 shares issued………….232,000
Prepaid expense ……………………………………………. 13,000
Common stockholders’ equity, December 31,2009…….222,000
Net income …………………………………………………………32,000
Total assets,
December 31, 2009……………………………………………493,000
Treasury stock,
21,000 shares at cost…………………………………………….24,000
Explanation / Answer
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