NEXT Assume that Denis Savard Inc. has the following accounts at the end of the

Question

NEXT Assume that Denis Savard Inc. has the following accounts at the end of the current year 1. Common Stock 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials 6. Preferred Stock (Equity) Investments (long-term). 19. Paid-in Capital in Excess of 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights 10. Buildings. 11. Notes Receivable (short-term), 12. Cash. 14. Accumulated Depreciation-Buildings. 15. Cash Restricted for Plant Expansion. 16. Land Held for Future Plant Site. 17. Allowance for Doubtful Accounts. 18. Retained Earnings. 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in one year). 22. Inventory (finished goods). 23. Accounts Receivable. 24. Bonds Payable (due in 4 years). 25. Noncontrolling Interest. Prepare a classified balance sheet in good form. CList Current Assets in order of liquidity. For Land, Treasury Stock and the question.) Cash, eter the account ane nlyde 10-56 AM 7/11/2018 ? R earch

Explanation / Answer

SOLUTION:

Long-term debt

BALANCE SHEET ASSETS Liabilities and Stockholders' Equity Current Assets XX Current liabilities Cash XX Accrued salaries payable XX      Minus: cash restricted for plant expansion XX XX Unearned subscriptions XX Accounts receivable XX Note payable XX      Minus: allowance for doubtful accounts XX XX Unearned rent XX Notes receivable XX      Total current liabilities XX Receivables - Officers XX

Long-term debt

Inventories Bonds payable, due in four years XX      Finished goods XX Discount on bonds payable (XX) XX      Raw materials XX       Total liabilities XX      Work in process XX XX Stockholders' equity              Total current assets XX Capital stock XX Long-term investments      Common stock Preferred stock investments XX Additional paid-in capital: Cash restricted for plant expansion XX Premium on common stock XX Land held for future plant site XX     Total paid-in capital XX              Total long-term investments XX Retained earnings XX Property, plant and equipment     Total paid-in capital and retained earnings XX Buildings XX    Minus: Treasury stock, at cost (XX)      Minus: accumulated depreciation - Buildings XX XX     Total stockholders' equity XX Intangible assets Copyrights XX Total assets XX     Total liabilities and stock-holders equity XX

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