Problem 2-1A Suppose the following items are taken from the 2017 balance sheet o

Question

Problem 2-1A Suppose the following items are taken from the 2017 balance sheet of Windsor, Inc. (All dollars are in millions.) Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment $4,060 6,060 1,560 150 210 3,230 1,200 230 1,300 6,580 2,330 720 410 200 Prepare a classified balance sheet for Windsor, Inc. as of December 31, 2017. (List current assets in order of liquidity.)

Explanation / Answer

Balance sheet :

Assets Current assets Cash 2330 Account receivable 1200 Prepaid rent 230 Debt investment (short term) 1300 Total current assets 5060 Long term investment Stock investment (long term) 3230 Property,plant and equipment Equipment 1560 Less: Accumlated depreciation -200 1360 Other assets Goodwill 4060 Patents 210 4270 Total Assets 13920 Liabilities & Stockholder's equity Current liabilities Account payable 150 Unearned sales revenue 410 Total current liabilities 560 Long term liabilities Notes payable 720 Total liabilities 1280 Stockholder's equity Common Stock 6060 Retained earnings 6580 Total Stockholder's equity 12640 Total liabilities & Stockholder's equity 13920

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