Presented below is the balance sheet of Sargent Corporation for the current year

Question

Presented below is the balance sheet of Sargent Corporation for the current year, 2014.

SARGENT CORPORATION
BALANCE SHEET
DECEMBER 31, 2014

The following information is presented.

Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

SARGENT CORPORATION
BALANCE SHEET
DECEMBER 31, 2014

Current assets $  488,120 Current liabilities $  383,120 Investments 643,120 Long-term liabilities 1,003,120 Property, plant, and equipment 1,723,120 Stockholders’ equity 1,773,120 Intangible assets 305,000 $3,159,360 $3,159,360

Explanation / Answer

Balance sheet is as follows: Amount Amount Equity and liabilities Preferred stock 438720 Common stock 1031200 Add: Retained earnings 303200 1773120 Long term liabilites Bonds payable 1019360 Notes payable 123120 1142480 Short term liabilites Accounts payable 143120 Notes payable 83120 Income tax payable 33760 260000 Total liabilites 3175600 Current assets Cash 153120 Accounts receivable 160000 Inventories 183120 Unearned rent revenue 8120 504360 Investments LIC 43120 Short term trade securities 83120 Long term investment 273120 Bond sinking fund 243760 643120 Non-current assets Tangible assets Buildings 680000 Equipment 270000 Land 503120 Landholding 270000 1723120 Intangible assets Franchises 168120 Goodwill 103120 Discounton bonds payable 33760 305000 Total assets 3175600

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