Common stock, no par value, 10,000 shares authorized, 5,724 shares issued $ 3,18
ID: 2427727 • Letter: C
Question
Common stock, no par value, 10,000 shares
authorized, 5,724 shares issued $ 3,180
Retained earnings 129,950
Deferred income tax liability (long term) 24,000
Long-term debt 99,870
Accounts payable 35,000
Buildings 75,000
Machinery and equipment 300,000
Land 11,000
Accumulated depreciation 200,000
Cash 3,000
Receivables, less allowance of $3,000 58,000
Accrued income taxes 3,000
Inventory 54,000
Other accrued expenses 8,000
Current portion of long-term debt 7,000
Prepaid expenses 2,000
Other assets (long term) 7,000
Required Prepare a classified balance sheet in report form. For assets, use the classifications
of current assets, plant and equipment, and other assets. For liabilities, use the classifications
of current liabilities and long-term liabilities.
Explanation / Answer
Amount($) Balance Sheet as at ---------- Particulars Note No Year Ended---- Rs. I. EQUITY AND LIABILITIES (1) Shareholder's Funds (a) Share Capital 3,180 (b) Reserves and Surplus 1,29,950 (2) Non-Current Liabilities (a) Long-term borrowings 99,870 (b) Deffered Tax Liabilities (Net) 24,000 (c) Long term provisions (3) Current Liabilities (a) Trade payables 35,000 (b) Other current liabilities 15,000 (c) Short-term provisions 3,000 Total 3,10,000 II.ASSETS (1) Non-current assets (a) Fixed assets (i) Tangible assets : Buildings 75000 Machinery & equipment 300000 Land 11000 Less: Accumulated Depreciation (200000) 1,86,000 (ii) Capital work-in-progress (b) Deferred tax assets (net) (c ) Other Non- Current Assets 7,000 (2) Current assets (a) Inventories 54,000 (b) Trade receivables 58,000 (c) Cash and cash equivalents 3,000 (d) Short-term loans and advances (e) Other current assets 2,000 Total 3,10,000
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