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

Question

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

Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)

1. Common Stock 14. Accumulated Depreciation-Buildings. 2. Discount on Bonds Payable. 15. Cash Restricted for Plant Expansion. 3. Treasury Stock (at cost). 16. Land Held for Future Plant Site. 4. Notes Payable (short-term). 17. Allowance for Doubtful Accounts. 5. Raw Materials 18. Retained Earnings. 6. Preferred Stock (Equity) Investments (long-term). 19. Paid-in Capital in Excess of Par-Common Stock. 7. Unearned Rent Revenue. 20. Unearned Subscriptions Revenue. 8. Work in Process. 21. Receivables-Officers (due in one year). 9. Copyrights. 22. Inventory (finished goods). 10. Buildings. 23. Accounts Receivable. 11. Notes Receivable (short-term). 24. Bonds Payable (due in 4 years). 12. Cash. 25. Noncontrolling Interest. 13. Salaries and Wages Payable.

Explanation / Answer

Balance sheet as on ………… Assets cash raw material work in progress Inventory (finished goods). notes receivables Receivables-Officers (due in one year). Accounts Receivable. less Allowance for Doubtful Accounts. Preferred Stock (Equity) Investments (long-term). copyrights buildings less Accumulated Depreciation-Buildings. Cash Restricted for Plant Expansion. discount on bills payable Total liabilities and share holders equity Notes Payable (short-term). Unearned Rent Revenue. Salaries and Wages Payable. Unearned Subscriptions Revenue. Bonds Payable (due in 4 years). Noncontrolling Interest. Common Stock Paid-in Capital in Excess of Par-Common Stock. Retained Earnings. total

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