The following information was obtained from the accounts of Alleg, Inc., as of D
ID: 2543995 • Letter: T
Question
The following information was obtained from the accounts of Alleg, Inc., as of De- cember 31, 2012. It is presented in scrambled order.
Common stock, authorized 21,000 shares at $1
par value, issued 10,000 shares $10,000
Additional paid-in capital $38,000
Cash $13,000
Marketable securities $17,000
Accounts receivable $26,000
Accounts payable $15,000
Current maturities of long-term debt $11,000
Mortgages payable $80,000
Bonds payable $70,000
Inventory $30,000
Land and buildings $571,000
Machinery and equipment $125,000
Goodwill $8,000
Patents $10,000
Other assets $50,000
Deferred income taxes (long-term liability) $18,000
Retained earnings $33,000
Accumulated depreciation $61,000
Required Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
Explanation / Answer
Answer
ASSETS
Amounts (in $)
Current Assets:
Cash
13000
Marketable securities
17000
Accounts receivable
26000
Inventory
30000
86000
Plant & Equipments:
Land and buildings
571000
Machinery and equipment
125000
(-) Accumulated Depreciation
-61000
635000
Intangibles:
Goodwill
8000
Patents
10000
18000
Other Assets:
50000
Total ASSETS
$789000
LIABILITIES & EQUITY
Current Liabilities:
Accounts payable
15000
Current maturities of long-term debt
11000
26000
Long - Term liabilities:
Mortgages payable
80000
Bonds payable
70000
Deferred income taxes (long-term liability)
18000
168000
Total LIABILITIES
$194000
Shareholder's Equity
Common Stock
10000
Additional paid-in capital
38000
Retained earnings
33000
$81000
ASSETS
Amounts (in $)
Current Assets:
Cash
13000
Marketable securities
17000
Accounts receivable
26000
Inventory
30000
86000
Plant & Equipments:
Land and buildings
571000
Machinery and equipment
125000
(-) Accumulated Depreciation
-61000
635000
Intangibles:
Goodwill
8000
Patents
10000
18000
Other Assets:
50000
Total ASSETS
$789000
LIABILITIES & EQUITY
Current Liabilities:
Accounts payable
15000
Current maturities of long-term debt
11000
26000
Long - Term liabilities:
Mortgages payable
80000
Bonds payable
70000
Deferred income taxes (long-term liability)
18000
168000
Total LIABILITIES
$194000
Shareholder's Equity
Common Stock
10000
Additional paid-in capital
38000
Retained earnings
33000
$81000
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.