7 Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Curr

Question

7 Presented below is the balance sheet for HHD, Inc., at December 31, 2018. Current assets 672, 000 554,000 2,504, 000 236,000 $3,966, 000 stments 4.16 points Property, plant, and equipment Intangible assets Total assets Current liabilities Long-term liabilities 472,000 614,000 a, 880,000 3,966,000 Shareholders' equity Total liabilities and shareholders equity Print The captions shown in the summarized statement above include the a. Current assets: cash. $168.000: accounts receivable, $218,000, inventories, $243,000 b. Investments: investments in common stock, short term, $108,000, and long term, $178.000; and restricted cash, long term, and prepaid Insurance. $43.000 $268.000 c Property. plant, and equipment buildings, $1.680.000 less accumulated depreciation, $618.000: equipment, $680,000 less eccumulated depreciation, $218,000: and land, $980,000. d. Intangible assets: patent, $128,000, and copyright, $108.000. e. Current liabilities: accounts payable. $118.000, notes peyable, short term, $168.000, and long term. $108.000, and taxes payable. $78.000. f. Long-term Sabliities: bonds payable due 2023. g. Sharehoiders equity, common stock. $1,900,000; retained earnings. $980.000. Four hundred thousand shares of no par common stock are authorized, of which 380,000 shares were issued and are outstanding. Required: Prepare a corrected class fied balance sheet for HHD,. Inc.. at December 31. 2018. (Amounts to be deducted should be Indicated by a minus sign.) Next >

Explanation / Answer

HHD, INC. Balance Sheet At December 31, 2018 Assets Current assets: Cash 168000 Investment in stocks 108000 Accounts receivable 218000 Inventories 243000 Prepaid insurance 43000 Total current assets 780000 Investments Investment in stocks 178000 Restricted cash 268000 Total investments 446000 Property, plant, and equipment: Land 980000 Buildings 1680000 Equipment 680000 3340000 Less: Accumulated depreciation -836000 Net property, plant, and equipment 2504000 Intangible assets: Patent 128000 Copyright 108000 Total intangible assets 236000 Total assets 3966000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable 118000 Notes payable 168000 Taxes payable 78000 Total current liabilities 364000 Long-term liabilities: Notes payable 108000 Bonds payable 614000 Total long-term liabilities 722000 Shareholders’ equity: Common stock, no par, 400,000 shares authorized, 380,000 shares issued and outstanding 1900000 Retained earnings 980000 Total shareholders’ equity 2880000 Total liabilities and shareholders’ equity 3966000

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