From the following information (given in scrambled order) obtained from the acco

Question

From the following information (given in scrambled order) obtained from the accounting records of Alleg, Inc., as of December 31, 2008, prepare a classified balance sheet in report form and a statement of stockholders’ equity. 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.

Common stock, authorized 21,000 share
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 $57,000
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

Explanation / Answer

BALANCE SHEET ASSETS CURRENT ASSETS Cash $13,000 Marketable securities $17,000 Accounts receivable $26,000 Inventory $30,000 Total Current Assets $86,000 PLANT AND EQUIPMENT Land and buildings $57,000 Machinery and equipment $125,000 Less: Accumulated depreciation $61,000 Total Plant & Equipment $121,000 INTANGIBLES Goodwill $8,000 Patents $10,000 $18,000 OTHER ASSETS. Other assets $50,000 TOTAL ASSETS $275,000 ======== CURRENT LIABILITIES Accounts Payable $15,000 Current maturities of long-term debt $11,000 Total Current Liabilities $26,000 LONG-TERM LIABILITIES. Mortgages payable $80,000 Bonds payable $70,000 Deferred income taxes (long-term liability) $18,000 Total Long term liabilities $168,000 Stock holder’s Equity Common stock, authorized 21,000 share At $1 par value, issued 10,000 shares $10,000 Additional paid-in capital $38,000 Retained earnings $33,000 Total stock holder’s equity $81,000 ---------- $275,000 ======

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