Using the information given below, prepare a classified balance sheet in good fo
ID: 461988 • Letter: U
Question
Using the information given below, prepare a classified balance sheet in good form for Babic Company at December 31, 2010.
Accounts Payable
$ 83,000
Accounts Receivable
109,000
Accrued Liabilities
22,000
Accumulated Depreciation
326,000
Cash
32,000
Common Stock
107,000
Convertible Debentures
561,000
Deferred Income Taxes (long-term liability)
117,000
Equipment
1,070,000
Inventory
146,000
Land
917,000
Marketable Securities
11,000
Paid-In Capital in Excess of Par
141,000
Retained Earnings
952,000
Treasury Stock
24,000
Accounts Payable
$ 83,000
Accounts Receivable
109,000
Accrued Liabilities
22,000
Accumulated Depreciation
326,000
Cash
32,000
Common Stock
107,000
Convertible Debentures
561,000
Deferred Income Taxes (long-term liability)
117,000
Equipment
1,070,000
Inventory
146,000
Land
917,000
Marketable Securities
11,000
Paid-In Capital in Excess of Par
141,000
Retained Earnings
952,000
Treasury Stock
24,000
Explanation / Answer
Babic Company
Balance Sheet
December 31, 2010
Assets
Current Assets:
Cash
$ 32,000
Marketable Securities
11,000
Accounts Receivable
109,000
Inventory
146,000
Total Current Assets
$ 298,000
Tangible Assets:
Land
$ 917,000
Equipment
$1,070,000
Less: Accumulated Depreciation
(326,000)
744,000
1,661,000
Total Assets
$1,959,000
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable
$ 83,000
Accrued Liabilities
22,000
Total Current Liabilities
$ 105,000
Convertible Debentures
561,000
Deferred Income Taxes
117,000
Stockholders' Equity:
Common Stock
$ 107,000
Paid-In Capital in Excess of Par
141,000
Retained Earnings
952,000
$1,200,000
Less: Treasury Stock
(24,000)
1,176,000
Total Liabilities and Stockholders' Equity
$1,959,000
Babic Company
Balance Sheet
December 31, 2010
Assets
Current Assets:
Cash
$ 32,000
Marketable Securities
11,000
Accounts Receivable
109,000
Inventory
146,000
Total Current Assets
$ 298,000
Tangible Assets:
Land
$ 917,000
Equipment
$1,070,000
Less: Accumulated Depreciation
(326,000)
744,000
1,661,000
Total Assets
$1,959,000
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