Accounts Payable S20,900 Investment in Available for Sale $16,400 Securities 15,

Question

Accounts Payable S20,900 Investment in Available for Sale $16,400 Securities 15,300Land 13.300 Machinery and Equipment 32.400Marketable Securities (short-term Accounts Receivable Accrued Pension Cost Accumulated Depreciation: Buildin Accumulated Depreciation:Machinery and Equipment Allowance for Doubtful Accounts Bond Sinking Fund Bonds Payable (due 2024) 17,000 57,800 8.400 5,000 8,600 30,000 30,000Notes Pavable (short-term 1,000 Patents (net) 7,700 Preferred Stock, $100 par 29,000 Additional Paid-in Capital, Common Stock 16,300 Buildings 92,500 Additional Paid-in Capital, 7,000 2,600 10,100 28,100 5,000 Preferred Stock Cash 7,200 aid Insurance Common Stock, S10 par Deferred Taxes Pavable Discount on Bonds Pavable Dividends Payable 44,100Raw Materials 2,800 Retained Earnin 2,500 Unearned Rent 5,600 Unrealized Increase in Value of 2,000 2,700 14,700 Available for Sale Stoch Finished Goods Income Taxes Payable Interest Payable 23,800Wages Payable 8,900 Work in Process 500 1. Prepare a properly classified balance sheet for Llyod's Hudson Dealership as of December 31, 2016. List the additional parenthetical or note disclosures (if any) that should be made for each item. 2. Compute: 1) current ratio, 2) quick ratio, 3) debt-to-equity ratio. What do they indicate about Lloyd's Hudson Dealership?

Explanation / Answer

Balance Sheet of Lloyds Hudson Dealership as on December 31st, 2016

Particulars Tk Details Amount Assets Current Assets Cash and Cash Equivalents 7200 Accounts Receivables 15300 Less provision for doubtful debts 1000 14300 Inventory Finished Goods 23800 Raw Materials 10100 Work in progress 14700 48600 Short Term Investments Investments available for Sale 16400 Marketable Securities Short Term) 8400 Discounts on Bonds Payable 2500 prepaid Insurance 2600 100000 Long Term Assets Land ( Net of Depreciation) 17000 Machinery and Equipment 57800 Less Accumulated Depreciation 30000 27800 Buildings 92500 Less Accumulated Depreciation 32400 60100 Patents 8600 Bond Sinking Fund 7700 Intangible Assets 113500 Total Assets 221200 Liabilities Current Liabilities Accounts Payable 20900 Notes Payable - Current 5000 Accrued Pension 13300 Deferred tax paybale 2800 Dividends Payable 5600 Income Tax Payable 8900 Interet Payable 500 Unearned Rent 5000 Wages Payable 2700 64700 Long Term Liabilities Long Term Debt Bonds Payable ( 2024) 29000 29000 Bond Sinking Fund Stock Holder's Equity Retained Earnings 28100 Common Stock $10 Par 44100 Additional Paid in Capital 16300 Preferred Stock $100 Par 30000 Additional Paid in Capital 7000 Unrealised Increase in value of available Sale stock 2000 127500 Total Liabilities and Equities 221200

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