Presented below is the balance sheet of Sargent Corporation for the current year

Question

Presented below is the balance sheet of Sargent Corporation for the current year, 2014.

SARGENT CORPORATION
BALANCE SHEET
DECEMBER 31, 2014

The following information is presented.

Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Explanation / Answer

SARGENT CORPORATION (All amounts in $) BALANCE SHEET AS ON DECEMBER 31, 2014 Current Liabilities Current Assets Accounts Payable 142300 Inventory 182300 Short-Term Notes Payable 82300 Accounts Receivable 172300 Unearned Rent Revenue 7300 Less : Provision for Doubtful Debts 12300 160000 Income Taxes Payable 35400 267300 Cash and Cash Equivalents 152300 494600 Long-Term Liabilities 8% Bonds Payable, due in 2022 1002300 Investments (Valued at Cost or Fair Value) Long-Term Notes Payable 122300 1124600 Surrender Value of Life Insurance Contract 42300 Investments in Common Stock Stockholders' Equity Short-Term (for trading purposes) 82300 Authorised Long-Term (held for sale) 272300 354600 200,000 shares of preferred stock - no par value Bond Sinking Fund 245400 642300 400,000 shares of common stock @ $1 per share 400000 Property, Plant and Equipments Issued and Paid-Up Land at Cost 502300 72,300 shares of preferred stock @ $6 per share 433800 Building at Cost 1042300 102,300 shares of common stock @ $1 per share 102300 Less : Accumulated Depreciation 362300 680000 Amount in excess of paid-up capital 920700 Equipment at Cost 452300 1456800 Less : Accumulated Depreciation 182300 270000 Retained Earnings 315500 1772300 Capital Work-in-Progress (Land held for future use) 270000 1722300 Intangible Assets Franchise 167300 Discount on Bonds Payable 35400 Goodwill 102300 305000 3164200 3164200

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