Test One Calculator Classified Balance Sheet The following balance sheet items,

Question

Test One Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 3 1, 2017: Accounts payable Accounts receivable Accumulated depreciation - buildings Accumulated depreciation equipment Bonds payable, due December 31, 2023 Buildings Capital stock, $1 par value Cash $34,280 Interest payable 26,700 40,000 12,500 250,000 150,000 200,000 Land Marketable securities Merchandise inventory Notes payable, due April 15, 2018 Office supplies Paid-in capital in excess of par value $2,200 250,000 15,000 112,900 6,500 400 75,000 45,0D0 3,600 113,510 7,400 >Equipment 60,790 Patents 84,500 Prepaid rent Income taxes payable 7,500 Retained earnings Salaries payable Required: 1. Prepare a classified balance sheet as of December 31, 2017 Singer Company Balance Sheet December 31, 2017 Assets Current assets: Cash 68.790 5,000 26,700 112,900 3,600 400 Accounts receivable Prepaid rent Office supplies Next

Explanation / Answer

Req 1:' BALANCE SHEET Amount $ ASSETS: Current Assets: Cash 60790 Marketable securities 15000 Accounts recievable 26700 Merchandise Inventry 112,900 Prepaid rent 3600 Office supplies 400 Total current assets 219,390 Property, plant and equipment Land 250,000 Building 150000 Less: Acumulated Dept 40000 110,000 Equipment 84500 Less: Accumulated Dep 12500 72,000 Total property, plant and equipment 432,000 Intangible assets Patents 45,000 TOTAL ASSETS 696,390 LIABILITIES: Current Liabilities: Accounst Payable 34,280 Income tax payable 7,500 Interest Payable 2,200 Notes payable 6,500 Salaries payable 7,400 Total current liabilities 57,880 Long term notes payable 250,000 Total Liabilities 307,880 Stockholder' equity Contributed capital Retained earnings 113510 Paid in capital in excess of par value 75000 Total contributed capital 188510 Common Stock 200,000 Total Stockholder' equity 388,510 TOTAL LIABILITIES 696,390 Req 2: Current ratio= Current assets/ Current liabilties = $ 219390 /57880 = 3.79 Current ratio: 3.79 to 1 Req 3: Yes, Singer appear to be liquid

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