The following balance sheet, prepared by Whoops Bookkeeping Service, has been given to you to review.
Required:
Prepare a corrected, properly classified balance sheet in report form.
Butler Corporation Balance Sheet For Year Ended December 31, 2010 | |||
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Current Assets: |
| Current Liabilities: |
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Cash | $ 6,200 | Accounts Payable | $ 15,000 |
Accounts Receivable | 13,000 | Wages Payable | 2,000 |
Inventory | 30,000 | Accumulated Depreciation —Equipment | 5,000 |
Treasury Stock | 10,000 | Accumulated Depreciation —Buildings | 10,000 |
Property, Plant, and Equipment: |
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Land | 7,000 | Long-Term Liabilities: |
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Trademarks | 5,000 | Current Taxes Payable | 4,000 |
Buildings | 45,000 | Premium on Common Stock | 3,000 |
Equipment | 17,000 | Bonds Payable | 60,000 |
Intangibles: |
| Notes Payable—Long Term | 10,000 |
Organization Costs | 4,000 |
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Discount on Bonds Payable | 2,000 | Owners' Equity: |
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| Common Stock | 31,200 |
Investments: |
| Retained Earnings | 12,000 |
Long-Term Investment in Bonds | 8,000 | Allowance for Doubtful Accounts | 2,000 |
Marketable Securities— Short-Term | 7,000 |
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Total Assets | $154,200 |
| $154,200 |
11 years ago
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