80.2K

Verified Solution

Link Copied!

Presented below is the balance sheet for HHD$,$ Incorporated, at December $31,2024.$

Current assets $ $616,000$

Investments $512,000$

Property, plant, and equipment $2,112,000$

Intangible assets $208,000$

Total assets $ $3,448,000$

Current liabilities $ $416,000$

Long$-$term liabilities $992,000$

Shareholders' equity $2,040,000$

Total liabilities and shareholders' equity $ $3,448,000$

The captions shown in the summarized statement above include the following:

Current assets: cash, $$154,000$; accounts receivable $($net$),$ $$204,000$; inventory, $$229,000$; and prepaid insurance, $$29,000.$

Investments: investment in equity securities$,$ short term, $$94,000,$ and long term, $$418,000.$

Property, plant, and equipment: buildings, $$1,540,000$ less accumulated depreciation, $$604,000$; equipment, $$540,000$ less accumulated depreciation, $$204,000$; and land, $$840,000.$

Intangible assets net of amortization: patent, $$114,000$; and copyright, $$94,000.$

Current liabilities: accounts payable, $$104,000$; notes payable, short term, $$154,000,$ and long term, $$94,000$; and income taxes payable, $$64,000.$

Long$-$term liabilities: bonds payable due $2026.$

Shareholders$$ equity: common stock, $$1,200,000$; retained earnings, $$840,000.$ Four hundred thousand shares of no par common stock are authorized, of which $240,000$ shares were issued and are outstanding.

Required:

Prepare a corrected classified balance sheet for HHD$,$ Incorporated, at December $31,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.

please help me get the correct answer for this question

Answer & Explanation Solved by verified expert

See Answer