Presented below is the balance sheet for HHD Incorporated, at December
The captions shown in the summarized statement above include the following:
a Current assets: cash, $; accounts receivable net $; inventory, $; and prepaid insurance, $
b Investments: investment in equity securities short term, $ and long term, $
c Property, plant, and equipment: buildings, $ less accumulated depreciation, $; equipment, $ less
accumulated depreciation, $; and land, $
d Intangible assets net of amortization: patent, $; and copyright, $
e Current liabilities: accounts payable, $; notes payable, short term, $ and long term, $; and income taxes
payable, $
f Longterm liabilities: bonds payable due
g Shareholders' equity: common stock, $; retained earnings, $ Six hundred thousand shares of no par common
stock are authorized, of which shares were issued and are outstanding.
Required:
Prepare a corrected classified balance sheet for HHD Incorporated, at December
Note: Amounts to be deducted should be indicated by a minus sign.
