Question

Problem 5-2 Your answer is partially correct. Try again. Presented below are a number of balance sheet items for Whispering, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 126,320 Accumulated Depreciation Equipment 178,911 Inventory 301,320 Rent payable (short-term) 15,490 Income taxes payable 361,320 Rent payable (long-term) 481,320 Common stock, $1 par value 447,020 Preferred stock, $10 par value 266,320 Prepaid expenses 491,320 Equipment ? Debt investments (trading) 98,950 Accumulated Depreciation-Buildings 1,601,320 Buildings $ 292,490 241,120 46,320 99,682 481,320 201,320 151,320 89,240 1,471,320 122,320 270,690 1,641,320 Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of debt investments (trading) are the same. (List Current Assets in the order of liquidity. List Property, plant and Equipment in order of Land, Building and Equipment.)

Answer 1

$ 3,61,320.00 $ 1,22,320.00 $ 4,47,020.00 $ 98,950.00 $ 2,41,120.00 $ 89,240.00 Whispering Inc Balance Sheeet December 31, 2017. Assets Current Assets Cash Debt investments Notes Receivable Income Tax receivable Inventory Prepaid Expenses Total Current assets Property, plant and equipment Land Buildings $ 16,41,320.00 Less : Accumulated Depreciation - Building $ 2,70,690.00 Equipment $ 14,71,320.00 Less : Accumulated Depreciation - equipment $ 2,92,490.00 Intangible Assets Goodwill Total Assets $ 13,59,970.00 $ 4,81,320.00 $ 13,70,630.00 $ 11,78,830.00 $ 30,30,780.00 $ 1,26,320.00 $ 45,17,070.00 $ 4,91,320.00 $ 2,66,320.00 $ 1,78,911.00 $ 99,682.00 $ 46,320.00 $ 10,82,553.00 Liabilities and Stockholders equity Current liabilities Accounts payable Notes payable Payroll taxes payable Income taxes payable Rent Payable - short term Total Current liabilities Long Term Liabilities Unsecured Notes payable (longterm) Bonds payable Less : Discounts bonds payable Rent Payable - Long term Total Liabilities Stockholders equity Common stock $1 par value Preferred stock $10 par value $ 16,01,320.00 $ 3,01,320.00 $ 15,490.00 $ 3,16,810.00 $ 4,81,320.00 $ 23,99,450.00 $ 34,82,003.00 $ 2,01,320.00 $ 1,51,320.00 $ 3,52,640.00 $ 6,82,427.00 Retained earnings (Balance fig.) Total Stockholders equity Total Liabilities and Stockholders equity $ 10,35,067.00 $ 45, 17,070.00