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Presented below is the balance sheet of Sargent Corporation for the current year, 2017. MARIN CORPORATION BALANCE SHEET DECEMBER 31, 2017 $384,870 1,004,870 1,774,870 $3,164,610 $489,870 Current liabilities Current assets Investments Property, plant, and equipment Intangible assets 644,870 Long-term liabilities 1,724,870 Stockholders' equity 305,000 $3,164,610 The following information is presented 1. The current assets section includes cash $154,870, accounts receivable $174,870 less $14,870 for allowance for doubtful accounts, inventories $184,870, and unearned rent revenue $9,870. Inventory is stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes the cash surrender value of a life insurance contract $44,870; investments in common stock, short-term (trading) $84,870 and long-term (available-for-sale) $274,870; and bond sinking fund $240,260. The cost and fair value of investments in common stock are the same 3. Property, plant, and equipment includes buildings $1,044,870 less accumulated depreciation $364,870, equipment $454,870 less accumulated depreciation $184,870, land $504,870, and land held for future use $270,000 4. Intangible assets include a franchise $169,870, goodwill $104,870, and discount on bonds payable $30,260 5. Current liabilities include accounts payable $144,870, notes payable-short-term $84,870 and long-term $124,870, and income taxes payable $30,260 6. Long-term liabilities are composed solely of 796 bonds payable due 2025 7. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 74,870 shares for $449,220, and common stock, $1.00 par value, authorized 400,000 shares, issued 104,870 shares at an average price of $10. In addition, the corporation has retained earnings of $276,950 Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

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mltn1980

Answer:

2016         Balance Sheet

$154,870 Cash

$44,870    Cash surrender value

$84,870   Investment in Stock

$160,000 Accounts Receivable

$184,870 Inventory

$629,480  TOTAL CURRENT ASSETS  

$504,870 Land

$270,000 Land for Future

$454,870 Machinery and Equipment

-$184,870 Accum Depreciation

$1044,870 Buildings

-$364,870 Accum Depreciation

$104,870 Godwill

$169,870 Franchise

$240,260 Bond sinking fund

$274,870 Investment in Stock

$2514,740  TOTAL NONCURRENT ASSETS  

$3144,220  TOTAL ASSETS  

$144,870    Accounts Payable  

$9,870       Unearned Revenue  

$84,870     Note Payable  

$30,260     Income Taxes Payable  

$269,870  TOTAL CURRENT LIABILITIES  

$974,610  Bond Payable  

$124,870  Notes Payable  

$1099,480  TOTAL NONCURRENT LIABILITIES  

$1369,350  TOTAL LIABILITIES  

$449,220  Preferred  Stock  

$104,870  Common Stock par Value  

$943,830  Paid-in Capital - Common Stock  

$276,950  Retained Earnings  

$1774,870  TOTAL EQUITY  

$3144,220  TOTAL EQUITY + LIABILITIES  

Explanation:

  • Each account was segregated on the Balance  Sheets.
  • Adjusted Unearned rent revenue to a liability as the amount will be recognized as sales
  • Investments in common stock, short-term (trading) was classified as current assets.
  • Accounts Receivable it's net of the allowance for doubtful accounts.

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