based on your analysis prepare a properly classified december 31 2007 balance sheet 562609

Corrections to Balance Sheet The Cable Company prepared the following balance sheet:

CABLE COMPANY
Balance Sheet For Year Ended December 31, 2007

Working capital

$22,800

Noncurrent liabilities

$62,000

Other assets

152,000

Stockholders’ equity

112,800

Total

$174,800

Total

$174,800

Your analysis of these accounts reveals the following information:

1. Working capital consists of:

Land

$12,000

Accounts due from customers

18,000

Accounts due to suppliers

22,700

Inventories, including office supplies of $3,500

35,500

Income taxes owed

16,400

Wages owed

3,600

Note owed to bank (due December 31, 2009)

17,000

Securities held as a temporary investment

17,000

$22,800

2. Other assets include:

Cash

$12,300

Prepaid insurance

2,400

Buildings and equipment

100,000

Discount on bonds payable

3,000

Investment in available for sale stock

29,000

Treasury stock (at cost)

5,300

$152,000

3. Noncurrent liabilities consist of: 4. Stockholders’ equity includes:

Bonds payable (due 2017)

$33,000

Allowance for doubtful accounts

1,400

Premium on preferred stock

2,600

Common stock, $5 par

25,000

$62,000

4. Stockholders’ equity includes:

Accumulated depreciation:

$40,000

buildings and equipment

12,000

Preferred stock, $100 par

15,600

Premium on common stock

40,000

Retained earnings

6,500

Accrued pension cost

1,300

Unrealized decrease in value of available for sale securities

$112,800

Required

Based on your analysis, prepare a properly classified December 31, 2007 balance sheet for the Cable Company.

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