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Acc 557 Problem 12-6a

  • Date Submitted: 07/30/2016 02:05 AM
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ACC 557 Problem 12-6A
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Problem 12-6A
The following data, presented in alphabetical order, are taken from the records of Radar Corporation.
Accounts payable $239,940
Accounts receivable 140,640
Accumulated depreciation—buildings 179,250
Accumulated depreciation—equipment 51,270
Allowance for doubtful accounts 5,020
Bonds payable (10%, due 2020) 500,300
Buildings 950,390
Cash 41,980
Common stock ($10 par value; 491,980 shares authorized, 149,720 shares issued) 1,497,200
Dividends payable 79,080
Equipment 275,620
Fair value adjustment—non-trading securities (Dr) 7,000
Goodwill 200,650
Income taxes payable 119,490
Inventory 170,150
Investment in Mara common stock (30% ownership), at equity 379,160
Investment in Sasse common stock (10% ownership), at cost 277,090
Land 389,940
Notes payable (due 2015) 70,840
Paid-in capital in excess of par—common stock 136,190
Premium on bonds payable 39,560
Prepaid insurance 15,720
Retained earnings 103,200
Short-term investment, at fair value (and cost) 180,000
Unrealized gain—non-trading securities 7,000
The investment in Sasse common stock is considered to be a long-term non-trading security.
Prepare a classified balance sheet at December 31, 2014. (List assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)

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