ACC 557 Problem 12-6A
ACC 557 Problem 12-6A
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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ACC 557 Problem 12-6A
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