2024 – The following balance sheet prepared by Whoops Bookkeeping Service has been given to you to
PROBLEMS – 2024
The following balance sheet, prepared by Whoops Bookkeeping Service, has been given to you to review.
Required:
Prepare a corrected, properly classified balance sheet in report form.
Butler Corporation Balance Sheet For Year Ended December 31, 2010 |
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Current Assets: |
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Current Liabilities: |
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Cash |
$ 6,200 |
Accounts Payable |
$ 15,000 |
Accounts Receivable |
13,000 |
Wages Payable |
2,000 |
Inventory |
30,000 |
Accumulated Depreciation —Equipment |
5,000 |
Treasury Stock |
10,000 |
Accumulated Depreciation —Buildings |
10,000 |
Property, Plant, and Equipment: |
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Land |
7,000 |
Long-Term Liabilities: |
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Trademarks |
5,000 |
Current Taxes Payable |
4,000 |
Buildings |
45,000 |
Premium on Common Stock |
3,000 |
Equipment |
17,000 |
Bonds Payable |
60,000 |
Intangibles: |
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Notes Payable—Long Term |
10,000 |
Organization Costs |
4,000 |
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Discount on Bonds Payable |
2,000 |
Owners’ Equity: |
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Common Stock |
31,200 |
Investments: |
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Retained Earnings |
12,000 |
Long-Term Investment in Bonds |
8,000 |
Allowance for Doubtful Accounts |
2,000 |
Marketable Securities— Short-Term |
7,000 |
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Total Assets |
$154,200 |
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$154,200 |
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