Ch4 - Chapter 4 The Balance Sheet E 4-1 Classification of...

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Chapter 4 The Balance Sheet E 4-1 Classification of Balance Sheet Accounts 1. c 6. i 11. h 16. h 2. d 7. g 12. c 17. a or b 3. f 8. b 13. f 18. b or e 4. a 9. c 14. a 19. h 5. a 10. a 15. i 20. i E 4-8 Preparation of a Balance Sheet Hart Corporation Balance Sheet December 31, 2006 Assets Current assets Cash $ 42,000 Investment in securities 30,000 Accounts receivable 55,000 Inventory 88,000 Total current assets $ 215,000 Long-term investments 10,000 Property, plant, and equipment Land $ 100,000 Building $200,000 Less: Accum. depr.—Building (27,000 ) 173,000 Equipment $ 64,000 Less: Accum. depr.—Equipment (10,000 ) 54,000 Total property, plant, and equipment 327,000 Intangible assets Patent 18,000 Other assets Long-term receivable* 16,000
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Total assets $ 586,000 *The long-term receivable could also be classified as a long-term investment. Liabilities and Stockholders’ Equity Liabilities Current liabilities Accounts payable $66,000 Current portion of long-term debt 72,000 Total current liabilities $ 138,000 Long-term debt 100,000 Total liabilities $ 238,000 Stockholders’ equity Common stock, par value $40,000 Additional paid-in capital 200,000
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Ch4 - Chapter 4 The Balance Sheet E 4-1 Classification of...

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