Required You determine that the account balances listed on the balance sheet

Required you determine that the account balances

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Required:You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properlyclassified balance sheet for the Stevens Company as of December 31, 2013. STEVENS COMPANY Balance Sheet December 31, 2013 Assets Current Assets Cash $ 2300 Temporary investments in marketable securities 3200 Accounts receivable $ 5900 Less: Allowance for doubtful accounts 800 5100 Inventory 6000 Prepaid items: Insurance $ 1200 Office supplies 800 2000 Total current assets $ 18600 Long­Term Investments Investment in held­to­maturity bonds 10000 Property, Plant, and Equipment Land
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12/7/2014 Assignment 8 4/17 $ 8100 Buildings and equipment $ 35600 Less: Accumulated depreciation 9200 26400 Total property, plant, and equipment 34500 Intangible Assets Patents (net) 5000 Total Assets $ 68100 Liabilities Current Liabilities Accounts payable $ 9900 Salaries payable 1500 Taxes payable 2500 Unearned rent 900 Total current liabilities $ 14800 Long­Term Liabilities Bonds payable (due 2017) $ 11000 Less: Discount on bonds payable 1000 Total long­term liabilities 10000 Total Liabilities $ 24800 Shareholders' Equity Contributed Capital Common stock, $10 par $ 12000 Additional paid­in capital on common stock 10400 Total contributed capital $ 22400 Retained earnings 24200 Total contributed capital and Retained earnings $ 46600 Less: Treasury stock (at cost) 3300 Total Shareholders' Equity $ 43300
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12/7/2014 Assignment 8 4.Your answer:Wizard Company reports the following on its year­end adjusted trial balance: Long­Term Bonds Payable, $4,500; Unamortized Bond Discount,$600; Accrued Pension Cost, $9,000; Mortgage Payable, $5,000; and Fund to Retire Long­Term Bonds Payable, $8,500.Prepare the long­term liabilities section of Wizard’s year­end balance sheet. 5.Your answer:Use of Market MultiplesPockey Company has assembled the following market data, based on commercial real estate sales in the area in the past six months, whichcan be used to indirectly estimate the selling price of a building the company purchased.The building purchased by Pockey Company, which is called "Building Z," has 33,000 square feet and a capitalization rate of 9.7%.What is the fair value of Building Z? Round your final answer to the nearest dollar.
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