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
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$ 6,200
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Accounts Payable
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$ 15,000
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Accounts Receivable
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13,000
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Wages Payable
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2,000
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Inventory
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30,000
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Accumulated Depreciation
-Equipment
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5,000
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Treasury Stock
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10,000
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Accumulated Depreciation
-Buildings
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10,000
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Property, Plant, and Equipment:
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Land
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7,000
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Long-Term Liabilities:
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Trademarks
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5,000
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Current Taxes Payable
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4,000
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Buildings
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45,000
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Premium on Common Stock
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3,000
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Equipment
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17,000
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Bonds Payable
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60,000
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Intangibles:
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Notes Payable-Long Term
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10,000
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Organization Costs
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4,000
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Discount on Bonds Payable
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2,000
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Owners' Equity:
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Common Stock
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31,200
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Investments:
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Retained Earnings
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12,000
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Long-Term Investment in
Bonds
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8,000
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Allowance for Doubtful
Accounts
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2,000
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Marketable Securities-
Short-Term
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7,000
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Total Assets
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$154,200
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$154,200
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