Problem 16-06A
The following data, presented in alphabetical order, are takenfrom the records of Sandhill Corporation.
| Accounts payable | | $240,000 |
| Accounts receivable | | 140,100 |
| Accumulated depreciation—buildings | | 180,400 |
| Accumulated depreciation—equipment | | 52,000 |
| Allowance for doubtful accounts | | 5,200 |
| Bonds payable (10%, due 2028) | | 500,300 |
| Buildings | | 949,000 |
| Cash | | 42,200 |
| Common stock ($10 par value; 499,000 shares authorized, 149,100shares issued) | | 1,491,000 |
| Dividends payable | | 79,200 |
| Equipment | | 275,200 |
| Goodwill | | 200,000 |
| Income taxes payable | | 120,300 |
| Inventory | | 169,900 |
| Investment in Mara common stock (30% ownership), at equity | | 380,100 |
| Investment in Sasse common stock, at fair value | | 278,700 |
| Land | | 389,900 |
| Notes payable (due 2021) | | 70,000 |
| Paid-in capital in excess of par—common stock | | 139,400 |
| Premium on bonds payable | | 40,800 |
| Prepaid insurance | | 16,000 |
| Retained earnings | | 103,100 |
| Short-term investments, at fair value | | 180,600 |
The investment in Sasse common stock is considered to be along-term security.
Prepare a classified balance sheet at December 31, 2020.(List assets in order of liquidity. List Property,plant and equipment list in order of land, buildings andequipment.)
Problem 16-06A
The following data, presented in alphabetical order, are takenfrom the records of Sandhill Corporation.
| Accounts payable | | $240,000 |
| Accounts receivable | | 140,100 |
| Accumulated depreciation—buildings | | 180,400 |
| Accumulated depreciation—equipment | | 52,000 |
| Allowance for doubtful accounts | | 5,200 |
| Bonds payable (10%, due 2028) | | 500,300 |
| Buildings | | 949,000 |
| Cash | | 42,200 |
| Common stock ($10 par value; 499,000 shares authorized, 149,100shares issued) | | 1,491,000 |
| Dividends payable | | 79,200 |
| Equipment | | 275,200 |
| Goodwill | | 200,000 |
| Income taxes payable | | 120,300 |
| Inventory | | 169,900 |
| Investment in Mara common stock (30% ownership), at equity | | 380,100 |
| Investment in Sasse common stock, at fair value | | 278,700 |
| Land | | 389,900 |
| Notes payable (due 2021) | | 70,000 |
| Paid-in capital in excess of par—common stock | | 139,400 |
| Premium on bonds payable | | 40,800 |
| Prepaid insurance | | 16,000 |
| Retained earnings | | 103,100 |
| Short-term investments, at fair value | | 180,600 |
The investment in Sasse common stock is considered to be along-term security.
Prepare a classified balance sheet at December 31, 2020.(List assets in order of liquidity. List Property,plant and equipment list in order of land, buildings andequipment.)
