Question

The December 31, 2021 balance sheet accounts of the Apple Company are shown here in alphabetical order:

Accounts payable $ 22,400 Current taxes payable $10,400

Accounts receivable 21,500 Discount on bonds payable 6,900

Accumulated depreciation: buildings 53,000 Equipment 72,400

Accumulated depreciation: equipment 35,100 Inventory 37,200

Additional paid-in capital on Land 30,000

common stock 24,000 Marketable securities (short-term) 6,100

Additional paid-in capital on Patents (net) 9,800

preferred stock 11,500 Preferred stock, $100 par 21,000

A]lowance for doubtful accounts 800 Retained earnings 46,200

Bonds payable (due 2021) 77,000 Salaries payable 2,000

Buildings 144,000 Trademarks 2,600

Cash 2,900

Common stock, $10 par 30,000

REQUIRED:

Prepare the December 31, 2021 Classified Balance Sheet of the Apple Company in proper form

Answer 1

APPLE COMPANY

Classified Balance Sheet

December 31, 2021

ASSETS

Current assets:

Cash $ 2,900

Accounts receivable 21,500

Inventory 37,200

Marketable securities (short-term) 6,100

Total current assets $ 67,700

Property, plant, and equipment:

Buildings $144,000

Less: Accumulated depreciation (53,000)

Equipment 72,400

Less: Accumulated depreciation (35,100)

Net property, plant, and equipment $128,200

Other assets:

Land (net) $ 30,000

Patents (net) 9,800

Trademarks 2,600

Total other assets $ 42,400

Total assets $238,300

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 22,400

Current taxes payable 10,400

Salaries payable 2,000

Total current liabilities $ 34,800

Long-term liabilities:

Bonds payable (due 2021) $ 77,000

Discount on bonds payable (6,900)

Total long-term liabilities $ 70,100

Total liabilities $104,900

Stockholders' equity:

Common stock, $10 par $ 30,000

Preferred stock, $100 par 21,000

Additional paid-in capital on

Common stock and Preferred stock 61,500

Retained earnings 46,200

Total stockholders' equity $158,700

Total liabilities and stockholders' equity $238,300