Question

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1.Common Stock14.Accumulated Depreciation-Buildings. 2.Discount on Bonds Payable.15.Cash Restricted for Plant Expansion. 3.Treasury Stock (at cost).16.Land Held for Future Plant Site. 4.Notes Payable (short-term).17.Allowance for Doubtful Accounts. 5.Raw Materials18.Retained Earnings. 6.Preferred Stock (Equity) Investments (long-term).19.Paid-in Capital in Excess of Par-Common Stock. 7.Unearned Rent Revenue.20.Unearned Subscriptions Revenue. 8.Work in Process.21.Receivables-Officers (due in one year). 9.Copyrights.22.Inventory (finished goods). 10.Buildings.23.Accounts Receivable. 11.Notes Receivable (short-term).24.Bonds Payable (due in 4 years). 12.Cash.25.Noncontrolling Interest. 13.Salaries and Wages Payable. Prepare a classified balance sheet in good form

Answer 1

Denis Savard Inc

Classified Balance sheet

Amount$ Amount$ Amount$

Assets

Current Assets

Cash xxx

Less Cash Restricted for Plant xxx xxx

Expansion

Accounts Receivable xxx

Less Allowance for Doubtful debt xxx xxx

Notes Receivable xxx

Receivables-Officers xxx

Inventory

Finished goods xxx

Work in Process. xxx

Raw Materials xxx xxx

Total Current Assets xxx

Stockholders Equity

Common Stock xxx

Add Paid-in Capital in Excess of xxx

Par-Common Stock.

Total paid in capital xxx

Add Retained Earnings. xxx

Total paid in capital and retained earnings xxx

Less Treasury Stock (at cost) xxx

Total Stockholders Equity xxx

Total Liability and Stockholders Equity xxx

Liability and Stockholders Equity

Current Liability

Salaries and Wages Payable. xxx

Unearned Subscriptions Revenue. xxx

Unearned Rent Revenue. xxx

Total Current Liability. xxx

Long term liabilities

Bonds Payable (due in 4 years) xxx

Less Discount on Bonds Payable xxx xxx

Total Long term liabilities. . xxx

Long term Investment

Preferred Stock (Equity) Investments. xxx

Land Held for Future Plant Site.. xxx

Cash Restricted for Plant Expansion. xxx

Total Long term Investment. xxx

Property, Plants and Equipment

Building. xxx

Less Accumulated Depreciation xxx xxx

- Buildings

Total Property, Plants and . xxx

Equipment

Intangible Assets

Copyrights. . xxx

Total Intangible Assets. . xxx

Total Assets. . xxx