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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Stevens Company

Correction of Balance Sheet - On December 31, 2007, the Stevens Company bookkeeper prepared the following erroneously classified balance sheet:

STEVENS COMPANY
Balance Sheet
For Year Ended December 31, 2007

Current Assets

Current Liabilities

Inventory

$6,000

Accounts payable

$9,900

Accounts receivable

5,900

Allowance for doubtful accounts

800

Cash

2,300

Salaries payable

1,500

Treasury stock (at cost)

3,300

Taxes payable

2,500

Long-Term Investments

Long-Term Liabilities

Temporary investments in marketable

Bonds payable (due 2014)

11,000

securities

3,200

Unearned rent (for 3 months)

900

Investment in held-to-maturity bonds

10,000

Plant and Equipment

Land

8,100

Office supplies

800

Owners’ Equity

Buildings and equipment

35,600

Retained earnings

24,200

Intangibles

Accumulated depreciation on buildings and equipment

9,200

Patents (net)

5,000

Premium on common stock

10,400

Prepaid insurance (for 6 months)

1,200

Common stock, $10 par

12,000

Discount on bonds payable

1,000

Total Assets

$82,400

Total Credits

$82,400

Required

You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for the Stevens Company as of December 31, 2007.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 9.00

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