Accounting Assignment | College Homework Help

The following information is presented.
1.The current assets section includes cash $152,430, accounts receivable $172,430 less $12,430 for allowance for doubtful accounts, inventories $182,430, and unearned rent revenue $7,430. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value.
2.The investments section includes the cash surrender value of a life insurance contract $42,430; investments in common stock, short-term $82,430 and long-term $272,430; and bond sinking fund $245,140. The cost and fair value of investments in common stock are the same.
3.Property, plant, and equipment includes buildings $1,042,430 less accumulated depreciation $362,430, equipment $452,430 less accumulated depreciation $182,430, land $502,430, and land held for future use $270,000.
4.Intangible assets include a franchise $167,430, goodwill $102,430, and discount on bonds payable $35,140.College Homework Help
5.Current liabilities include accounts payable $142,430, notes payable-short-term $82,430 and long-term $122,430, and income taxes payable $35,140.
6.Long-term liabilities are composed solely of 7% bonds payable due 2028.
7.Stockholders’ equity has preferred stock, no par value, authorized 200,000 shares, issued 72,430 shares for $434,580, and common stock, $1.00 par value, authorized 400,000 shares, issued 102,430 shares at an average price of $10. In addition, the corporation has retained earnings of $313,550.
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Get Accounting Homework Help today

Presented below is the balance sheet of Buffalo Corporation for the current year, 2020 BUFFALO CORPORATION BALANCE SHEET DECE

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