Question

5. Devon’s bookkeeper provided the following balance sheet. DEVON COMPANY Balance Report for the year ended...

5. Devon’s bookkeeper provided the following balance sheet.

DEVON COMPANY

Balance Report for the year ended December 31, 2016

Current Assets:

Cash

$ 58,000

Current Liabilities:

Accounts payable

$ 25,000

Accounts receivable

123,500

Accumulated depreciation: buildings

20,000

Inventory, at higher of cost or market (cost $29,850)

35,800

Wages payable

22,200

Sinking fund for bond retirement

115,000

Additional paid-in capital on common stock

100,000

Long-Term Investments:

Long-Term Liabilities:

Treasury stock (at cost)

55,500

Bonds payable

100,000

Investments in bonds

Marketable securities,

100,000

Preferred stock, $50 par

Allowance for doubtful accounts

150,000

short term at fair value

25,000

15,000

Trademark

25,000

Premium on preferred stock

45,000

Property, Plant, and Equipment:

Accumulated depreciation: equipment

12,000

Land

75,000

Current taxes payable

10,000

Buildings

100,000 Shareholders’ Equity:

Equipment

45,000 Common Stock, $1 par

75,000

Intangibles: Employees

150,000

Unrealized gain on write up of inventory to market

Copyrights

15,000

value

5,950

Patents

20,000

Retained earnings

  362,650

Total Assets                                        $ 942,800 Total Equities                                                     $ 942,800

Required:

Prepare the corrected asset section of a classified balance sheet.

ANSWER: Please help!

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