Question

View Policies Current Attempt in Progress The following items are taken from the financial statements of Sheridan Company at December 31, 2022 Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation-equipment Interest payable Income taxes payable $197.500 21,500 10,400 11,900 82.900 261,000 46,400 5.200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Current Aassets:
Cash		$      11,900
Accounts Receivable		$      21,500
Supplies		$      10,400
Debt Investment		$        4,600
Notes Receivable		$        5,200
Total Current Assets			$      53,600
Plant, property and Equipment:
Land		$   197,500
Land Improvement	$      46,400
Accumulated Depreciation-Land improvement	$   (13,500)	$      32,900
Equipment	$      82,900
Accumulated Depreciation-Equipment	$   (18,900)	$      64,000
Building	$   261,000
Accumulated Depreciation-Building	$   (32,800)	$   228,200
Total Plant, Property and Equipment			$   522,600
Intangible Assets:
Patent			$      47,100
Investment:
Investment in Stock (Long Term)			$      71,600
Total Assets			$   694,900
Current Liabilities:
Accounts Payable		$      10,400
Current portion of Mortgage Payable		$        9,700
Interest Payable		$        3,800
Income Tax Payable		$      15,200
Total Current Liabilities			$      39,100
Long term liabilities:
Mortgage Payable ($95,500-$9,700)			$      85,800
Total Liabilities			$   124,900
Stockholder's Equity:
Common Stock		$      80,000
Retained Earning		$   490,000
Total Stockholder's Equity			$   570,000
Total Liabilities and stockholder's Equity			$   694,900