Question

Required:

1. Prepare the asset section of a classified balance sheet for Hashey, Inc.

The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc.

Accounts Receivable	$	1,138		Equipment	$	510
Accumulated Amortization		765		Goodwill		615
Accumulated Depreciation		520		Inventories		370
Allowance for Doubtful Accounts		47		Land		9
Buildings		260		Licensing Rights		1,855
Cash and Cash Equivalents		700		Prepaid Rent		375

Answer 1

ASSETS
Current Assets:
Cash and cash equivalents		$                 700
Accounts receivable	$                1,138
Less: Allowance for doubtful Accounts	$                      47	$              1,091
Inventories		$                 370
Prepaid rent		$                 375
Total current assets			$               2,536
Property, Plant and Equipments:
Equipment	$                    510
Buildings	$                    260
Land	$                        9	$                 779
Property, Plant and Equipments at cost
Less: Accumulated depreciation		$                 520
Total Property, Plant and Equipment [net]			$                   259
Other assets;
Licensing rights	$                1,855
Accumulated amortization	$                    765	$              1,090
Licensing right [net]
Goodwill		$                 615
Total other assets			$               1,705
Total assets			$               4,500