Question

E5-4B (L02,3) (Preparation of a Classified Balance Sheet) Assume that Cluver Inc. has the following accounts at the end ofthe current year. 1. Accrued Salaries Payable. 14. Common Stock 2. Cash Restricted for Plant Expansion. 15. Treasury Stock (at cost). 3. Land Held for Future Plant Site. 16. Raw Materials. 4. Accumulated Depreciation Buildings. 17. Unearned Rent Revenue. 5. Retained Earnings 18. Copyrights. 6. Unearned Subscriptions Revenue. 19. Notes Receivable (short-term). 7. Finished Goods. 20. Cash. 8. Accounts Receivable. 21. Buildings. 9. Bonds Payable (due in 4 years). 22. Work in Process. 10. Receivables—Officers (due in one year). 23. Preferred Stock Investments-Long-term. 11. Premium on Common Stock. 24. Note Payable, short-term 12. Allowance for Doubtful Accounts, 25. Discount on Bonds Payable. Accounts Receivable 13. Noncontrolling interest Instructions Prepare a classified balance sheet in good form. (No monetary amounts are necessary.)

Answer 1

Amount $ Amount $ XXX XX XXXXX Cluver Inc Balance sheet as at XX-XX-XXXX :- Assets Current Assets :- Cash Less: Cash restricted for plant expansion Accounts Receivable Less: Allowance for doubtful accounts Notes Receivable Receivable - Officers Inventories :- Finished goods Work in progress Raw materials Total Current Assets ХХХХХ XXXXX XXXXX XXXXX XXX ХХХХХ ХХХХХ ХХХХХ Long term Investments :- Preferred stock investments Land held for future plant site Cash restricted for plant expansion Total Long term investments ХХХХХ wwww ХХХХХ ХХХХХ ХХХХХ XXX XX Property, Plant & Equipment :- Buildings Less: Accumulated Depreciation - Buildings Intangible Assets - Copyrights Total Assets XXXX XXXXX Amount $ Amount $ ХХХХХ ХХХХХ XXXXX XXXX Liabilities and Shareholders Equity Current liabilities :- Accrued salaries payable Notes Payable Unearned subscription revenue Unearned Rent Total Current Liabilities Long term debt :- Bonds payable, due in four years Discount on bonds payable Total Liabilities Stockholders' equity : Capital stock Common Stock Additional paid-in capital Premium on Common Stock Total Paid in capital Retained earnings wwwx ХХХХХ ХХХХХ XXXXX XXXXX Less: Treasury stock, cost Total Paid in capital and Retained earnings Add: Non Controlling interest Total Stockholders' equity Total Liabilities and Stockholders Equity ХХХХХ ХХХХХ XXXXX -XXXX ХХХХХ XXXXX XX XXXXX