Question

Presented below is the balance sheet of Blossom Corporation for the current year, 2020.

BLOSSOM CORPORATION BALANCE SHEET DECEMBER 31, 2020
Current assets		$  489,680		Current liabilities		$  384,680
Investments		644,680		Long-term liabilities		1,004,680
Property, plant, and equipment		1,724,680		Stockholders’ equity		1,774,680
Intangible assets		305,000				$3,164,040
		$3,164,040

The following information is presented.

1.		The current assets section includes cash $154,680, accounts receivable $174,680 less $14,680 for allowance for doubtful accounts, inventories $184,680, and unearned rent revenue $9,680. 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 $44,680; investments in common stock, short-term $84,680 and long-term $274,680; and bond sinking fund $240,640. The cost and fair value of investments in common stock are the same.
3.		Property, plant, and equipment includes buildings $1,044,680 less accumulated depreciation $364,680, equipment $454,680 less accumulated depreciation $184,680, land $504,680, and land held for future use $270,000.
4.		Intangible assets include a franchise $169,680, goodwill $104,680, and discount on bonds payable $30,640.
5.		Current liabilities include accounts payable $144,680, notes payable-short-term $84,680 and long-term $124,680, and income taxes payable $30,640.
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 74,680 shares for $448,080, and common stock, $1.00 par value, authorized 400,000 shares, issued 104,680 shares at an average price of $10. In addition, the corporation has retained earnings of $279,800.

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.)

Answer 1

Answer :-

Assets	Amount($)	Amount($)	Amount($)
Current Assets :-
Cash		154680
Equity Investments		84680
Accounts Receivable	174680
Less : Allowance for dobutful account	(14680)	160000
Inventory		184680
Total Current Assets		584040	584040
Long Term Investments :-
Equity Investments		274680
Bond Sinking fund		240640
Cash Surrender Value of LIC		44680
Land		504680
Total Long Term Investments		1064680	1064680
Property Plant & Equipment :-
Land		270000
Building	1044680
Less : Accumulated Depreciation	(364680)	680000
Equipment	454680
Less : Accumulated Depreciation	(184680)	270000
Total Property Plant & Equipment :-		1220000	1220000
Intangible Asstes :-
Franchises		169680
Goodwill		104680
Total Intangible Assets		274360	274360
Total Assets			3143080
Liabilities & Stock Holder Equity
Current Liabilities :-
Account Payable		144680
Notes Payable		84680
Income Tax Payable		30640
Unearned rent revenue		9680
Total Current Liabilities (A)		269680
Long Term Liabilities :-
Notes Payable		124680
Bonds Payable	1004680
Less : Discount on Bonds	(30640)	974040
Total Long Term Liabilities (B)		1098720
Total Liabilities (C)=(A+B)		1368400	1368400
Stockholder's Equity :-
Stock Capital:-
Preferred Stock		448080
Common Stock		104680
Paid in Capital in excess of Common Stock (104680*$9)		942120
Total Stock Capital		1494880
Retained Earning		279800
Total Stockholder's Equity		1774680	1774680
Total Liabilities & Stockholder's Equity			3143080

"Please Rate The Answer"

Answer 2

Answer :-

Assets	Amount($)	Amount($)	Amount($)
Current Assets :-
Cash		154680
Equity Investments		84680
Accounts Receivable	174680
Less : Allowance for dobutful account	(14680)	160000
Inventory		184680
Total Current Assets		584040	584040
Long Term Investments :-
Equity Investments		274680
Bond Sinking fund		240640
Cash Surrender Value of LIC		44680
Land		504680
Total Long Term Investments		1064680	1064680
Property Plant & Equipment :-
Land		270000
Building	1044680
Less : Accumulated Depreciation	(364680)	680000
Equipment	454680
Less : Accumulated Depreciation	(184680)	270000
Total Property Plant & Equipment :-		1220000	1220000
Intangible Asstes :-
Franchises		169680
Goodwill		104680
Total Intangible Assets		274360	274360
Total Assets			3143080
Liabilities & Stock Holder Equity
Current Liabilities :-
Account Payable		144680
Notes Payable		84680
Income Tax Payable		30640
Unearned rent revenue		9680
Total Current Liabilities (A)		269680
Long Term Liabilities :-
Notes Payable		124680
Bonds Payable	1004680
Less : Discount on Bonds	(30640)	974040
Total Long Term Liabilities (B)		1098720
Total Liabilities (C)=(A+B)		1368400	1368400
Stockholder's Equity :-
Stock Capital:-
Preferred Stock		448080
Common Stock		104680
Paid in Capital in excess of Common Stock (104680*$9)		942120
Total Stock Capital		1494880
Retained Earning		279800
Total Stockholder's Equity		1774680	1774680
Total Liabilities & Stockholder's Equity			3143080

"Please Rate The Answer"