Question

HUBBARD CORPORATION Balance Sheet At December 31, 2021 Assets Buildings Land Cash Accounts receivable (net) Inventory Machinery Patent (net) Investment in equity securities Total assets Liabilities and Shareholders Equity Accounts payable Accumulated depreciation Notes payable Appreciation of inventory Common stock (authorized and issued 120,000 shares of no par stock) Retained earnings Total liabilities and shareholders equity $ 770,000 310,000 80,000 160,000 280,000 300,000 120,000 100,000 $2,120,000 $ 235,000 275,000 540,000 100,000 480,000 490,000 $ 2, 120,000

Answer 1

Hubbard Corporation Balancesheet At December 31,2021

Assets;
Current Assets;
Cash	$80,000
Marketable Securities	$40,000
Accounts Receivable	$160,000
Inventories	$180,000
Total Current Assets		$460,000
Investments;
Marketable Securities ($100,000-$40,000)	$60,000
Land Held for Sale	$70,000
Total Investment		$130,000
Property Plant and Equipment :
Land	$150,000
Building	$770,000
Machinery	$300,000
	$1,220,000
Less: Accumulated Depreciation	$275,000
Bet Property Plant and Equipment		$945,000
Intangible Assets;
Patent		$120,000
Total Assets		$1,655,000
Liabilities and Stockholders Equity
Current Liabilities;
Accounts Payable	$235,000
Current Maturities of Long Term Debt	$75,000
Total Current Liabilities		$310,000
Long Term Liabilities;
Notes Payable ($540,000-$75,000)		$465,000
Shareholders Equity ;
Common Stock	$480,000
Retained Earnings ($490,000-$90,000)	$400,000	$880,000
Total Liabilities and Stockholders Equity		$1,655,000