Question

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1.Common Stock14.Accumulated Depreciation-Buildings. 2.Discount on Bonds Payable.15.Cash Restricted for Plant Expansion. 3.Treasury Stock (at cost).16.Land Held for Future Plant Site. 4.Notes Payable (short-term).17.Allowance for Doubtful Accounts. 5.Raw Materials18.Retained Earnings. 6.Preferred Stock (Equity) Investments (long-term).19.Paid-in Capital in Excess of Par-Common Stock. 7.Unearned Rent Revenue.20.Unearned Subscriptions Revenue. 8.Work in Process.21.Receivables-Officers (due in one year). 9.Copyrights.22.Inventory (finished goods). 10.Buildings.23.Accounts Receivable. 11.Notes Receivable (short-term).24.Bonds Payable (due in 4 years). 12.Cash.25.Noncontrolling Interest. 13.Salaries and Wages Payable. Prepare a classified balance sheet in good form

Answer 1

Answer:

                                       Denis Savard Inc

                                  Classified Balance sheet

                                                         Amount$    Amount$   Amount$

        Assets

Current Assets

Cash                                                      xxx

Less Cash Restricted for Plant            xxx               xxx

Expansion

Accounts Receivable                           xxx

Less Allowance for Doubtful debt      xxx                xxx

Notes Receivable                                                      xxx

Receivables-Officers                                                 xxx

Inventory

Finished goods                                     xxx

Work in Process.                                   xxx

Raw Materials                                        xxx               xxx

Total Current Assets                                                                    xxx

Stockholders Equity

Common Stock                                      xxx

Add Paid-in Capital in Excess of           xxx

Par-Common Stock.

Total paid in capital                                                   xxx

Add Retained Earnings.                                            xxx

Total paid in capital and retained earnings             xxx

Less Treasury Stock (at cost)                                    xxx

Total Stockholders Equity                                                            xxx

Total Liability and Stockholders Equity                                       xxx

Liability and Stockholders Equity

Current Liability

Salaries and Wages Payable.                                    xxx

Unearned Subscriptions Revenue.                           xxx

Unearned Rent Revenue.                                          xxx

Total Current Liability.                                                                  xxx

Long term liabilities

Bonds Payable (due in 4 years)               xxx

Less Discount on Bonds Payable            xxx             xxx

Total Long term liabilities.                                    .                       xxx

Long term Investment

Preferred Stock (Equity) Investments.                         xxx

Land Held for Future Plant Site..                                  xxx

Cash Restricted for Plant Expansion.                           xxx

Total Long term Investment.                                                        xxx

Property, Plants and Equipment

Building.                                                     xxx

Less Accumulated Depreciation              xxx               xxx

- Buildings

Total Property, Plants and                         .                                   xxx

Equipment

Intangible Assets

Copyrights.                                    .                                xxx

Total Intangible Assets.                                    .                             xxx

Total Assets.                                    .                                              xxx