MGAB01H3 : MGTB05 Balance Sheet Template
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In the blank next to each account, write the letter indicatingto which category of the Classified Balance Sheet it wouldbelong.
A. Current Assets E. Current Liabilities
B. Long-Term Investments F. Long-Term Liabilities
C. Property, Plant, and Equipment G. Stockholdersâ Equity
D. Intangible Assets H. Not on the Balance Sheet
Accumulated Depreciation | |
Common Stock | |
Building (used in operations) | |
Salaries Payable | |
Land (not used in operations) | |
Inventory | |
Unearned Revenue | |
Depreciation Expense | |
Dividends | |
Patents | |
Prepaid Rent | |
Mortgage Payable (due 2020) | |
Salaries Expense | |
Short-Term Debt investment | |
Income Tax Payable | |
Goodwill |
A comparative balance sheet and income statement for Groton Company follow: |
Groton Company Comparative Balance Sheet December 31, 2011 and 2010 | ||||
2011 | 2010 | |||
Assets | ||||
Cash | $ | 1 | $ | 12 |
Accounts receivable | 306 | 229 | ||
Inventory | 158 | 196 | ||
Prepaid expenses | 8 | 6 | ||
Total current assets | 473 | 443 | ||
Property, plant, and equipment | 509 | 430 | ||
Less accumulated depreciation | (85) | (71) | ||
Net property, plant, and equipment | 424 | 359 | ||
Long-term investments | 25 | 32 | ||
Total assets | $ | 922 | $ | 834 |
Liabilities and Stockholders' equity | ||||
Accounts payable | $ | 301 | $ | 225 |
Accrued liabilities | 70 | 80 | ||
Income taxes payable | 72 | 63 | ||
Total current liabilities | 443 | 368 | ||
Bonds payable | 198 | 172 | ||
Total liabilities | 641 | 540 | ||
Common stock | 163 | 202 | ||
Retained earnings | 118 | 92 | ||
Total stockholdersâ equity | 281 | 294 | ||
Total liabilities and stockholders' equity | $ | 922 | $ | 834 |
Groton Company Income Statement For the Year Ended December 31, 2011 | ||||
Sales | $ | 754 | ||
Cost of goods sold | 448 | |||
Gross margin | 306 | |||
Selling and administrative expenses | 222 | |||
Net operating income | 84 | |||
Non operating items: | ||||
Gain on sale of investments | $ | 6 | ||
Loss on sale of equipment | (2) | 4 | ||
Income before taxes | 88 | |||
Income taxes | 23 | |||
Net income | $ | 65 | ||
During 2011, Groton sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. A cash dividend was paid during 2011 and the company repurchased $39 of its own stock. Groton did not retire any bonds during 2011. |