ACC 557 Problem 12-6A

ACC 557 Problem 12-6A


Problem 12-6A


The following data, presented in alphabetical order, are taken from the records of Radar Corporation.


Accounts payable                    $239,940

Accounts receivable                140,640

Accumulated depreciation—buildings                       179,250

Accumulated depreciation—equipment                     51,270

Allowance for doubtful accounts                   5,020

Bonds payable (10%, due 2020)                     500,300

Buildings                     950,390

Cash                41,980

Common stock ($10 par value; 491,980 shares authorized, 149,720 shares issued)              1,497,200

Dividends payable                  79,080

Equipment                   275,620

Fair value adjustment—non-trading securities (Dr)               7,000

Goodwill                     200,650

Income taxes payable              119,490

Inventory                    170,150

Investment in Mara common stock (30% ownership), at equity                    379,160

Investment in Sasse common stock (10% ownership), at cost                       277,090

Land                389,940

Notes payable (due 2015)                   70,840

Paid-in capital in excess of par—common stock                    136,190

Premium on bonds payable                 39,560

Prepaid insurance                    15,720

Retained earnings                   103,200

Short-term investment, at fair value (and cost)                      180,000

Unrealized gain—non-trading securities                    7,000

The investment in Sasse common stock is considered to be a long-term non-trading security.


Prepare a classified balance sheet at December 31, 2014. (List assets in order of liquidity. Property, plant and equipment list in order of land, buildings and equipment.)



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