Classifications of current assets

Assignment Help Accounting Basics

Reference no: EM131004071

The following information was obtained from the accounts of Alleg, Inc., as of December 31, 2008. It is presented in scrambled order.

Common stock, authorized 21,000 shares
at $1 par value, issued 10,000 shares	$10,000
Additional paid-in capital	38,000
Cash	13,000
Marketable securities	17,000
Accounts receivable	26,000
Accounts payable	15,000
Current maturities of long-term debt	11,000
Mortgages payable	80,000
Bonds payable	70,000
Inventory	30,000
Land and buildings	57,000
Machinery and equipment	125,000
Goodwill	8,000
Patents	10,000
Other assets	50,000
Deferred income taxes (long-term liability)	18,000
Retained earnings	33,000
Accumulated depreciation	61,000

Required:

Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, intangibles, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.

Reference no: EM131004071

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