MGAB01H3 : MGTB05 Balance Sheet Template
Get access
Related Documents
Related Questions
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. |
