ACC 557 Problem 12-6A

ACC 557 Problem 12-6A

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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.)