NEXT Assume that Denis Savard Inc has the following accounts

NEXT Assume that Denis Savard Inc. has the following accounts at the end of the current year 1. Common Stock 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials 6. Preferred Stock (Equity) Investments (long-term). 19. Paid-in Capital in Excess of 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights 10. Buildings. 11. Notes Receivable (short-term), 12. Cash. 14. Accumulated Depreciation-Buildings. 15. Cash Restricted for Plant Expansion. 16. Land Held for Future Plant Site. 17. Allowance for Doubtful Accounts. 18. Retained Earnings. 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in one year). 22. Inventory (finished goods). 23. Accounts Receivable. 24. Bonds Payable (due in 4 years). 25. Noncontrolling Interest. Prepare a classified balance sheet in good form. CList Current Assets in order of liquidity. For Land, Treasury Stock and the question.) Cash, eter the account ane nlyde 10-56 AM 7/11/2018 ? R earch

Solution

SOLUTION:

Long-term debt

BALANCE SHEET
ASSETS				Liabilities and Stockholders\' Equity
Current Assets	XX			Current liabilities
Cash	XX			Accrued salaries payable	XX
Minus: cash restricted for plant expansion	XX	XX		Unearned subscriptions	XX
Accounts receivable	XX			Note payable	XX
Minus: allowance for doubtful accounts	XX	XX		Unearned rent	XX
Notes receivable		XX		Total current liabilities			XX
Receivables - Officers		XX		Long-term debt
Inventories				Bonds payable, due in four years		XX
Finished goods	XX			Discount on bonds payable		(XX)	XX
Raw materials	XX			Total liabilities			XX
Work in process	XX	XX		Stockholders\' equity
Total current assets			XX	Capital stock	XX
Long-term investments				Common stock
Preferred stock investments		XX		Additional paid-in capital:
Cash restricted for plant expansion		XX		Premium on common stock	XX
Land held for future plant site		XX		Total paid-in capital		XX
Total long-term investments			XX	Retained earnings		XX
Property, plant and equipment				Total paid-in capital and retained earnings		XX
Buildings		XX		Minus: Treasury stock, at cost		(XX)
Minus: accumulated depreciation - Buildings		XX	XX	Total stockholders\' equity			XX
Intangible assets
Copyrights			XX
Total assets			XX	Total liabilities and stock-holders equity			XX