Exercise 54 Assume that Denis Savard Inc has the following a

Exercise 5-4 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 Par-Common Stock. 7. Unearned Rent Revenue 8. Work in Process. 9. Copyrights 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. 10. Buildings. 11. 12. Cash 13. Salaries and Wages Payable Notes Receivable (short-term) Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury do not provide the descriptive information provided in the question.) Denis Savard Inc. Balance Sheet Assets $XXX sXxX xXx xXX xXX xXX xXx xXx

Solution

Denis Savard Inc Balance Sheet Dec 31, 20XX Assets Current Assets Cash XXX Less: Cash restricted for plant expansion XXX XXX Accounts Receivable XXX Less: Allowance for Doubtful Accounts XXX XXX Notes Receivable XXX Receivables - Officer XXX Inventories Finished goods XXX Work in process XXX Raw materials XXX XXX Total Current Assets XXX Long Term Investments Preferred stock investments XXX Land held for future plant site XXX Cash restricted for plant expansion XXX Total Long Term Investments XXX Property, Plant & Equipment Buildings XXX Less: Accumulated depreciation - Buildings XXX XXX Intangible Assets Copyrights XXX Total Assets XXX Liabilities & Stockholders\' Equity Liabilities Current Liabilities Accrued salaries payable XXX Note payable XXX Unearned subscriptions XXX Unearned rent XXX Total Current Liabilities XXX Long-Term Debt Bonds payable, due in four years XXX Less: Discount on bonds payable XXX XXX Total Liabilities XXX Stockholders\' Equity Capital stock Common stock XXX Additional paid-in capital: Premium on common stock XXX Total Paid-in Capital XXX Retained earnings XXX Total paid-in capital and retained earnings XXX Less: Treasury stock, at cost XXX Total Stockholders\' Equity XXX Total Liabilities & Stockholders\' Equity XXX