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On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified. Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets:     Current Liabilities:      Inventory $ 6,000      Accounts payable $ 9,900    Accounts receivable 5,900      Allowance for doubtful accounts 800    Cash 2,300      Salaries payable 1,500    Treasury stock (at cost) 3,300      Taxes payable 2,500 Long-Term Investments:     Long-Term Liabilities:      Temporary investments in marketable securities 3,200      Bonds payable (due 2023) 11,000    Investment in held-to-maturity bonds 10,0

On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified. Stevens Company Balance Sheet For Year Ended December 31, 2019 Current Assets:     Current Liabilities:      Inventory $ 6,000      Accounts payable $ 9,900    Accounts receivable 5,900      Allowance for doubtful accounts 800    Cash 2,300      Salaries payable 1,500    Treasury stock (at cost) 3,300      Taxes payable 2,500 Long-Term Investments:     Long-Term Liabilities:      Temporary investments in marketable securities 3,200      Bonds payable (due 2023) 11,000    Investment in held-to-maturity bonds 10,0

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 9MC
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On December 31, 2019, Stevens Company's bookkeeper prepared the following balance sheet with items erroneously classified.

Stevens Company Balance Sheet
For Year Ended December 31, 2019
Current Assets:     Current Liabilities:  
   Inventory $ 6,000      Accounts payable $ 9,900
   Accounts receivable 5,900      Allowance for doubtful accounts 800
   Cash 2,300      Salaries payable 1,500
   Treasury stock (at cost) 3,300      Taxes payable 2,500
Long-Term Investments:     Long-Term Liabilities:  
   Temporary investments in marketable securities 3,200      Bonds payable (due 2023) 11,000
   Investment in held-to-maturity bonds 10,000      Unearned rent (for 3 months) 900
Property, Plant, and Equipment:     Shareholders' Equity:  
   Land 8,100      Retained earnings 24,200
   Office supplies 800      Accumulated depreciation on buildings and equipment 9,200
   Buildings and equipment 35,600      Additional paid-in capital on common stock 10,400
Intangibles:        Common stock, $10 par 12,000
   Patents (net) 5,000      
   Prepaid insurance (for 6 months) 1,200      
   Discount on bonds payable 1,000      
Total Assets $82,400   Total Credits $82,400

Required:

Next Level You determine that the account balances listed on the balance sheet are correct but, in certain cases, incorrectly classified. Prepare a properly classified balance sheet for Stevens as of December 31, 2019.

*** PLEASE NOTE: I do not know if the filled in blanks in the two provided photos are correct. It will not let me rest it or change them back to being blank.

Thank you!

M4 CNOW Assignment Assets Current Assets: Cash Temporary investments in marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid items: Unearned rent Office supplies Total current assets Long-Term Investmentsi Investment in held-to-maturity bonds Property, Plant, and Equipment: Land Buildings and equipment Less: Accumulated depreciation Total property, plant, and equipment Intangible Assets Patents (net) Total assets Liabilities Current Liabilities Check My Work 3 more Check My Work uses remaining. Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading All work saved.
Transcribed Image Text:M4 CNOW Assignment Assets Current Assets: Cash Temporary investments in marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid items: Unearned rent Office supplies Total current assets Long-Term Investmentsi Investment in held-to-maturity bonds Property, Plant, and Equipment: Land Buildings and equipment Less: Accumulated depreciation Total property, plant, and equipment Intangible Assets Patents (net) Total assets Liabilities Current Liabilities Check My Work 3 more Check My Work uses remaining. Next Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading All work saved.
MA CNOW Assignment Current Liabilities: Accounts payable Salaries payable Taxes payable Unearned rent Total current liabilities Long-Term Liabilities: Bonds payable (due 2023) Less: Discount on bonds payable Total long-term liabilities Total liabilities Shareholders' Equity Contributed Capital: Common stock, $10 par Additional paid-in capital on common stock Total contributed capital Retained earnings Less: Treasury stock (at cost) Total liabilities and shareholders' equity Total liabilities and shareholders' equity Check My Work 3 more Check My Work uses remaining Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Gra
Transcribed Image Text:MA CNOW Assignment Current Liabilities: Accounts payable Salaries payable Taxes payable Unearned rent Total current liabilities Long-Term Liabilities: Bonds payable (due 2023) Less: Discount on bonds payable Total long-term liabilities Total liabilities Shareholders' Equity Contributed Capital: Common stock, $10 par Additional paid-in capital on common stock Total contributed capital Retained earnings Less: Treasury stock (at cost) Total liabilities and shareholders' equity Total liabilities and shareholders' equity Check My Work 3 more Check My Work uses remaining Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Gra
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