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The following balance sheet, prepared by Whoops Bookkeeping Service, has been given to you to review.
Required:
Prepare a corrected, properly classified balance sheet in report form.
Butler Corporation
Balance Sheet
For Year Ended December 31, 2010
Current Assets:
Current Liabilities:
Cash
$ 6,200
Accounts Payable
$ 15,000
Accounts Receivable
13,000
Wages Payable
2,000
Inventory
30,000
Accumulated Depreciation
-Equipment
5,000
Treasury Stock
10,000
-Buildings
Property, Plant, and Equipment:
Land
7,000
Long-Term Liabilities:
Trademarks
Current Taxes Payable
4,000
Buildings
45,000
Premium on Common Stock
3,000
Equipment
17,000
Bonds Payable
60,000
Intangibles:
Notes Payable-Long Term
Organization Costs
Discount on Bonds Payable
Owners' Equity:
Common Stock
31,200
Investments:
Retained Earnings
12,000
Long-Term Investment in
Bonds
8,000
Allowance for Doubtful
Accounts
Marketable Securities-
Short-Term
Total Assets
$154,200
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