Cash $ 33,882
Intangible assets 96,005
Inventories 250,568
Debt due within one year* 42,563
Long-term debt** 181,807
Other assets* 31,454
Other assets** 85,078
Other liabilities* 118,182
Other long-term liabilities** 60,040
Property, plant, and equipment 509,681
Retained earnings 253,012For the preceding items, (*) indicates that the item is current in nature, while (**) indicates that
the item is long-term in nature.
Prepare a classified balance sheet as of April 24, 2004.List the errors you find in the following balance sheet. Prepare a corrected balance sheet.136 Chapter 3 Accrual Accounting Concepts
Assets
Current assets:
Cash $ 4,170
Accounts payable 7,250
Supplies 1,650
Prepaid insurance 2,400
Land 75,000
Total current assets $ 90,470
Property, plant, and equipment:
Building $55,500
Equipment 28,280
Total property, plant, and equipment 104,280
Total assets $194,750Liabilities
Current liabilities:
Accounts receivable $12,500
Accumulated depreciation—building 23,000
Accumulated depreciation—equipment 16,000
Net loss 10,000
Total liabilities $ 61,500Stockholders’ Equity
Wages payable $ 1,500
Capital stock 35,000
Retained earnings 96,750
Total stockholders’ equity 133,250
Total liabilities and stockholders’ equity $194,750Exercise 3-31
Balance sheet
Goal 4
Warburg Services Co.
Balance Sheet
For the Year Ended May 31, 2006