The following data, presented in alphabetical order, are taken from
P12-6A The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.
Accounts Payable $260,000
Accounts receivable $140,000
Accumulated depreciation- buildings $180,000
Accumulated deprecation-equipment $52,000
Allowance for doubtful accounts $6,000
Bonds payable (10% due 2023) $500,000
Building $950,000
Cash $62,000
Common Stock
($10 par value; 500,000 shares authorized, 150,00 shares issued) $1,500,000
Dividends payable $80,000
Equipment $275,000
Fair Value Adjustment-available –for-sale securities (Dr) $8,000
Goodwill $200,000
Income taxes payable $120,000
Inventory $170,000
Investment in Mara common stock (30% ownership) at equity $380,000
Investment in Sasse common stock (10% ownership), at cost $278,000
Land $390,000
Notes Payable (due 2016) $70,000
Paid –in Capital in excess of par- common stock $130,000
Premium on bonds payable $40,000
Prepaid insurance $16,000
Retained earnings $103,000
Short-term investments, at fair value (and cost) $180,000
Unrealized gain—available-for-sale-securities $8,000
The investment in Sasse common stock is considered to be a long-term available-for-sale security.
Instructions
Prepare a classified balance sheet at December 31, 2015.
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