Using the information below ,you are to prepare seagull’s classified balance sheet in the account form at December 31,2010. Use balances as needed
Preparing a corporation’s balance sheet; measuring
The following accounts and related balances of seagull designers, Inc., as of December 31,2010, are arranged in no particular order
CashAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦ $55,000
Account receivable , netAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦34,000
Paid-in capital in excess of par Af?cAc‚¬” common Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.$20,000
Accrued liabilitiesAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦ 24,000
Long- term note payableAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.99,000
InventoryAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦..93,000
Dividend earningsAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.6000
Retain earning Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦..?
Account payable Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.. 136000
Trademarks, netAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦ 4000
Preferred stock, $.50,
No- pair, 11,000 shares
Authorized and issued Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦29,700
Goodwill Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦13,000
Interest expenseAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦. $15,600
Property, plant, and equipment , net Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.364,000
Common Stock , $2 Par ,600,000
share authorized, 116,000 shares issuedAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.232,000
Prepaid expense Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦. 13,000
Common stockholders’ equity, December 31,2009Af?cAc‚¬A?¦Af?cAc‚¬A?¦.222,000
Net income Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦32,000
Total assets,
December 31, 2009Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦493,000
Treasury stock,
21,000 shares at costAf?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦Af?cAc‚¬A?¦.24,000
