Presented below is the balance sheet of Sargent Corporation for the current year, 2014. SARGENT CORPORATION BALANCE SHEET DECEMBER 31, 2014 The following information is presented. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Solution ASSETS Current Assets Cash and cash equivalents 154950 Trade receivables                                      174950 Less: Allowance for doubtful assets 14950 160000 Inventories (154950-160000-9950) 165050 Other current assets Unearned Revenue 9950 Current Investments 84950 Total Current Assets 574900 Fixed Assets Property 504950 Building : 1044950-364950 680000 Equipment (454950-184950) 270000 Intangible Assets Godwill 104950 Franchise 169950 Non Current Investments Land 270000 Cash Surrender Value of Insurance 44950 Sinking Fund 240100 Long Term Investment in Common Stock 274950 Total non current assets 2559850 Total assets 3134750 LIABILITIES AND EQUITY Current liabilities Trade and other payables 144950 Note Payable 84950 Short Term Borrowings Currrent Portion of Long term Borrowings Current Tax Payable 30100 Accrued Expenses Total current liabilities 260000 Long Term Liabilities Long Term Note Payable 124950 7% Bonds 1004950 974850 Less: Discount 30100 Total non-current liabilities 1099800 Total liabilities Shareholders\' Equity 74950 Shares @ 1 74950 Security Premium 74950* (6-1) 374750 104950 shares @ 10 1049500 Retained earnings 275750 Total equity 1774950 Total liabilities and equity 3134750 .

1. Presented below is the balance sheet of Sargent Corporation for the current year, 2014.
SARGENT CORPORATION
BALANCE SHEET
DECEMBER 31, 2014
The following information is presented.
Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification
as affected by the information given above. (List Current Assets in order of liquidity. List
Property, Plant and Equipment in order of Land, Building and Equipment. Enter account
name only and do not provide the descriptive information provided in the question.)
SARGENT
CORPORATION
BALANCE SHEET
DECEMBER 31, 2014
Current assets $Â Â 489,950 Current liabilities $Â Â 384,950
Investments 644,950 Long-term liabilities 1,004,950
Property, plant, and equipment 1,724,950 Stockholders’ equity 1,774,950
Intangible assets 305,000 $3,164,850
$3,164,850
Solution
ASSETS Current Assets Cash and cash equivalents 154950 Trade
receivables                                  Â
  174950 Less: Allowance for doubtful assets 14950 160000 Inventories (154950-160000-
9950) 165050 Other current assets Unearned Revenue 9950 Current Investments 84950 Total
Current Assets 574900 Fixed Assets Property 504950 Building : 1044950-364950 680000
Equipment (454950-184950) 270000 Intangible Assets Godwill 104950 Franchise 169950 Non
Current Investments Land 270000 Cash Surrender Value of Insurance 44950 Sinking Fund

2. 240100 Long Term Investment in Common Stock 274950 Total non current assets 2559850
Total assets 3134750 LIABILITIES AND EQUITY Current liabilities Trade and other payables
144950 Note Payable 84950 Short Term Borrowings Currrent Portion of Long term Borrowings
Current Tax Payable 30100 Accrued Expenses Total current liabilities 260000 Long Term
Liabilities Long Term Note Payable 124950 7% Bonds 1004950 974850 Less: Discount 30100
Total non-current liabilities 1099800 Total liabilities Shareholders' Equity 74950 Shares @ 1
74950 Security Premium 74950* (6-1) 374750 104950 shares @ 10 1049500 Retained earnings
275750 Total equity 1774950 Total liabilities and equity 3134750