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.

                                                                            The Custom Essays