The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.
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 deprecation-equipment $52,000
Allowance for doubtful accounts $6,000
Bonds payable (10% due 2023) $500,000
($10 par value; 500,000 shares
authorized, 150,00 shares issued) $1,500,000
Dividends payable $80,000
Fair Value Adjustment-available
âfor-sale securities (Dr) $8,000
Income taxes payable $120,000
Investment in Mara common stock
(30% ownership) at equity $380,000
Investment in Sasse common stock
(10% ownership), at cost $278,000
Notes Payable (due 2016) $70,000
Paid âin 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
The investment in Sasse common
stock is considered to be a long-term available-for-sale security.
Prepare a classi?ed balance sheet
at December 31, 2015.