ASSIGNMENTExercise 4-4 (Preparation of a Classified Balance Sheet)Assume that Denis Savard, Inc. has the following counts at the end of the current year.
1)Common Stock 2)Discount on Bonds Payable
3)Treasure Stock (at cost) 4)Notes Payable, short-term
5)Raw Materials 6)Preferred Stock Investments – Long-term
7)Unearned Rent Income 8)Work in Process
9)Copyrights 10) Buildings
11) Notes Receivable (short-term) 12) Cash
13) Accrued Salaries Payable 14) Accumulated Depreciation – Buildings
15) Cash Restricted for Plant Expansion 16) Land Held for Future Plant Site
17) Allowance for Doubtful Accounts – 18) Retained EarningsAccounts Receivable
19) Premium on Common Stock 20) Unearned Subscriptions Revenue
21) Receivables – Officers (due in one year) 22) Finished Goods
23) Accounts Receivable 24) Bonds Payable (due in 4 years)
INSTRUCTIONSPrepare a classified balance sheet in good form (No monetary amounts are necessary)Denis Savard IncBalance SheetDecember 31, 20XXAssets
Current AssetsCash$XXXLess cash restricted for plant expansion$XXX$XXXAccounts receivable$XXXLess allowance for doubtful accounts$XXX$XXXNotes receivable$XXXReceivables – Officers$XXXInventoriesFinished goods$XXXWork in process$XXXRaw materials$XXX$XXXTotal current assets$XXXLong-term investmentsPreferred stock investments$XXXLand held for future plant site$XXXCash restricted for plant expansion$XXXTotal long-term investments$XXXProperty, plant and equipmentBuildings$XXXLess accumulated depreciation – Buildings$XXX$XXXIntangible assets
