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24 Dec
2019

Prepare the condensed balance sheet | Good Grade Guarantee!

Whispering Inc., had the following condensed balance sheet at the end of operations for 2016. WHISPERING INC. BALANCE SHEET DECEMBER 31, 2016 Cash $8.400 Current liabilities $14,900 Current assets other than cash Long-term notes payable 28,900 25.700 Bonds payable Equity invesments 20,000 25,000 Plant assets (net) Common stock 67,400 75,000 Retained earnings Land 39,600 23.700 $164,300 $164,300 During 2017, the following occurred. 1. A tract of land was purchased for $9,100. the amount of $15,000 were redeemed 2. Bonds payable par. 3. An additional $10,000 in common stock was issued at par. 4. Dividends tota ling $9,500 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,400. 6. Land was purchased through the issuance of $22,400i 7. Whispering Inc. sold part of its investment portfolio for $12,700. This transaction resulted bonds $2,000 for the company. No unrealized gains or losses were recorded on these investme nts in 2017. na gain 8. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) SutomertG ws Adjustments to reconcile net income to Prepare the condensed balance sheet for Whispering Inc. as it would appear at December 31, 2017. (List current assets in the order of Liquidity.) WHISPERING INC. Balanoe Sheet Assets Liabilities and Stockholders’ Equity

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