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4. Problem 3-7 5. The following balance sheet Hubbard

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4. Problem 3-7
5. The following balance sheet for the Hubbard Corporation was prepared by the company:Hubbard Corporation
Balance Sheet
At December 31, 2016
Assets
Buildings $ 750,000
Land 250,000
Cash 60,000
Accounts receivable (net) 120,000
Inventories 240,000
Machinery 280,000
Patent (net) 100,000
Investment in marketable equity securities 60,000
________________________________________ ________________________________________ ________________________________________
Total assets $ 1,860,000
________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________
Liabilities and shareholders' equity
Accounts payable $ 215,000
Accumulated depreciation 255,000
Notes payable 500,000
Appreciation of inventories 80,000
Common stock, authorized and issued
112,000 shares of no par stock 430,000
Retained earnings 380,000
________________________________________ ________________________________________ ________________________________________
Total liabilities and shareholders' equity $ 1,860,000
________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________
________________________________________
Additional Information:
HUBBARD CORPORATION Balance Sheet At December 31, 2016
Assets
1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is hold- ing for future sale. The land originally cost $50,000 but, due to a significant increase in market value, is listed at $120,000. The increase in the land account was credited to retained earnings.
2. Marketable equity securities consist of stocks of other corporations and are recorded at cost, $20,000 of which will be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long-term. However, a $100,000 note requires an installment payment of $25,000 due in the coming year.
4. Inventories are recorded at current resale value. The original cost of the inventories is $160,000.
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2016.
5. Problem 4-10The chief accountant for Grandview Corporation provides you with the company’s 2016 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company’s comparative balance sheets. These financial statements are shown next ($ in millions).TABLE HERE1. Calculate the missing amounts.
2. Prepare the operating activities section of Grand view’s 2016 statement of cash flows using the indirect method.
Submitted: 12 months ago.
Category: Multiple Problems
Expert:  F. Naz replied 12 months ago.

What is your deadline?

Customer: replied 12 months ago.
By midnight of 05/31/2016
Expert:  F. Naz replied 12 months ago.

How many hours remaining in that?

Customer: replied 12 months ago.
15 hours
Customer: replied 12 months ago.
This file goes with questions 5.
Expert:  F. Naz replied 12 months ago.

So you want to understand from my solution? or you just want the solution to submit it to your professor?

Customer: replied 12 months ago.
I want the solution to submit my work
Expert:  F. Naz replied 12 months ago.

Sorry, I cannot provide you the answer, thanks.

Customer: replied 12 months ago.
Then refund me the money pls
Expert:  F. Naz replied 12 months ago.

Contact customer support in that case, thanks.

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