Balance Sheet of Carmen Co. for December 31, 2022: Assets,

School: Chattanooga State Community College - Course: ACCT 1010 - Subject: Accounting

EXERCISE 2.6 CARMEN CO. Balance Sheet December 31, 2022 Assets Current assets Cash......................................................$11,840 Debt Investments.................................4,100 Accounts receivable............................21,700 Notes receivable..................................5,300 Supplies................................................9,200 Total current assets $52,140 Long-term investments Stock investments................................ 71,500 Property, plant, and equipment Land.......................................................195,600 Buildings$261,200 Less:Accumulated depreciation—buildings...............32,600228,600 Equipment.............................................82,400 Less:Accumulated depreciation—equipment.............18,72063,680 Land improvements.............................45,780 Less:Accumulated depreciation—land improvements12,600 33,180 Total property, plant and equipment521,060 Intangible assets Patents..................................................46,7 00 Total assets $691,400

EXERCISE 2-6 (Continued) Liabilities and Stockholders' Equity Current liabilities Accounts payable.....................................................$ 9,500 Current portion of mortgage payable......................9,100 Income taxes payable...............................................14,700 Interest payable.........................................................3,600 Long-term liabilities.......................................................... $36,900 Mortgage payable...................................................... 84,500 Total liabilities........................................................... 121,400 Stockholders' equity Common stock..........................................................75,000 Retained earnings**..................................................495,000 Total stockholders' equity*............................... 570,000 Total liabilities and stockholders' equity........................ $691,400 *($691,400 − $121,400 = $570,000) **($570,000 - $75,000) [(Current assets + L-T invest. + Prop., plant, & equip. + Intang. assets) = (Current liabl. + L-T liabl. + SE)] [(($11,840 + $4,100 + $21,700 + $5,300 + $9,200) + $71,500 + ($195,600 + ($261,200 - $32,600) + ($82,400 - $18,720) + ($45,780 - $12,600)) + $46,700) = (($9,500 + $9,100 + $14,700 + $3,600) + $84,500 + ($75,000 + $495,000))] LO 1BT: APDifficulty: MediumTOT: 12 min.AACSB: AnalyticAICPA FC: Reporting