E5-5 (Preparation of a Corrected Balance Sheet)Uhura Company has decided to stretchability forth its operations. The bookkeeper recently completed the balance piece of paper presented infra in high society to obtain additional funds for expansion. InstructionsPrepare a rewrite balance sheet given the available information. suck up that the lay in dispraise balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension stipulation is considered a long-term liability. Uhura CompanyBalance Sheet31-Dec-07AssetsCurrent assetsCash $230,000Trading securities?at jolly value $120,000Accounts receivable $357,000Less: salary for doubtfulaccounts $17,000 $340,000Inventories, at dishonor of averagecost or market $401,000Prepaid expenses 12,000Total on-line(prenominal) assets $1,103,000Long-term investmentsLand held for future physical exercise $175,000Cash rescue value of lifeinsurance 90,00 0$265,000Property, plant, and equipmentBuilding $730,000Less: Accum. depr.?building 160,000$570,000Office equipment $265,000Less: Accum. depr.?officeequipment 105,000160,000730,000Intangible assetsGoodwill 80,000Total assets $2,178,000Liabilities and Stockholders? EquityCurrent liabilitiesAccounts due $135,000Notes due (due future(a) year) 125,000Rent due 49,000Total current liabilities $309,000Long-term liabilitiesBonds payable $500,000Add: Premium on bonds payable 53,000$553,000Pension obligation 82,000635,000Total liabilities 944,000Stockholders? lovelinessCommon railway line, $1 par, authorized400,000 shares, issued 290,000shares 290,000Additional paid-in capital 160,000450,000Retained earnings 784000Total stockholders? equity 1,234,000Total liabilities and stock-holders? equity $2,178,000E5-12 (Preparation of a Balance SheetPresented below is the trial balance of arse Nalezny connection at December 31, 2007. InstructionsPrepare a balance sheet at December 31, 2007, for John Nalezny Corporation. Ignore income taxe! s.
John Nalezny CorporationBalance Sheet31-Dec-07AssetsCurrent assetsCash $197,000Trading securities (at fair value)$153,000Accounts receivable $435,000Less: Allowance for doubtfulaccounts 25,000410,000Inventories 597,000Total current assets 1,357,000Long-term investmentsInvestments in bonds $299,000Investments in stocks 277,000Total long-term investments 576,000Property, plant, and equipmentLand $260,000Buildings 1,040,000Less: Accum. depreciation -152,000$888,000Equipment $600,000Less: Accum. depreciation -60,000540,000Total property, plant, andequipment 1,688,000Intangible assetsFranchise $160,000Patent 195,000Total intangible assets 355, 000Total assets $3,976,000Liabilities and Stockholders? EquityCurrent liabilitiesAccounts payable $455,000Short-term notes payable 90,000Dividends payable $136,000Accrued liabilities 96,000Total current liabilities $777,000Long-term debtLong-term notes payable $900,000Bonds payable 1,000,000Total long-term liabilities 1,900,000Total liabilities 2,677,000Stockholder?s equityPaid-in capitalCommon stock ($5 par) $1,000,000Additional... If you want to get a full essay, order it on our website:
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