E5-5Answer - 12,000 Total assets $1,896,000 LIABILITIES AND...

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UHURA COMPANY Balance Sheet December 31, 2007 ASSETS Current Assets Cash $230,000 Trading Securities-at cost (fair value of 120,000) 120,000 Accounts Receivable (net) $340,000 Less: Doubful Accounts 17,000 323,000 Inventory at lower of average cost or market 401,000 Total Current Assets 1,074,000 Long-term investments Land held for future use 175,000 Cash surrender value of future life insrance 90,000 Total long-term investments 265,000 Property, Plant, and Equipment Building 570,000 Less: accumulated depreciation - building 160,000 410,000 Office Equipment 160,000 Less: accumulated depreciation - office equipment 105,000 55,000 Total property, plant, and equipment 465,000 Intangible Assets Goodwill 80,000 Pre-paid expenses
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Unformatted text preview: 12,000 Total assets $1,896,000 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities Accounts Payable $135,000 Notes Payable 125,000 Rents payable 49,000 Total current liabilities 309,000 Long Term Liabilities Bonds Payable $500,000 Add: Premium on bonds payable 53,000 553,000 Pension obligations 82,000 Total long-term liabilities 635,000 Total liabilities 944,000 Stockholder's Equity Paid-in capital 290,000 Additional Paid-in capital 160,000 450,000 Retained Earnings 502,000 Total Stockholders' Equity 952,000 Total Liabilities & Stockholders' Equity 1,896,000 Common Stock, $1.00 par authorized 400,000 shares, issued 290,000...
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