P5-3 Answer - 148,000 Accrued Expenses 49,200 Total Current...

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Side Kicks Company Balance Sheet December 31, 2007 Assets Current Assets: Cash $41,000 Accounts Receivable $163,500 Less: Allowance for Doubtful Accounts 8,700 154,800 Inventory - At LIFO Cost 308,500 Prepaid Insurance 5,900 Total Current Assets 510,200 Long-term Investments 339,000 Land 85,000 Building in Process 124,000 Equipment 400,000 Less: Accumulated Depreciation 140,000 Equipment- Net 260,000 Intangible Assets Patent - At Cost less Amortization 36,000 Total Non- Current Assets 844,000 Total Assets $1,354,200 Current Liabilities Bank Loans Payable - secured by $120,000 Investmenst $94,000 Accounts Payable
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Unformatted text preview: 148,000 Accrued Expenses 49,200 Total Current Liabilities 291,200 Long-term Liabilities Bonds Payable (8%) 400,000 Less: Unamortized Discount on Bonds Payable 20,000 380,000 Total Liabilities 671,200 Stockholders' Equity 500,000 Paid - in- capital in excess of par- Common Stock 45,000 Retained Earnings 138,000 Total Stockholders' Equity 683,000 Total Liabilities & Stockholders' Equity $1,354,200 Investments in Stocks & Bonds, of which Investments Costing $120,000 have been pledged as security of notes payable - at fair value Common Stock (600,000 shares authorized, 500,000 shares outstanding, par $1)...
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This note was uploaded on 09/20/2008 for the course ACC 363 taught by Professor Rossi during the Spring '08 term at University of Phoenix.

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