Chapter 5 BS and CF Statement soll

Chapter 5 BS and CF Statement soll - Chapter 05 EXERCISE...

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Unformatted text preview: Chapter 05 EXERCISE 5-5 Uhura Company Balance Sheet December 31, 2007 Assets Current assets Cash................................................................... $230,000 Trading securitiesat fair value..................... 120,000 Accounts receivable......................................... $357,000 Less: Allowance for doubtful accounts................................................... 17,000 340,000 Inventories, at lower of average cost or market................................................ 401,000 Prepaid expenses............................................. 12,000 Total current assets.................................... $1,103,000 Long-term investments Land held for future use................................... 175,000 Cash surrender value of life insurance........................................................ 90,000 265,000 Property, plant, and equipment Building.............................................................. $730,000 Less: Accum. depr.building................... 160,000 570,000 Office equipment............................................... 265,000 Less: Accum. depr.office equipment................................................. 105,000 160,000 730,000 Intangible assets Goodwill............................................................. 80,000 Total assets................................................ $2,178,000 1 EXERCISE 5-5 (Continued) Liabilities and Stockholders Equity Current liabilities Accounts payable............................................. $ 135,000 Notes payable (due next year)......................... 125,000 Rent 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 obligation............................................ 82,000 635,000 Total liabilities............................................. 944,000 Stockholders equity Common stock, $1 par, authorized 400,000 shares, issued 290,000 shares.............................................................. 290,000 Additional paid-in capital................................. 160,000 450,000 Retained earnings............................................. 784,000 * Total stockholders equity......................... 1,234,000 Total liabilities and stock- holders equity......................................... $2,178,000 *$2,178,000 $944,000 $450,000 EXERCISE 5-6 Geronimo Company Balance Sheet July 31, 2007 Assets 2 Current assets Cash................................................................... $60,000* Accounts receivable......................................... $46,700** Less: Allowance for doubtful accounts................................................... 3,500 43,200 Inventories......................................................... 65,300 *** Total current assets....................................Total current assets....
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Chapter 5 BS and CF Statement soll - Chapter 05 EXERCISE...

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