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Unformatted text preview: M5-22, 3, 1M5-31.B2.C3.A4.B5.A6.C7.A8.B9.A10. DE5-21.E2.B3.D4.C5.F6.AP5-21.P2.E3.D4.O5.J6.I7.R8.A9.Q10. G11. B12. C13. N14. F15. H16. K17. LGold JewelersClassified Balance SheetFor the year ended at December 31, 2011AssetsCurrent AssetsCashAccounts ReceivableMerchandise inventoryPrepaid insuranceTotal Current Assets$58,00071,000154,0001,000$284,000Long-Term InvestmentsInvestment in stock of Z corp.36,000Fixed AssetsStore Equipment (Net accumulated depreciation of $13,000)54,000Other AssetsStore Equipment held for disposal9,000Total Assets$383,000LiabilitiesCurrent LiabilitiesAccounts payableIncome taxes payableTotal Current Liabilities58,0009,000$67,000Long-Term Liabilities Long-term note payableTotal Liabilities42,000$109,000Stockholders’ EquityContributed CapitalCommon Stock, $1.00 par value, 100,000 shares issued at December 31, 2011Additional paid-in capital100,00010,000Retained EarningsTotal liabilities and stockholders’ equity164,000$383,000b. The book value of store equipment is $54,000. This is because equipments have contra-account called b....
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- Spring '07