Week Four Individual ACCT 421 P5-3

Week Four Individual ACCT 421 P5-3 - 32,000.00 Total...

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SIDE KICKS COMPANY BALANCE SHEET 31-Dec-07 Current Assets Cash 41,000.00 Accounts Receivable 163,500.00 less: Allowance for doubtful accounts 87,000.00 76,500.00 Inventories - at FIFO lower of cost or market 308,500.00 Supplies on hand Prepaid Insurance 5,900.00 Total Current assests 431,900.00 Long-Term Invenstments 339,000.00 Property plant and equipment Land - at costs 85,000.00 Construction WIP 124,000.00 Equipment 400,000.00 less: accumulated depreciation of 140,000.00 260,000.00 469,000.00 Intangible Assets Patents 36,000.00 Total Assets 1,275,900.00 Liabilites and Stockholders Equity Current Liabilites Notes Payable (note 1) 94,000.00 Accounts Payable 148,000.00 Accrued Expenses 49,200.00 Accured Interest on notes payable
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Unformatted text preview: 32,000.00 Total Current Liabilites 323,200.00 Long Term Debt Bonds Payable (Note 2) 400,000.00 Total Liabilites 723,200.00 Stockholders' Equity Common Stock 500,000.00 Authorized, 600,000 shares of $1 par value: Issued and outstanding 500,000 shares Premiums of Common Stock 45,000.00 545,000.00 Retained Earnings 138,000.00 Total Stockholders Equity 683,000.00 Total Liabilities and Stockholders Equity 1,406,200.00 Note 1 The notes payable represent bank oans that are secured by long-term investments carri Note 2 The bonds payable bear interest at 8% due January 1, 2018. 130,300.00 ied at 120,000. These bank loans are due in 2008....
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This note was uploaded on 09/14/2010 for the course ACC 429 taught by Professor Whitehurst during the Spring '10 term at Chattanooga State.

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Week Four Individual ACCT 421 P5-3 - 32,000.00 Total...

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