Week Four team ACCT 421 P5-3

Week Four team ACCT 421 P5-3 - SIDE KICKS COMPANY BALANCE...

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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 8,700.00 154,800.00 Inventories - at FIFO lower of cost or market 308,500.00 Supplies on hand Prepaid Insurance 5,900.00 Total Current assests 510,200.00 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 1,354,200.00 Liabilites and Stockholders Equity Current Liabilites Notes Payable (note 1) 94,000.00 Accounts Payable 148,000.00 Accrued Expenses 49,200.00 Total Current Liabilites 291,200.00 Long Term Debt Bonds Payable (Note 2) 400,000.00 Unamoritized discount on bonds payable (20,000.00) Total Liabilites 671,200.00 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
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Week Four team ACCT 421 P5-3 - SIDE KICKS COMPANY BALANCE...

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