Week Four team ACCT 421 P5-3

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

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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 45,000.00 545,000.00 Retained Earnings 138,000.00 Total Stockholders Equity 683,000.00 Total Liabilities and Stockholders Equity 1,354,200.00 Note 1 The notes payable represent bank oans that are secured by long-term investments carrie
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern