week 4 team - question p3-5

week 4 team - question p3-5 - $36,000 TOTAL ASSETS...

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Side Kicks Company Balance Sheet Dec. 31, 2007 ----------------------------------------------------------------------------------------------------------- - CURRENT ASSETS Cash $ 41,000 A/R $163,500 Allowance for Bad Debt ($8,700) $154,800 Inventory (LIFO) $308,500 Prepaid insurance $5,900 Total Current Assets $510,200 LONG TERM INVESTMENTS Stocks & Bonds (pledge of $120,000) For security to Notes Payable $339,000 Land $85,000 Construct of Bldg $124,000 $209,000 Equipment $400,000 Depreciation ($140,000) $260,000 $469,000 INTANGIBLE ASSETS Patent @cost minus amortization
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Unformatted text preview: $36,000 TOTAL ASSETS $1,354,200 Liabilities and Stockholders Equity CURRENT LIABILITIES Notes Payable, secured investments of 120K $94,000 A/P $148,000 Accrued Expenses $49,200 Total current liabilities $291,200 LONG TERM LIABILITIES 5. 8% bonds payable $400,000 Unamortized discount on bonds ($20,000) $380,000 TOTAL LIABILITIES $671,200 STOCKHOLDERS EQUITY Common Stock $500,000 Premium of Common Stock $45,000 $545,000 Retained Earnings $138,000 $683,000 TOTAL LIABILITIES & STOCKHOLDERS EQ $1,354,200...
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week 4 team - question p3-5 - $36,000 TOTAL ASSETS...

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