Problem 5-4 - Current liabilities Notes payablecurrent...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
KISHWAUKEE CORPORATION (corrected balance sheet) By Amber Wolridge Chapter 5 Problem 5-4 KISHWAUKEE CORPORATION Balance Sheet 31-Dec-10 Assets Current assets Cash $175,900 Accounts receivable 170,000 Inventories 312,100 Total current assets $658,000 Long-term investments Assets allocated to trustee for expansion: Cash in bank 70,000 U.S. Treasury notes, at fair value 138,000 208,000 Property, plant, and equipment Land 950,000 Buildings $1,070,000 Less: Accum. depreciation— buildings 410,000 660,000 1,610,000 Total assets $2,476,000 ilities and Stockholders’ Equity
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Current liabilities Notes payablecurrent installment $100,000 Federal income taxes payable 75,000 Total current liabilities $175,000 Long-term liabilities Notes payable 500,000 Total liabilities 675,000 Stockholders equity Common stock, no par; 1,000,000 shares authorized and issued; 950,000 shares outstanding $1,150,000 Retained earnings 738,000 1,888,000 Less: Treasury stock, at cost (50,000 shares) 87,000 Total stockholders equity 1,801,000 Total liabilities and stockholders equity $2,476,000...
View Full Document

This note was uploaded on 05/23/2011 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

Ask a homework question - tutors are online