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Problem 5-4 - Current liabilities Notes payable—current...

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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
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Unformatted text preview: Current liabilities Notes payable—current 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...
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