Los Lobo - The classified balance sheet is below Los Lobos...

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The classified balance sheet is below Los Lobos Balance Sheet As on Dec 31 2007 Dec 31 Assets Current Assets Cash 35,000 Accounts receivable 33,000 30,000 Allowance for doubtful accounts (1,300) 31,700 (1,100) Inventory 31,000 Total Current Assets 97,700 Property, plant, & equipment 100,000 95,000 Accumulated depreciation (16,500) 83,500 (15,000) Total Assets 181,200 Liabilities and Stockholders Equity Current Liabilities Trade accounts payable 25,000 Income taxes payable 21,000 Deferred income taxes 5,300 Current portion of long term debt 12,000 Total current liabilities 63,300 8% callable bonds payable , less current portion 33,000 8,000 Unamortized bond discount (4,500) 28,500 (5,000) Total Liabilities 91,800 Stockholders Equity Common stock 50,000 Additional paid-in capital 9,100 Retained earnings 30,300 Total stockholders Equity 89,400 Total Liabilities and Stockholders Equity 181,200 Income Statement 2007 2006 Sales 558,300 778,700 Cost of goods sold (250,000) (380,000)
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Los Lobo - The classified balance sheet is below Los Lobos...

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