Chap3InClass - 1 Chapter 3 338. 1. Pennington Investment...

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1 Chapter 3 3–38. 1. Pennington Investment Corporation Balance Sheet January 31, 2011 Assets Current assets: Cash on hand. .............................................................................. $ 96,250 Cash in banks. .............................................................................. 8,320 Investment securities (trading). .................................................. 83,750 Notes receivable. ...................................................... $ 32,960 Accounts receivable. ................................................ 158,200 $ 191,160 Less allowance for doubtful notes and accounts receivable. .............................................................. 24,700 166,460 Interest receivable. ...................................................................... 2,700 Claim for income tax refund. ....................................................... 4,000 Inventory. ...................................................................................... 201,500 Prepaid expenses: Prepaid insurance. ................................................. $ 3,900 Miscellaneous supplies inventory. ....................... 4,200 8,100 $ 571,080 Long-term investments: Cash fund for stock redemption. ................................................ $ 17,500 Investments in undeveloped properties. .................................... 193,500 211,000 Property, plant, and equipment: Land. ............................................................................................. $ 213,000 Buildings. ................................................................... $ 320,000 Less accumulated depreciation. .............................. 139,500 180,500 Machinery and equipment. ....................................... $ 165,500 Less: Accumulated depreciation. ............................ 116,300 49,200 442,700 Total assets. .................................................................................... $ 1,224,780 Liabilities Current liabilities: Notes payable. .............................................................................. $ 68,320 Accounts payable. ....................................................................... 92,400 Salaries and wages payable. ....................................................... 15,700 Income taxes payable. ................................................................. 18,000 Interest payable. ........................................................................... 5,790 Employees’ income taxes payable. ............................................ 4,360
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This note was uploaded on 07/25/2011 for the course ACCT 200 taught by Professor Minliu during the Spring '11 term at Universidad Europea de Madrid.

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Chap3InClass - 1 Chapter 3 338. 1. Pennington Investment...

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