FinAcc1-3

FinAcc1-3 - LIABILITIES AND SHAREHOLDERS EQUITY Current...

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Unformatted text preview: LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Note Trade and other payables (7) 620,000 Serial bonds payable - current portion 500,000 Total current liabilities 1,120,000 Noncurrent liabilities: Serial bonds payable - remaining portion 2,000,000 Shareholders equity: Share capital 5,000,000 Share premium 500,000 Retained earnings 880,000 Total shareholders equity 6,380,000 Total liabilities and shareholders equity 9,500,000 Note 1 - Trade and other receivables Accounts receivable 500,000 Allowance for doubtful accounts ( 50,000) Notes receivable 150,000 Claim receivable 20,000 Total 620,000 Note 2 - Inventories Finished goods 400,000 Goods in process 600,000 Raw materials 200,000 Factory supplies 50,000 Total 1,250,000 Note 3 - Prepaid expenses Prepaid insurance 20,000 Note 4 - Property, plant and equipment Accum. Book Cost depr. value Land 1,500,000- 1,500,000 Building 4,000,000 1,600,000 2,400,000 Machinery 2,000,000 1,300,000 700,000 Tools 40,000 - 40,000 Total 7,540,000 2,900,000 4,640,000 8 Note 5 - Long-term investments Investment in bonds 1,500,000 Plant expansion fund 500,000 Total 2,000,000 Note 6 - Intangible assets Franchise 200,000 Goodwill...
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This note was uploaded on 08/04/2011 for the course COMM 101 taught by Professor Sy during the Spring '11 term at USC.

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FinAcc1-3 - LIABILITIES AND SHAREHOLDERS EQUITY Current...

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