Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_To_Extra_Problem_#8_Comedy_Saves

Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_To_Extra_Problem_#8_Comedy_Saves

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Comedy Saves, Inc. Balance Sheet December 31, 2005 Assets Current assets Cash $ 360,000 Trading securities 121,000 Notes receivable 545,700 Refund due on federal and state income taxes 97,630 Inventories 239,800 Prepaid expenses 87,920 Total current assets 1,452,050 Property, plant and equipment Land $ 480,000 Buildings $1,640,000 Less accum. depreciation-building 170,200 1,469,800 Equipment 1,470,000 Less accum. depreciation- equipment 292,000 1,178,000 3,127,000 Intangible assets Goodwill 125,000 Total assets $4,704,850
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Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 590,000 Notes payable to banks 265,000 Payroll taxes payable 177,591 Accrued Expenses
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Unformatted text preview: 98,362 Rent payable 45,000 Total current liabilities 1,175,953 Long-term liabilities Unsecured notes payable (Iong-term) $1,600,000 Bonds payable $300,000 Less discount on bonds payable 15,000 285,000 Long-term rental obligations 480,000 2,365,000 Total liabilities 3,540,953 Stockholders' equity Capital stock Preferred stock, $10 par; 20,000 shares authorized, 15,000 shares issued 150,000 Common stock, $1.00 par; 400,000 shares authorized, 200,000 Issued 200,000 350,000 Retained earnings ($1,163,897 -$350,000) 813,897 Total stockholders' equity ($4,704,850 -$3,540,953) 1,163,897 Total liabilities and stockholders' equity $4,704,850...
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Chapter_5_Balance_Sheet_And_Statement_Of_Cash_Flows_Solution_To_Extra_Problem_#8_Comedy_Saves

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