Problem 5-3 - $1,154,200 PROBLEM 5-3 (Continued)...

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EASTWOOD COMPANY Balance Sheet December 31, 2010 Assets Current assets Cash . ...................................................... $ 41,000 Accounts receivable . ............................ $163,500 Less: Allowance for doubtful accounts . .............................. 8,700 154,800 Inventory (LIFO cost) . ........................... 208,500 Prepaid insurance . ................................ 5,900 Total current assets . ....................... $ 410,200 Long-term investments Investments in stocks and bonds, ($120,000 have been pledged as security for notes payable)— at fair value . ........................................ 339,000 Property, plant, and equipment Cost of uncompleted plant facilities Land. ................................................. 85,000 Building in process of construction . ................................ 124,000 209,000 Equipment .............................................. 400,000 Less: Accum. depreciation . .......... 240,000 160,000 369,000 Intangible assets Patents (at cost less amortization) . ..... 36,000 Total assets . ....................................
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Unformatted text preview: $1,154,200 PROBLEM 5-3 (Continued) Liabilities and Stockholders’ Equity Current liabilities Notes payable, secured by investments of $120,000 . .................... $ 94,000 Accounts payable . ............................... 148,000 Accrued expenses . .............................. 49,200 Total current liabilities . .................. $ 291,200 Long-term liabilities 8% bonds payable, due January 1, 2021 . ................................ 200,000 Less: Unamortized discount on bonds payable . ................................. 20,000 180,000 Total liabilities . ............................... 471,200 Stockholders’ equity Common stock Authorized 600,000 shares of $1 par value; issued and outstanding, 500,000 shares . ....... $500,000 Paid in capital in excess of par—common stock . ........................ 45,000 545,000 Retained earnings . ............................... 138,000 683,000 Total liabilities and stockholders’ equity . .................. $1,154,200...
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This note was uploaded on 03/02/2012 for the course AICS 3115 taught by Professor Lynnalmond during the Spring '11 term at Virginia Tech.

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Problem 5-3 - $1,154,200 PROBLEM 5-3 (Continued)...

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