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Unformatted text preview: Week 3 Team A Assignment Maria Garcia, John Willms, Rebecca Mittag, Scott Ward 7-Nov-11 ACCT/421 Intermediate Financial Accounting 1 Lee Kroll SIDE KICKS COMPANY Balance Sheet 31-Dec-07 Assets Current assets Cash $41,000 Accounts Receivables $163,500 Less: Alowance for doutful acct 8,700 $154,800 Inventories : LIFO method $308,500 Prepaid Expenses $5,900 Total current assets $510,200 Long-Term Investments Investments $339,000 Non-Current Assets Property Plant and Equipment Equipment cost $400,000 Less: Accumuated depreciation 140,000 $260,000 Building cost $124,000 Land at cost $85,000 $469,000 Intangible Assets Patents $36,000 Total assets $1,354,200 Liabilities and Stockholders' Equity Current liabilities Accounts payable $148,000 Notes payable, investment $94,000 Accured expenses $49,200 Total current liabilities 291,200 Long-term Debt 10 years 8% bond, due Jan 01, 2018 $400,000 Uammortized discount on bond payable $20,000 Total long term debt 380,000 Stockholder' equity Common stock, $1 par, authorized 600,000 shares, issued and outstanding 500,000 500,000 Premium on common stock...
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.
- Spring '12
- Balance Sheet