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I am to make a balance sheet and a statement of cash flows. I am having

trouble classifying the liabilities and I also need to know if the Assets portion is correct. All the work I have done for the problem is in these two attachments. I need some guidance and some help to complete this HW

SnackTastic's Corp Balance Sheet December 31, 2013 Assets Current Assets Cash $1,354,600 Available-for-Sale Securities - At Fair Value Investment in Ferrari Corp Stock 41,250 Accounts Receivable $350,400 Less: Allowance for Doubtful Accounts 15,250 Restricted as Collateral Against Loan 18,200 $316,950 Inventories - At Average Cost 546,500 Supplies on Hand 27,850 Prepaid Expenses 501,400 Total Current Assets $2,788,550 Long-Term Investments Investment in Sampson Corp Stock 48,750 Investment in Durango Corp Bonds 51,500 100,250 Property, Plant, and Equipment Land - At Cost 585,000 Buildings - At Cost 1,020,500 Equipment 365,000 Less: Accumulated Depreciation 140,000 1,245,500 Total Property, Plant, and Equipment 1,830,500 Intangible Assets Trademark 63,000 Total Assets $4,782,300 Liabilities and Stockholders' Equity Current Liabilities Notes Payable $336,870 Accounts Payable 83,750 Accrued Interest on Notes Payable 124,268 Accrued Salaries, Wages, and Other Liabilities 42,000 Total Current Liabilities $586,888 Long-Term Debt Twenty-Year, 10% Bonds, due 12/31/2020 800,000 Less: Discount on Bonds Payable 73,010 726,990 Long Term Notes Payable 677,500 Total Liabilities 1,991,378 Stockholders's Equity Paid-in on Capital Stock Preferred - Authorized, issued, and Outstanding 25,000 Shares of $10 Par Value 250,000 Common - Authorized, 100,000 Shares of $5 Par Value; Issued and 500,000 Additional Paid-In Capital 178,000 Unrealized Gain on Sale of Ferrari Corp Stock 3,750 Unrealized Holding Gain - Equity 3,350 935,100 Retained Earnings Total Stockholders' Equity - SnackTastic Corp Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,991,378
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Worksheet 2: Problem A - Balance Sheet SnackTastics's Corp. makes and distributes snacks and beverages which are sold in kiosks at malls, entertainment venues and big-box stores. Below is a list of all of their accounts as of December 31, 2013: 10% Bonds, 20-year bonds, due 12/31/2020 800,000 Accounts Payable 83,750 Accounts Receivable 352,400 Accumulated Amortization - Patent 34,920 Accumulated Amortization - Trademark 34,650 Accumulated Depreciation - Building 120,000 Accumulated Depreciation - Equipment 60,000 Additional Paid-in Capital - preferred stock 28,000 Additional Paid-in-Capital, common stock 150,000 Advertising Expense 86,700 Allowance for Doubtful Accounts 15,250 Amortization Expense 7,030 Bad Debt Expense 9,750 Building 1,020,500 Cash 1,354,600 Common Stock ($5 par) 300,000 Cost of Goods Sold 129,850 Depreciation Expense (Building & Equipment) 35,000 Discount on Bonds Payable 73,010 Dividend Revenue 3,280 Dividends 55,000 Equipment 365,000 Income Tax Expense 242,903 Interest Expense 124,268 Interest Revenue 8,490 Inventories 374,500 Investment in Ferrari Corp stock 41,250 Investment in Sampson Corp stock 48,750 Investment in Durango Corp bonds 51,500 Land 585,000 Long-term Notes Payable 677,500 Patent 77,600 Preferred Stock, ($10 par) 100,000 Rent Expense 88,650 Retained Earnings ?
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Sales 1,554,600 Short-Term Notes Payable 336,870 Supplies (office) 27,850 Supplies Expense 47,750 Trademark 63,000 Unrealized holding gain - equity 3,350 Utilities Expense 22,660 Wages Expense 255,640 Wages Payable 42,000 Additional information: a. The building had a $220,500 salvage value and a 50 year useful life, however, SnackTastics, Inc. only expected to use the building for 40 years. The building was purchased on Jan 1, 2008. SnackTastics uses the straight-line method for depreciation purposes. b. The company had purchased 1,000 shares of Sampson Company stock three years ago for a total of $37.50 per share. They intended to hold the Sampson Company stock for a while, although the exact holding period was undetermined. Non-Current Asset - Long Term Investment c. SnackTastics Corp. purchased 10,000 shares of Ferrari Corp stock two weeks ago for a total of $41,250. They expect to sell Ferrari Company stock as soon as it reaches $4.50 per share, which is expected to happen in the next two months. Short Term Investment – Available for Sale d. SnackTastics purchased the 10-year bonds of Durango Corp. last year. They plan to hold them for two or three years, at which time they hope to sell them and make a profit. Non-Current Asset - Long Term Investment e. Upon further evaluation, it was determined that $180,000 of the land was not being used in operations. f. SnackTastics Corp. had pledged $18,200 of Accounts Receivable as collateral against a $15,000 loan it obtained from First National Bank. g. The value of the inventories was determined using the lower of cost, using LIFO, or market. h. SnackTastics had $172,000 of inventory out on consignment with Stadium Concessions Corp. Total Inventory = 374,500 + 172,000 = $546,500 i. The interest expense includes interest on the bonds and notes payable, depreciation expense includes depreciation on both the building and equipment and amortization expense includes amortization on both the Trademark and Patent.
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ACTP5006 - Worksheet 2 Work.xlsx
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Subject: Accounting, Business

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