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Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.




Current assets




Accounts receivable (net)


Inventories at lower of average cost or market


Trading securities-at cost (fair value $120,000)


Property, plant, and equipment


Building (net)


Office equipment (net)


Land held for future use


Intangible assets




Cash surrender value of life insurance


Prepaid expenses


Current liabilities


Accounts payable


Notes payable (due next year)


Pension obligation


Rent payable


Premium on bonds payable


Long-term liabilities


Bonds payable


Stockholders' equity


Common stock, $1.00 par, authorized 400,000 shares, issued 290,000


Additional paid-in capital


Retained earnings



Make a revised balance sheet given the available information. Suppose that the accumulated depreciation balance for the buildings is USD 160,000 and for the office equipment, USD 105,000. The allowance for doubtful accounts has a balance of USD17,000. The pension obligation is considered a long-term liability.




Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M916022

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