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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.

UHURA COMPANY

BALANCE SHEET

FOR THE YEAR ENDED 2007

Current assets

 

Cash

$230,000

Accounts receivable (net)

340,000

Inventories at lower of average cost or market

401,000

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

140,000

Property, plant, and equipment

 

Building (net)

570,000

Office equipment (net)

160,000

Land held for future use

175,000

Intangible assets

 

Goodwill

80,000

Cash surrender value of life insurance

90,000

Prepaid expenses

12,000

Current liabilities

 

Accounts payable

135,000

Notes payable (due next year)

125,000

Pension obligation

82,000

Rent payable

49,000

Premium on bonds payable

53,000

Long-term liabilities

 

Bonds payable

500,000

Stockholders' equity

 

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

290,000

Additional paid-in capital

160,000

Retained earnings

?

Instructions:

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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