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 CompanyBalance SheetFor the Year Ended 2008Current assetsCash …………………. $230,000Accounts receivable (net) …………. 340,000Inventories at lower of average cost or market ….. 401,000Trading securities—at cost (fair value $120,000) …. 140,000Property, plant, and equipment Building (net) ……………… 570,000Office equipment (net) …………… 160,000Land held for future use …………… 175,000Intangible assetsGoodwill ………………… 80,000Cash surrender value of life insurance …….. 90,000Prepaid expenses …………….. 12,000Current liabilitiesAccounts payable ……………. 135,000Notes payable (due next year) ……….. 125,000Pension obligation …………….. 82,000Rent payable ……………… 49,000Premium on bonds payable …………. 53,000Long-term liabilitiesBonds payable …………….. 500,000Stockholders’ equity Common stock, $1 par, authorized400,000 shares, issued 290,000 ………… 290,000Additional paid-in capital …………… 160,000Retained earnings …………….. ?InstructionsPrepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the office equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.View Solution:
Uhura Company has decided to expand its operations The bookkeep



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