Arctic Cat Fashions, Inc has the following trial balance amounts (in alphabetica

Question

Arctic Cat Fashions, Inc has the following trial balance amounts (in alphabetical order) at the end of last year.

                                           (Thousands of Dollars)

                                              Debit      Credit

Accounts Payable                                              41,700

Accounts Receivable, Net                            23,700

Accrued Expenses                                              44,400

Accumulated Depreciation, Equipment                          184,900

Additional Paid-In Capital – Common                            7,300

Cash & Cash Equivalents                       14,700

Common Stock, $1 Par                                           200

Deferred Income Taxes                          17,700

Inventories                                    61,500

Other Long-Term Assets                          1,600

Prepaid Expenses                               4,000

Property, Plant & Equipment                  224,100

Retained Earnings                                            184,000

Short-Term Investments                        110,400

Treasury Stock – Common (25,000 Shares)              4,800

Totals                                        462,500        462,500

On a separate piece of paper, prepare the Stockholders’ Equity section of the balance sheet for the Company.

Explanation / Answer

CAT FASHIONS Balance Sheet ASSETS Amount CURRENT ASSETS Cash and Cash equivalents                      14,700 Accounts receivable                      23,700 Inventories                      61,500 Prepaid Expense                        4,000 Short term investment 1,10,400 Defered Income Tax                      17,700      CURRENT ASSETS TOTAL              2,32,000 NON CURRENT ASSETS Other long term Assets 1,600 Tangible Assets at cost less depreciation Property Plant & Equipment 2,24,100 Less: Accumulated Depreciation 1,84,900 39,200       NON CURRENT ASSETS TOTAL 40,800                       ASSETS TOTAL 2,72,800 LIABILITY AND OWNERS FUND LIABILITY      CURRENT LIABILITY Accounts Payable 41,700 Accrued Expense 44,400      CURRENT LIABILITY TOTAL 86,100                    LIABILITY TOTAL 86,100       OWNERS EQUITY Common Stock                            200 Additional paid in capital                        7,300 Less ; Trasury Stock                        4,800 Retained earnings 1,84,000           OWNERS EQUITY   TOTAL 1,86,700                  LIABILITY AND OWNERS FUND TOTAL 2,72,800 CAT FASHIONS Statement Stock holders Equity Common Stock Retained earnings Treasury Stock Additional paid in capital Total Opening balanc e 200 1,84,000 -4,800 7,300 1,86,700 Balnce at December 31 200 184000 -4800 7300 1,86,700

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