Uhura Company has decided to expand its operations. The bookkeeper recently comp

Question

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 2014

Prepare a revised balance sheet given the available information.

Assume that the accumulated depreciation balance for the buildings is $164,280 and for the equipment, $109,280. The allowance for doubtful accounts has a balance of $21,280. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

UHURA COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2014

Current assets   Cash $234,280   Accounts receivable (net) 344,280   Inventory (lower-of-average-cost-or-market) 405,280   Equity investments (trading)-at cost (fair value $124,710) 144,710 Property, plant, and equipment   Buildings (net) 574,710   Equipment (net) 164,710   Land held for future use 179,710 Intangible assets   Goodwill 84,280   Cash surrender value of life insurance 94,280   Prepaid expenses 16,280 Current liabilities   Accounts payable 139,710   Notes payable (due next year) 129,280   Pension obligation 86,710   Rent payable 53,280   Premium on bonds payable 57,280 Long-term liabilities   Bonds payable 504,710 Stockholders’ equity   Common stock, $1.00 par, authorized 400,000 shares, issued 294,280 294,280   Additional paid-in capital 164,280   Retained earnings ?

Explanation / Answer

Revised Balance Sheet For the year ended 2014 Current assets      Cash 234280       Prepaid expenses 16280       Accounts receivale 365560       Less : allowance for doubtful accounts 21280 344280       Inventory ( lower of average cost or market) 405280       Equity investments ( trading )- at cost 144710 1144830 Property plant and equipment        Buildings 738990        Less ; accumulated depriciation 164280 574710         Equipment (net) 273990         Less : accumulated depriciation 109280 164710         Land held for future use 179710 919130 Intangible assets           Goodwill 84280           Cash surrender value of life insurance 94280 178560 Total Assets 2242520 Current liabilities           Accounts payable 139710            Notes payable 129280            Rent payable 53280 322270 Long term liabilities            Bonds payable 504710            Premium on bonds payable 57280            Pension obligation 86710 648700 Stockholders equity            Common stock $ 1 par, authorised 400000 shares , issued 294280 294280              Additional paid in capital 164280              Retained earnings (balancing figure) 812990 1271550 Total liabilities and stockholders equity 2242520

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