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Uhura Company Revised Balance Sheet

  • Date Submitted: 06/17/2016 08:24 PM
  • Flesch-Kincaid Score: 35.1 
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Uhura Company Revised Balance sheet
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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 2014
Current assets
  Cash $232,890
  Accounts receivable (net) 342,890
  Inventory (lower-of-average-cost-or-market) 403,890
  Equity investments (trading)-at cost (fair value $123,660) 143,660
Property, plant, and equipment
  Buildings (net) 573,660
  Equipment (net) 163,660
  Land held for future use 178,660
Intangible assets
  Goodwill 82,890
  Cash surrender value of life insurance 92,890
  Prepaid expenses 14,890
Current liabilities
  Accounts payable 138,660
  Notes payable (due next year) 127,890
  Pension obligation 85,660
  Rent payable 51,890
  Premium on bonds payable 55,890
Long-term liabilities
  Bonds payable 503,660
Stockholders’ equity
  Common stock, $1.00 par, authorized 400,000 shares, issued 292,890 292,890
  Additional paid-in capital 162,890
  Retained earnings ?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,890 and for the equipment, $107,890. The allowance for doubtful accounts has a balance of $19,890. 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 quest

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