Premium Essay

Uhura Company Revised Balance Sheet

In: Business and Management

Submitted By Laynebaril
Words 257
Pages 2
Uhura Company Revised Balance sheet
Click Link Below To Buy: http://hwcampus.com/shop/uhura-company-revised-balance-sheet/ 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

Similar Documents

Premium Essay

Accounting

...P R E FAC E THE ACCOUNTING ENVIRONMENT Accounting is the most employable, sought-after major for 2009, according to entrylevel job site CollegeGrad.com. One reason for this interest is found in the statement by former Secretary of the Treasury and Economic Advisor to the President, Lawrence Summers. He noted that the single-most important innovation shaping our capital markets was the idea of generally accepted accounting principles (GAAP). We agree with Mr. Summers. Relevant and reliable financial information is a necessity for viable capital markets. Without it, our markets would be chaotic, and our standard of living would decrease. This textbook is the market leader in providing the tools needed to understand what GAAP is and how it is applied in practice. Mastery of this material will be invaluable to you in whatever field you select. Through many editions, this textbook has continued to reflect the constant changes taking place in the GAAP environment. This edition continues this tradition, which has become even more significant as the financial reporting environment is exploding with major change. Here are three areas of major importance that are now incorporated extensively into this edition of the text. A New Way of Looking at Generally Accepted Principles (GAAP) Learning GAAP used to be a daunting task, as it is comprised of many standards that vary in form, completeness, and structure. Fortunately, the profession has recently developed the Financial Accounting...

Words: 115901 - Pages: 464

Premium Essay

Solutions to Problems and Exercises Intermediate Accounting

...PROBLEM 9-4 67 PROBLEM 9-6 68 Chapter 17 70 EXERCISE 17-6 70 Chapter 18 71 PROBLEM 18-1 71 PROBLEM 18-4 74 PROBLEM 18-6 76 PROBLEM 18-7 79 PROBLEM 18-8 81 EXERCISE 18-20 82 EXERCISE 18-21 82 Chapter 22 84 EXERCISE 22-2 84 EXERCISE 22-8 84 EXERCISE 22-11 84 Chapter 23 86 EXERCISE 23-11 86 EXERCISE 23-13 88 EXERCISE 23-15 90 Chapter 1 CA 1-4 It is not appropriate to abandon mandatory accounting rules and allow each company to voluntarily disclose the type of information it considered important. Without a coherent body of accounting theory and standards, each accountant or enterprise would have to develop its own theory structure and set of practices, and readers of financial statements would have to familiarize themselves with every company’s peculiar accounting and reporting practices. As a result, it would be almost impossible to prepare state-ments that could be compared. In addition, voluntary disclosure may not be an efficient way of disseminating information. A company is likely to disclose less information if it has the discretion to do so. Thus,...

Words: 10286 - Pages: 42

Premium Essay

I Want to Learn More

...PROBLEM 9-4 67 PROBLEM 9-6 68 Chapter 17 70 EXERCISE 17-6 70 Chapter 18 71 PROBLEM 18-1 71 PROBLEM 18-4 74 PROBLEM 18-6 76 PROBLEM 18-7 79 PROBLEM 18-8 81 EXERCISE 18-20 82 EXERCISE 18-21 82 Chapter 22 84 EXERCISE 22-2 84 EXERCISE 22-8 84 EXERCISE 22-11 84 Chapter 23 86 EXERCISE 23-11 86 EXERCISE 23-13 88 EXERCISE 23-15 90 Chapter 1 CA 1-4 It is not appropriate to abandon mandatory accounting rules and allow each company to voluntarily disclose the type of information it considered important. Without a coherent body of accounting theory and standards, each accountant or enterprise would have to develop its own theory structure and set of practices, and readers of financial statements would have to familiarize themselves with every company’s peculiar accounting and reporting practices. As a result, it would be almost impossible to prepare state-ments that could be compared. In addition, voluntary disclosure may not be an efficient way of disseminating information. A company is likely to disclose less information if it has the discretion to do so. Thus, the...

Words: 10286 - Pages: 42