UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2014 Uhura Company Balance Sheet
ID: 2478167 • Letter: U
Question
UHURA COMPANYBALANCE SHEET
FOR THE YEAR ENDED 2014 Uhura Company
Balance Sheet
December 31, 2014 Assets Liabilities and Stockholders' Equity UHURA COMPANY
BALANCE SHEET
FOR THE YEAR ENDED 2014 Current assets Cash $234,240 Accounts receivable (net) 344,240 Inventory (lower-of-average-cost-or-market) 405,240 Equity investments (trading)-at cost (fair value $121,160) 141,160 Property, plant, and equipment Buildings (net) 571,160 Equipment (net) 161,160 Land held for future use 176,160 Intangible assets Goodwill 84,240 Cash surrender value of life insurance 94,240 Prepaid expenses 16,240 Current liabilities Accounts payable 136,160 Notes payable (due next year) 129,240 Pension obligation 83,160 Rent payable 53,240 Premium on bonds payable 57,240 Long-term liabilities Bonds payable 501,160 Stockholders’ equity Common stock, $1.00 par, authorized 400,000 shares, issued 294,240 294,240 Additional paid-in capital 164,240 Retained earnings ?
Explanation / Answer
Balance Sheet For the year ended 2014 Assets Current Assets Cash $234,240 Equity Investment (trading) 121160 Accounts Receivable 365480 Less: Allowance for Doubtful Debts 21240 344240 Inventory 405240 Prepaid Expenses 16240 Total Current assets A $1,121,120 Property, Plant & Equipment Land $176,160 Building 736000 Accumulated Depreciation-Building 164240 $571,760 Equipment 270400 Accumulated Depreciation-Equiment 109240 161160 Total Property, Plant & Equipment B $909,080 Intangible Assets Goodwill C $84,240 Other Assets Cash Surrender Value of Life Insurance D $94,240 Total Assets A+B+C+fD $2,208,680 Liabilities & Stockholders Equity Current Liabilities Accounts Payable 136160 Rent payable 83160 Notes payable 129240 Total Current Liabilities 348560 Long Term Liability Bonds payable 501160 Premium on Bonds payable 57240 Pension Obligation 83160 Total Long Term Liabilities 641560 Stock Holder Equity Common Stock 294240 Additional Paid in capital 164240 Retained earnings (Balancing figure) $760,080 Total Stock Holder Equity 1218560 Total Liabilities and Owners equity 2208680 Note if Equity investment is trading than it must be value at fair market value so I have taen fair market value And the unrealized loss is reported in income statement. If equity investment is taken at cost than the Balance sheet will be as follows Assets Current Assets Cash $234,240 Equity Investment (trading) 141160 Accounts Receivable 365480 Less: Allowance for Doubtful Debts 21240 344240 Inventory 405240 Prepaid Expenses 16240 Total Current assets A $1,141,120 Property, Plant & Equipment Land $176,160 Building 736000 Accumulated Depreciation-Building 164240 $571,760 Equipment 270400 Accumulated Depreciation-Equiment 109240 161160 Total Property, Plant & Equipment B $909,080 Intangible Assets Goodwill C $84,240 Other Assets Cash Surrender Value of Life Insurance D $94,240 Total Assets A+B+C+fD $2,228,680 Liabilities & Stockholders Equity Current Liabilities Accounts Payable 136160 Rent payable 83160 Notes payable 129240 Total Current Liabilities 348560 Long Term Liability Bonds payable 501160 Premium on Bonds payable 57240 Pension Obligation 83160 Total Long Term Liabilities 641560 Stock Holder Equity Common Stock 294240 Additional Paid in capital 164240 Retained earnings (Balancing figure) $780,080 Total Stock Holder Equity 1238560 Total Liabilities and Owners equity 2228680
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