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ACC - Uhura Company has decided to expand its operations




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 COMPANYBALANCE SHEETFOR THE YEAR ENDED 2014Current assetsCash $232,120Accounts receivable (net) 342,120Inventory (lower-of-average-cost-or-market) 403,120Equity investments (trading)-at cost (fair value $121,740) 141,740Property, plant, and equipmentBuildings (net) 571,740Equipment (net) 161,740Land held for future use 176,740Intangible assetsGoodwill 82,120Cash surrender value of life insurance 92,120Prepaid expenses 14,120Current liabilitiesAccounts payable 136,740Notes payable (due next year) 127,120Pension obligation 83,740Rent payable 51,120Premium on bonds payable 55,120Long-term liabilitiesBonds payable 501,740Stockholders? equityCommon stock, $1.00 par, authorized 400,000 shares, issued 292,120 292,120Additional paid-in capital 162,120Retained earnings???????Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $162,120 and for the equipment, $107,120. The allowance for doubtful accounts has a balance of $19,120. 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.)


Paper#43914 | Written in 18-Jul-2015

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