Uhura Company has decided to expand its operations. The
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.,
FOR THE YEAR ENDED 2014 ,
Accounts receivable (net) 342,120,
Inventory (lower-of-average-cost-or-market) 403,120,
Equity investments (trading)-at cost (fair value $121,740) 141,740,
Property, plant, and equipment,
Buildings (net) 571,740,
Equipment (net) 161,740,
Land held for future use 176,740,
Cash surrender value of life insurance 92,120,
Prepaid expenses 14,120,
Accounts payable 136,740,
Notes payable (due next year) 127,120,
Pension obligation 83,740,
Rent payable 51,120,
Premium on bonds payable 55,120,
Bonds payable 501,740,
Common stock, $1.00 par, authorized 400,000 shares, issued 292,120 292,120,
Additional paid-in capital 162,120,
Retained 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.)
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