WRITING (Critique of Balance Sheet Format and Content) The following is the balance sheet of Sameed Brothers Corporation (000s omitted).

Instructions Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.

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SAMEED BROTHERS CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Current assets Cash $26,000 Marketable securities 18,000 Accounts receivable 25,000 Inventory 20,000 Supplies 4,000 Stock Investment in subsidiary company 20,000 $113,000 Investments Treasury stock 25,000 Property, plant, and equipment Buildings and land 91,000 Less: Reserve for depreciation 31,000 60,000 Other assets Cash surrender value of life insurance 19,000 Total assets $217,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Reserve for income taxes Deferred credits $22,000 15,000 Customers' accounts with credit balances Unamortized premium on bonds payable Long-term liabilities Bonds payable Total liabilities Common stock 1 $ 37,001 2,000 60,000 99,001 Common stock, par $5 85,000 Earned surplus 24,999 Cash dividends declared 8,000 117,999 Total liabilities and stockholders' equity $217,000