Exercise 23-17

Prepare the condensed balance sheet for Jobim Inc. as it would appear at December 31, 2014.(List current assets in the order of Liquidity.) Jobim Inc., had the following condensed balance sheet at the end of operations for 2013.

JOBIM INC. BALANCE SHEET DECEMBER 31, 2013
Cash	$8,100	Current liabilities	$15,380
Current assets other than cash	28,760	Long-term notes payable	25,380
Investments	19,960	Bonds payable	25,300
Plant assets (net)	67,180	Capital stock	75,270
Land	39,950	Retained earnings	22,620
$163,950	$163,950

During 2014, the following occurred.

1.	A tract of land was purchased for $11,380.
2.	Bonds payable in the amount of $20,490were retired at par.
3.	An additional $10,560in capital stock was issued at par.
4.	Dividends totaling $9,239were paid to stockholders.
5.	Net income was $30,550after deducting depreciation of $13,690.
6.	Land was purchased through the issuance of $22,400in bonds.
7.	Jobim Inc. sold part of its investment portfolio for $12,780. This transaction resulted in a gain of $2,270for the company. The company classifies the investments as available-for-sale.
8.	Both current assets (other than cash) and current liabilities remained at the same amount.

JOBIM INC. Balance Sheet December 31, 2014
Assets
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings	$
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings
Bonds PayableCashCapital StockCurrent Assets Other than CashCurrent LiabilitiesInvestmentsLandLong-term Notes PayableProperty, Plant and EquipmentRetained Earnings
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity	$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings	$
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity			$
Liabilities and Stockholders' Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity	$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings	$
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings	$
Bonds PayableCashCapital StockCurrent Assets Other than CashInvestmentsLandLong-term Notes PayablePlant AssetsRetained Earnings
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity			$