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Prepare a classified balance sheet in good form. (No monetary amounts are necess E4.5 (LO 1) (Preparation of a Corrected Balance Sheet) Uhura Company
Prepare a classified balance sheet in good form. (No monetary amounts are necess E4.5 (LO 1) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain addi- tional funds for expansion. Uhura Company Balance Sheet For the Year Ended 2025 Current assets Cash $230,000 Accounts receivable (net) 340,000 Inventory (lower-of-cost-or-net realizable value) 401,000 Equity investments (to be sold in the next year)-at cost (fair value $120,000) 140,000 Property, plant, and equipment Buildings (net) 570,000 Equipment (net) 160,000 Land held for future use 175,000 Intangible assets Goodwill Held-to maturity debt investment Prepaid expenses 80,000 90,000 12,000 Current liabilities Accounts payable 135,000 Notes payable (due next year) 125,000 Pension obligation 82,000 Rent payable 49,000 Premium on bonds payable 53,000 Long-term liabilities Bonds payable 500,000 Stockholders' equity Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 290,000 Paid-in capital in excess of par 160,000 Retained earnings ? Instructions Prepare a revised balance sheet given the available information. Assume that the accumulated depreci ation balance for the buildings is $160,000 and for the equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability. Company has pre-
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