Problem 5 3 The adjusted trial balance of Culver Company and other related information for the year 2017 are presented as follows CULVER COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017 Debit Credit Cash $ 45,370 Accounts Receivable 167,870 Allowance for Doubtful Accounts $ 9,050 Prepaid Insurance 6,250 Inventory 212,870 Equity Investments (long term) 343,370 Land 89,370 Construction in Progress (building) 128,370 Patents 36,000 Equipment 404,370 Accumulated Depreciation Equipment 240,350 Discount on Bonds Payable 20,000 Accounts Payable 152,370 Accrued Liabilities 53,570 Notes Payable 98,370 Bonds Payable 204,370 Common Stock 504,370 Paid in Capital in Excess of Par Common Stock 45,000 Retained Earnings 146,390 $1,453,840 $1,453,840 Additional information 1 The LIFO method of inventory value is used 2 The cost and fair value of the long term investments that consist of stocks and bonds is the same 3 The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction (The company rents factory space at the present time ) The land on which the building is being constructed cost $89,370, as shown in the trial balance 4 The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight line basis 5 Of the discount on bonds payable, $2,000 will be amortized in 2018 6 The notes payable represent bank loans that are secured by long term investments carried at $124,370 These bank loans are due in 2018 7 The bonds payable bear interest at 7 payable every December 31, and are due January 1, 2028 8 600,000 shares of common stock of a par value of $1 were authorized, of which 504,370 shares were issued and outstanding Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed (List Current Assets in order of liquidity List Property, Plant and Equipment in order of Land, Building and Equipment Enter account name only and do not provide the descriptive information provided in the question )

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Problem 5-3 The adjusted trial balance of Culver Company and other related information for the year 2017 are presented as follows. CULVER COMPANY ADJUSTED TRIAL

Problem 5-3

The adjusted trial balance of Culver Company and other related information for the year 2017 are presented as follows.

CULVER COMPANY ADJUSTED TRIAL BALANCE DECEMBER 31, 2017
	Debit	Credit
Cash	$ 45,370
Accounts Receivable	167,870
Allowance for Doubtful Accounts		$ 9,050
Prepaid Insurance	6,250
Inventory	212,870
Equity Investments (long-term)	343,370
Land	89,370
Construction in Progress (building)	128,370
Patents	36,000
Equipment	404,370
Accumulated Depreciation-Equipment		240,350
Discount on Bonds Payable	20,000
Accounts Payable		152,370
Accrued Liabilities		53,570
Notes Payable		98,370
Bonds Payable		204,370
Common Stock		504,370
Paid-in Capital in Excess of Par-Common Stock		45,000
Retained Earnings		146,390
	$1,453,840	$1,453,840

Additional information:

1.		The LIFO method of inventory value is used.
2.		The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3.		The amount of the Construction in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $89,370, as shown in the trial balance.
4.		The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5.		Of the discount on bonds payable, $2,000 will be amortized in 2018.
6.		The notes payable represent bank loans that are secured by long-term investments carried at $124,370. These bank loans are due in 2018.
7.		The bonds payable bear interest at 7% payable every December 31, and are due January 1, 2028.
8.		600,000 shares of common stock of a par value of $1 were authorized, of which 504,370 shares were issued and outstanding.

Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)