Question 3 Flint Company has decided to expand its operations The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion FLINT COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 Current assets Cash $242,500 Accounts receivable (net) 352,500 Inventory (lower of average cost or market) 413,500 Equity investments (trading) at cost (fair value $132,500) 152,500 Property, plant, and equipment Buildings (net) 582,500 Equipment (net) 172,500 Land held for future use 187,500 Intangible assets Goodwill 92,500 Cash surrender value of life insurance 102,500 Prepaid expenses 24,500 Current liabilities Accounts payable 147,500 Notes payable (due next year) 137,500 Pension obligation 94,500 Rent payable 61,500 Premium on bonds payable 65,500 Long term liabilities Bonds payable 512,500 Stockholders equity Common stock, $1 00 par, authorized 400,000 shares, issued 302,500 302,500 Additional paid in capital 172,500 Retained earnings Prepare a revised balance sheet given the available information Assume that the accumulated depreciation balance for the buildings is $172,500 and for the equipment, $117,500 The allowance for doubtful accounts has a balance of $29,500 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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Question 3 Flint Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds

Question 3

Flint Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.

FLINT COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017
Current assets
Cash		$242,500
Accounts receivable (net)		352,500
Inventory (lower-of-average-cost-or-market)		413,500
Equity investments (trading)-at cost (fair value $132,500)		152,500
Property, plant, and equipment
Buildings (net)		582,500
Equipment (net)		172,500
Land held for future use		187,500
Intangible assets
Goodwill		92,500
Cash surrender value of life insurance		102,500
Prepaid expenses		24,500
Current liabilities
Accounts payable		147,500
Notes payable (due next year)		137,500
Pension obligation		94,500
Rent payable		61,500
Premium on bonds payable		65,500
Long-term liabilities
Bonds payable		512,500
Stockholders equity
Common stock, $1.00 par, authorized 400,000 shares, issued 302,500		302,500
Additional paid-in capital		172,500
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $172,500 and for the equipment, $117,500. The allowance for doubtful accounts has a balance of $29,500. 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.)