Question
Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
| UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2014 | ||
| Current assets | ||
| Cash | $233,570 | |
| Accounts receivable (net) | 343,570 | |
| Inventory (lower-of-average-cost-or-market) | 404,570 | |
| Equity investments (trading)-at cost (fair value $123,660) | 143,660 | |
| Property, plant, and equipment | ||
| Buildings (net) | 573,660 | |
| Equipment (net) | 163,660 | |
| Land held for future use | 178,660 | |
| Intangible assets | ||
| Goodwill | 83,570 | |
| Cash surrender value of life insurance | 93,570 | |
| Prepaid expenses | 15,570 | |
| Current liabilities | ||
| Accounts payable | 138,660 | |
| Notes payable (due next year) | 128,570 | |
| Pension obligation | 85,660 | |
| Rent payable | 52,570 | |
| Premium on bonds payable | 56,570 | |
| Long-term liabilities | ||
| Bonds payable | 503,660 | |
| Stockholders | ||
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Sawyer's Internal Auditing The Practice Of Modern Internal Auditing
Authors: Lawrence Sawyer, Mortimer Dittenhofer, James Scheiner
5th Edition
0894131788, 978-0894131783
