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Uhuru (Instructions: Prepare a classified balance sheet.) please complete all instructions Presented are accounts from the post-closing trial balance of Uhuru Company at December 31,
- Uhuru (Instructions: Prepare a classified balance sheet.)
please complete all instructions
Presented are accounts from the post-closing trial balance of Uhuru Company at December 31, 2024.
Debit | Credit | |
Cash | $ 230,000 | |
Accounts receivable | 357,000 | |
Allowance for doubtful accounts | $ 17,000 | |
Inventory | 401,000 | |
Prepaid expenses | 12,000 | |
Available-for-sale securities | 140,000 | |
Fair value adjustment available-for-sale securities | 20,000 | |
Cash surrender value of life insurance policy | 90,000 | |
Land investments | 175,000 | |
Buildings | 730,000 | |
Accumulated depreciation buildings | 160,000 | |
Equipment | 265,000 | |
Accumulated depreciation equipment | 125,000 | |
Goodwill | 80,000 | |
Notes payable | 125,000 | |
Accounts payable | 135,000 | |
Income tax payable | 49,000 | |
Deferred tax asset | 5,000 | |
Bonds payable | 500,000 | |
Premium on bonds payable | 53,000 | |
Pension obligation | 82,000 | |
Common stock | 290,000 | |
Paid-in capital in excess of par value | 160,000 | |
Retained earnings | 784,000 | |
Accumulated other comprehensive loss | 15,000 | |
Total | $ 2,500,000 | $ 2,500,000 |
Additional information:
- At year-end, the fair value of available-for-sale securities is $120,000.
- At year-end, the net realizable value of inventory is $808,000.
- There are 400,000 shares of $1 par value common stock authorized and 290,000 shares issued and outstanding.
- The notes payable is due next year.
- The bonds payable is due in 3 years.
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