Question # 3 From the following Balance

January 16, 2021| Pro Writer

Question # 3 From the following Balance Sheet of Example Company, for the year ended 31st December 2019:

Example CompanyBalance SheetDecember 31, 2019ASSETSLIABILITIESCurrent assetsCurrent liabilitiesCash$ 2,100Notes payable5,000Petty cash100Accounts payable35,900Temporary investments10,000Wages payable8,500Accounts receivable – net40,500Interest payable2,900Inventory31,000Taxes payable6,100Supplies3,800Warranty liability1,100Prepaid insurance1,500Unearned revenues1,500Total current assets89,000Total current liabilities61,000Investments36,000Long-term liabilitiesNotes payable20,000Property, plant & equipmentBonds payable400,000Land5,500Total long-term liabilities420,000Land improvements6,500Buildings180,000Equipment201,000Total liabilities481,000Less: accum depreciation(56,000Prop, plant & equip – net337,000Intangible assetsSTOCKHOLDERS’ EQUITYGoodwill105,000Common stock110,000Trade names200,000Retained earnings220,000Total intangible assets305,000Accum other comprehensive income9,000Less: Treasury stock(50,000)Other assets3,000Total stockholders’ equity289,000Total assets$ 770,000Total liabilities & stockholders’ equity$ 770,000

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