Bandag Automotive

IRAH KRISTINA SUNATRA

1401117551

e5-9

AGINCOURT COMPANY

Statement of Financial Position (Partial)

December 31, 2010

Current assets

Inventories .......................................... $161,000*

Accounts receivable........................ $91,300**

Less: Allowance for doubtful

accounts................................. 7,000 84,300

Prepaid expenses ............................. 9,000

Cash ...................................................... 30,476***

Total current assets .................. $284,776

*Inventories ....................................................................... $171,000

Less: Inventory received on consignment .......... 10,000

Adjusted inventory........................................................ $161,000

**Accounts receivable balance .................................... $ 89,000

Add: Accounts reduced from January

collection ($23,324 ÷ 98%)............................. 23,800

112,800

Deduct: Accounts receivable in January ............. 21,500

Adjusted accounts receivable................................... $ 91,300

***Cash balance .................................................................. $ 40,000

Add: Cash disbursement after discount

[$35,000 X 98%)] ............................................... 34,300

74,300

Less: Cash sales in January

($30,000 – $21,500) .............................................