Acc550 Week3Homework

GULISTAN INC.

Balance Sheet

December 31, 20XX

Assets

Current assets

Cash $XXX

Less: Cash restricted for plant

expansion

XXX

$XXX

Accounts receivable XXX

Less: Allowance for doubtful

accounts

XXX

XXX

Notes receivable XXX

Receivables—officers XXX

Inventories

Finished goods XXX

Work in process XXX

Raw materials XXX XXX

Total current assets $XXX

Long-term investments

Preferred stock investments XXX

Land held for future plant site XXX

Cash restricted for plant expansion XXX

Total long-term investments XXX

Property, plant, and equipment

Buildings XXX

Less: Accum. depreciation—

buildings

XXX

XXX

Intangible assets

Copyrights XXX

Total assets $XXX

EXERCISE 5-4 (Continued)

Liabilities and Shareholders’ Equity

Current liabilities

Salaries and wages payable $XXX

Notes payable, short-term XXX

Unearned subscriptions revenue XXX

Unearned rent revenue XXX

Total current liabilities $XXX

Long-term debt

Bonds payable, due in four years $XXX

Less: Discount on bonds payable (XXX) XXX

Total liabilities XXX

Stockholders’ equity

Capital stock:

Common stock XXX

Additional paid-in capital:

Paid in capital in excess of

par—common stock

XXX

Total paid-in capital XXX

Retained earnings XXX

Total paid-in capital and

retained earnings

XXX

Less: Treasury stock, at cost (XXX)

Total stockholders’ equity XXX

Total...