PINA COMPANY | |||
BALANCE SHEET | |||
AT DECEMBER 31,2020 | |||
Current assets: | Current liabilities: | ||
Cash | $242,000 | Accounts payable | $147,000 |
Cash surrender value of life insurance | $102,000 | Notes payable (due next year) | $137,000 |
Equity investments (marketable)-Fair value | $132,000 | Pension obligation | $94,000 |
Accounts receivable (net) | $352,000 | Rent payable | $61,000 |
Inventory | $413,000 | Total current liabilities | $439,000 |
Prepaid expenses | $24,000 | ||
Total current assets | $1,265,000 | Long-term liabilities: | |
Bonds payable | $512,000 | ||
Property,plant,and equipment: | Premium on bonds payable | ($65,000) | |
Land | $187,000 | ||
Buildings(net) | $582,000 | Total liabilities | $886,000 |
Equipment(net) | $172,000 | ||
Total property,plant, and equipment | $941,000 | Stockholders' equity: | |
Common stock | $302,000 | ||
Intangible assets: | Additional paid-in capital | $172,000 | |
Goodwill | $92,000 | Retained earnings | $938,000 |
Total stockholders' equity | $1,412,000 | ||
Total assets | $2,298,000 | Total liabilities and stockholders' equity | $2,298,000 |
Calculations:
Total assets | $2,298,000 |
Total liabilities | ($886,000) |
Total Stockholders' equity | $1,412,000 |
Common stock | ($302,000) |
Additional paid-in capital | ($172,000) |
Retained earnings | $938,000 |
Pina Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet...
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