BE5
BE5
BE5
Current assets
Inventories......................................................... $290,000
Accounts receivable .......................................... $110,00
Less: Allowance for doubtful accounts ............. 8,000
102,000
Prepaid insurance.............................................. 9,500
Cash................................................................... 30,000
Total current assets........................... $431,500
E5-4
GULISTAN INC.
Statement of Financial Position
December 31
Assets
Non-current assets
Long-term investments
Long-term investment in
preference shares ........................... $XXX
Land held for future plant site...................... XXX
Cash restricted for plant expansion.............. XXX
Total l ong-term i nvestments.............. $XXX
Intangible assets
Copyrights ...................................... XXX
Current assets
Inventories
Finished goods............ $XXX
Work in process ......... XXX
Raw materials............. XXX XXX
Accounts receivable................ XXX
Less: Allowance for doubtful
accounts....................... ……… XXX XXX
Notes receivable .................... XXX
Receivables—officers................. XXX
Cash.................................... XXX
Less: Cash restricted for plant
expansion ........................ XXX XXX
Total current assets......... XXX
Total assets..................... $XXX
Equity
Share capital—ordinary .................................... XXX
Share premium—ordinary shares ..................... XXX
Retained ea rnings XXX
Less: Treasury shares, at cost .......................... (XXX)
Total shareholders’ equity ................... XXX
Total equity and liabilities .................. $XXX
Non-current liabilities
Bonds payable, due in four years...................... $XXX
Long-term note payable.................................... XXX
Total non-current liabilities.......................... $XXX
Current liabilities
Notes payable, short-term.................................... XXX
Accrued salaries payable..................................... XXX
Unearned subscriptions revenue ........................ XXX
Unearned rent revenue......................................... XXX
Total current liabilities............................. XXX XXX
Total liabilities ......................................... XXX
Note to instructor: An assumption made here is that cash included the cash restricted for plant
expansion. If it did not, then a subtraction from cash would not be necessary or the cash balance
would be “grossed up” and then the cash restricted for plant expansion deducted.
E5-12
VIVALDI CORPORATION
Statement of Financial Position
December 31, 2010
Assets
Non-current assets
Long-term investments
Investments in bonds................................ $299,000
Investments in capital shares.................... 277,000
Total long-term investments.......... $ 576,000
Intangible assets
Franchise..................................................... 160,000
Patent........................................................... 195,000
Total intangible assets.............................. 355,000
Total non-current assets........................... 2,419,000
Current assets
Inventories .................................................... 597,000
Accounts receivable...................................... 435,000
Less: Allowance for doubtful accounts............... 25,000 410,000
Trading securities....................................... 153,000
Cash.......................................................... 197,000
Total current assets.............................. 1,357,000
Total assets .......................................... $3,776,000