INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in sinking fund...
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INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in sinking fund for bonds payable) $ 70,000 Marketable securities 23,400 23,000 21,000 Investment in subsidiary company Accounts receivable Inventories (lower-of-cost-or-market) 117,00 $254,400 Plant assets: Land and buildings Less: Accumulated depreciation 60,000 $160,000 100,000 Investments: Treasury stock Deferred charges: Discount on bonds payable Prepaid expenses Total 4,000 $ 6,000 2,000 8,000 Assets $326,400 Liabilities and Stockholders' Equity Liabilities: Notes payable to bank Асcounts payable Bonds payable $ 60,000 18,000 61,000 Total liabilities $139,000 Stockholders' equity: Preferred and common (each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000 Capital in excess of par 61,000 Retained earnings 16,400 187,400 Total liabilities and stockholders' equity $326,400 Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized. INGRAM INDUSTRIES Balance Sheet June 30, 2008 Assets Current assets: Cash (including $13,000 in sinking fund for bonds payable) $ 70,000 Marketable securities 23,400 23,000 21,000 Investment in subsidiary company Accounts receivable Inventories (lower-of-cost-or-market) 117,00 $254,400 Plant assets: Land and buildings Less: Accumulated depreciation 60,000 $160,000 100,000 Investments: Treasury stock Deferred charges: Discount on bonds payable Prepaid expenses Total 4,000 $ 6,000 2,000 8,000 Assets $326,400 Liabilities and Stockholders' Equity Liabilities: Notes payable to bank Асcounts payable Bonds payable $ 60,000 18,000 61,000 Total liabilities $139,000 Stockholders' equity: Preferred and common (each $10 par, 5,000 shares preferred and 6,000 shares common) $110,000 Capital in excess of par 61,000 Retained earnings 16,400 187,400 Total liabilities and stockholders' equity $326,400 Required: Indicate your criticisms of the balance sheet and briefly explain the proper treatment of any item criticized.
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Balance sheet It is the financial statement that shows the closing balance of ... View the full answer
Related Book For
Fundamentals of corporate finance
ISBN: 978-0078034633
10th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date:
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