Darling Company has decided to expand its operations. The bookkeeper recently completed the balance sheet in order

Question:

Darling Company has decided to expand its operations. The bookkeeper recently completed the in order to obtain additional funds for expansion.
DARLING COMPANY
BALANCE SHEET
DECEMBER 31, 2014
Current assets
Cash ..................... $ 105,000
Accounts receivable (net) .......... 411,000
Inventories at lower of average cost or market .... 561,000
Available-for-sale securities—at cost
(fair value $65,000) ............ 50,000
Property, plant, and equipment
Building (net) ............... 1,561,000
Office equipment (net) ........... 125,000
Land held for future use ........... 251,000

Patents .................. 128,000
Cash surrender value of life insurance ...... 26,000
Prepaid expenses ............... 39,000
Current liabilities
Accounts payable .............. 367,000
Notes payable (due next month) ......... 75,000
Pension obligation ................ 361,000
Unearned revenue ................ 26,000
Premium on bonds payable ........... 36,000
Long-term liabilities
Bonds payable ............... 1,500,000
Stockholders’ equity
Common stock, $1.00 par, authorized
1,000,000 shares, issued 610,000 ....... 610,000
Additional paid-in capital ............ 200,000
Retained earnings ............. ?

Instructions
Prepare a revised given the available information. Assume that the accumulated depreciation balance for the buildings is $302,000 and for the office equipment, $86,000. The allowance for doubtful accounts has a balance of $37,000. The pension obligation is considered a long-term liability.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...