Uhura Company has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for expansion.

Instructions

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $160,000 and for the equipment, $105,000. The allowance for doubtful accounts has a balance of $17,000. The pension obligation is considered a long-term liability.

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Uhura Company Balance Sheet For the Year Ended 2020 Current assets Cash $230,000 340,000 Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (marketable)-at cost (fair value $120,000) Property, plant, and equipment Buildings (net) Equipment (net) 401,000 140,000 570,000 160,000 Land held for future use 175,000 Intangible assets Goodwill 80,000 Cash surrender value of life insurance 90,000 Prepaid expenses 12,000 Current liabilities Accounts payable Notes payable (due next year) Pension obligation Rent payable Premium on bonds payable Long-term liabilities Bonds payable Stockholders' equity 135,000 125,000 82,000 49,000 53,000 500,000 Common stock, $1.00 par, authorized 400,000 shares, issued 290,000 290,000 Additional paid-in capital Retained earnings 160,000