Chapter 5 homework

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

SHERIDAN COMPANY BALANCE SHEET FOR THE YEAR ENDED 2020
Current assets
Cash		$235,500
Accounts receivable (net)		345,500
Inventory (lower-of-average-cost-or-market)		406,500
Equity investments (marketable)-at cost (fair value $125,500)		145,500
Property, plant, and equipment
Buildings (net)		575,500
Equipment (net)		165,500
Land held for future use		180,500
Intangible assets
Goodwill		85,500
Cash surrender value of life insurance		95,500
Prepaid expenses		17,500
Current liabilities
Accounts payable		140,500
Notes payable (due next year)		130,500
Pension obligation		87,500
Rent payable		54,500
Premium on bonds payable		58,500
Long-term liabilities
Bonds payable		505,500
Stockholders equity
Common stock, $1.00 par, authorized 400,000 shares, issued 295,500		295,500
Additional paid-in capital		165,500
Retained earnings		?

Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $165,500 and for the equipment, $110,500. The allowance for doubtful accounts has a balance of $22,500. The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

SHERIDAN COMPANY Balance Sheet choose the accounting period

Assets

select an opening name for subsection one

enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item		$enter a dollar amount
select between addition and deduction

: enter a balance sheet item		enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one

					$enter a total amount for subsection one
select an opening name for subsection two

enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection two

					enter a total amount for subsection two
select an opening name for subsection three

enter a balance sheet item		enter a dollar amount
select between addition and deduction

: enter a balance sheet item		enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item		enter a dollar amount
select between addition and deduction

: enter a balance sheet item		enter a dollar amount	enter a subtotal of the two previous amounts
select a closing name for subsection three

					enter a total amount for subsection three
select an opening name for subsection four

enter a balance sheet item					enter a dollar amount
select a closing section name for this part of the balance sheet

					$enter a total amount for this part of the balance sheet
Liabilities and Stockholders' Equity
select an opening name for subsection one

enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one

					$enter a total amount for subsection one of the second part of the balance sheet
select an opening name for subsection two

enter a balance sheet item		$enter a dollar amount
select between addition and deduction

: enter a balance sheet item		enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount		enter a subtotal of the two previous amounts
select a closing name for section one

					enter a total amount for section one of the second part of the balance sheet
select an opening name for section two

enter a balance sheet item		enter a dollar amount
select a balance sheet item

		enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
select a closing name for section two

					enter a total amount for section two of the second part of the balance sheet
select a closing name for this part of the balance sheet

					$enter a total amount for this part of the balance sheet

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