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BUFFALO CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets 486,600 Current liabilities 641,600 Long-term liabilities 1,721,600 Stockholders' equity 381,600 1,001,600 1,771,600 $3,154,800 Property, plant, and equipment 305,000 $3,154,800 Intangible assets The following information is presented 1. The current assets section includes cash $151,600, accounts receivable $171,600 less $11,600 for allowance for doubtful accounts, inventories $181,600, and unearned rent revenue $6,600. 2. The investments section includes the cash surrender value of a life insurance contract $41,600; investments in common stock, short-term (trading) $81,600 and long-term (available-for-sale) 3. Property, plant, and equipment includes buildings $1,041,600 less accumulated depreciation $361,600, equipment $451,600 less accumulated depreciation $181,600, land $501,600, and land Inventory is stated on the lower-of-FIFO-cost-or-market. $271,600; and bond sinking fund $246,800. The cost and fair value of investments in common stock are the same. 4. 5. 6. 7. held for future use $270,000. Intangible assets include a franchise $166,600, goodwill $101,600, and discount on bonds payable $36,800. Current liabilities include accounts payable $141,600, notes payable-short-term $81,600 and long-term $121,600, and income taxes payable $36,800 Long-term liabilities are composed solely of 7% bonds payable due 2025. Stockholders' equity has preferred stock, no par value, authorized 200,000 shares, issued 71,600 shares for $429,600, and common stock, $1.00 par value, authorized 400,000 shares, issued 101,600 shares at an average price of $10. In addition, the corporation has retained earnings of $326,000