The adjusted trial balance of Side Kicks Company and other related information for the year 2008 is

Question:

The adjusted trial balance of Side Kicks Company and other related information for the year 2008 is presented below.

Additional information:
1. The LIFO method of inventory value is used.
2. The cost and fair value of the long-term investments that consist of stocks and bonds is the same.
3. The amount of the Construction Work in Progress account represents the costs expended to date on a building in the process of construction. (The company rents factory space at the present time.) The land on which the building is being constructed cost $85,000, as shown in the trial balance.
4. The patents were purchased by the company at a cost of $40,000 and are being amortized on a straight-line basis.
5. Of the unamortized discount on bonds payable, $2,000 will be amortized in 2009.
6. The notes payable represent bank loans that are secured by long-term investments carried at $120,000. These bank loans are due in 2009.
7. The bonds payable bear interest at 11% payable every December 31, and are due January 1, 2019.
8. Six hundred thousand shares of common stock of a par value of $1 were authorized, of which 500,000 shares were issued and outstanding.

Instructions
Prepare a balance sheet as of December 31, 2008, so that all important information is fullydisclosed.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing... 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... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...