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Posted by: Homeworkhelp
Price Quoted by Student: $6
Posted On: 2018-02-16 05:05:57
 
Question
CA5-3 (Critique of Balance Sheet Format and Content)

Presented below is the balance sheet of Sameed Brothers Corporation (000s omitted).

SAMEED BROTHERS CORPORATION
Balance Sheet
December 31, 2014
Assets
Current assets
Cash                                                                $26,000
 Marketable securities                                      18,000
 Accounts receivable                                       25,000
 Inventory                                                        20,000
 Supplies                                                          4,000

Stock investment in subsidiary company                     20,000                         $113,000
Investments 
Treasury stock                                                                                     25,000
Property, plant, and equipment 
Buildings and land                                           91,000
 Less: Reserve for depreciation                                    31,000                         60,000
Other assets 
Cash surrender value of life insurance                                                            19,000
Total assets                                                                                          $217,000

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable                                            $22,000
 Reserve for income taxes                               15,000

Customers' accounts with credit balances        1                                  $ 37,001
Deferred credits 
Unamortized premium on bonds payable                                                        2,000
Long-term liabilities 
Bonds payable                                                                                     60,000
Total liabilities                                                                                     99,001
Common stock 
Common stock, par $5                                                85,000
 Earned surplus                                                            24,999
 Cash dividends declared                                 8,000                           117,999
Total liabilities and stockholders' equity                                                          $217,000

Instructions
Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.


TUTORIAL PREVIEW
(1)        Unclaimed payroll checks should be shown as a current liability if these are claims by employees.

 
File name: CA5-3 Sameed Brothers Corporation.docx   File type: . docx  PRICE:$6

Solutions
TUTORIAL PREVIEW(1)     &
Price $6
Attachment 1: CA5-3 Sameed Brothers Corporation.docx
Solution Posted By: Homeworkhelp    Posted on: 16-02-2018