Instructions Prepare a balance sheet as of December 31, 2017, so that all import
ID: 2330505 • Letter: I
Question
Instructions Prepare a balance sheet as of December 31, 2017, so that all important information is fully disclosed. P5-4 (L03) GROUPWORK (Preparation of a Corrected Balance Sheet) The balance sheet of Kishwaukee Corporation as of December 31, 2017, is as follows. KSHWAUKEE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion s 120,000 1,640,000 312,100 950,000 170,000 87,000 175,900 Cash in bank Debt investments (held-to-maturity) 70,000 138,000 $3,663,000Explanation / Answer
KISHWAUKEE CORPORATION Balance sheet As on December 31, 2017 Assets Current Assets Cash on hand 175900 Cash in hand 70000 Accounts Receivable 170000 Inventory 312100 Total Current Assets 728000 Property, plant & Equipment Land 950000 Building (at cost) 1070000 Less: Reserve for Depreciation 410000 660000 Total Property, plant and equipment 1610000 Investments Debt Investments 138000 Total Investments 138000 Total Assets 2476000 Liabilities & Stockholder's Equity Current Liabilities Income tax payable 75000 Notes payable - Current part 100000 Total Current Liabilities 175000 Long term liabilities Note payable 500000 500000 Total Liabilities 675000 Stockholders Equity Common Stock 1150000 Retained earnings 683000 1833000 Treasury Stock 87000 Stockholders Equity 1746000 Noncontroling interest 55000 Total stockholders equity 1801000 2476000